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 Continue reading Living Economics: The Three Main Benefits of Trade
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. Continue reading Living Economics: Production Possibility Frontier (PPF)
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. Continue reading Living Economics: The Resource Management System
Economics is the study of how and why people, organizations, and governments create, gather, trade, and divide resources. Continue reading Living Economics: Tools of the Trade
Value Creation is the process of creating new, greater value from the same, original resource. This generally occurs through manufacturing, trade, or marketing Continue reading Living Economics: Value Creation
The five principal ways to categorize resources include:
1) Natural Resources v. Man-Made Resources
2) Unlimited Resources v. Limited Resources
3) Tangible Resources v. Intangible Resources
4) Variations of Business Assets
5) Capital v. Labor Continue reading Living Economics: The World of Resources
Economics is the study of how and why people, organizations, and governments create, gather, trade, and divide resources. Continue reading Living Economics: What is Economics?
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