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Tag: Economics

Business Blog

Living Economics: The Three Main Benefits of Trade

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

deceptivelyblondeOctober 27, 2020Leave a comment
Business Blog

Living Economics: Production Possibility Frontier (PPF)

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)

deceptivelyblondeOctober 19, 2020October 30, 20201 Comment
Business Blog

Living Economics: The Expanded Circular Flow Diagram

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. Continue reading Living Economics: The Expanded Circular Flow Diagram

deceptivelyblondeOctober 15, 2020March 24, 2022Leave a comment
Business, Business Blog

Living Economics: The Resource Management System

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

deceptivelyblondeOctober 8, 2020October 15, 20201 Comment
Business Blog

Living Economics: Tools of the Trade

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

deceptivelyblondeSeptember 28, 2020Leave a comment
Business Blog

Living Economics: Macroeconomics v. Microeconomics

The study of economics has historically been divided into two primary areas of study — Macroeconomics and Microeconomics. Continue reading Living Economics: Macroeconomics v. Microeconomics

deceptivelyblondeAugust 1, 2020October 3, 2020Leave a comment
Business, Business Blog

Living Economics: Implicit and Explicit Costs

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. Continue reading Living Economics: Implicit and Explicit Costs

deceptivelyblondeJuly 7, 2020January 5, 2022Leave a comment
Business, Business Blog

Living Economics: The Opportunity Cost

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. Continue reading Living Economics: The Opportunity Cost

deceptivelyblondeJune 30, 2020January 5, 20224 Comments
Business Blog

Living Economics: Incentive Driven Trade-Offs

Trade-Offs occur where choosing one option means sacrificing something in return. There is a cost to the choice. Continue reading Living Economics: Incentive Driven Trade-Offs

deceptivelyblondeJune 23, 2020June 16, 20201 Comment
Business, Business Blog

Living Economics: The Power of Incentives

Selfish and Social Interests produce the Incentives that motivate decision-making processes. Continue reading Living Economics: The Power of Incentives

deceptivelyblondeJune 16, 2020October 18, 2020Leave a comment

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