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Category: Business

  • Business

Living Economics: The Three Main Benefits of Trade

  • by deceptivelyblonde
  • Posted on October 27, 2020

While the benefits (and costs) of trade are numerous, economists tend to prioritize three key “gains” that the economy receives from domestic and global trade. Read more to learn about specialization, absolute advantage, and comparative advantage

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  • Business

Living Economics: Production Possibility Frontier (PPF)

  • by deceptivelyblonde
  • Posted on October 19, 2020October 30, 2020

The PPF is a model or graph demonstrating the trade-off involved in shifting production between two products where all resources are already in use. This article incorporates clear charts and examples to demonstrate how the PPF works.

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  • Business

Living Economics: The Expanded Circular Flow Diagram

  • by deceptivelyblonde
  • Posted on October 15, 2020

The circular flow diagram is perhaps overly simplified and becomes increasingly complex as other parties and transactions form. The inclusion of foreign, governmental, and monetary institutions adds to the complexity of the system.

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  • Business

Living Economics: The Resource Management System

  • by deceptivelyblonde
  • Posted on October 8, 2020October 15, 2020

The Resource Management cycle is divided into four stages (Create, Gather, Trade, Divide), each with the possibility for disruptions to arise and each having its own issues and concerns.

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  • Business

Living Economics: Tools of the Trade

  • by deceptivelyblonde
  • Posted on September 28, 2020

Economics is the study of how and why people, organizations, and governments create, gather, trade, and divide resources.

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  • Business

Living Economics: Macroeconomics v. Microeconomics

  • by deceptivelyblonde
  • Posted on August 1, 2020October 3, 2020

The study of economics has historically been divided into two primary areas of study — Macroeconomics and Microeconomics.

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  • Business

Currency Futures and How They Work (With Examples)

  • by deceptivelyblonde
  • Posted on July 22, 2020

“Currency Futures” are financial contracts wherein a buyer and seller agree to exchange money at a future date using a predetermined rate; thus minimizing risks from potentially volatile and costly exchange rates.
This article examines how futures work.

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  • Business

Living Economics: Implicit and Explicit Costs

  • by deceptivelyblonde
  • Posted on July 7, 2020July 7, 2020

Explicit Costs are the cost of resources traded in external markets. Implicit Costs are the value of resources sacrificed by the owner for the sake of the company.

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  • Business

Living Economics: The Opportunity Cost

  • by deceptivelyblonde
  • Posted on June 30, 2020June 17, 2020

The opportunity cost is defined as the second-best alternative use of the resource. A use that you sacrifice in using the resource in this way.

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  • Business Blog

Living Economics: Incentive Driven Trade-Offs

  • by deceptivelyblonde
  • Posted on June 23, 2020June 16, 2020

Trade-Offs occur where choosing one option means sacrificing something in return. There is a cost to the choice.

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