Foundations of Economics: The Law of Scarcity Most of the basic laws of economics focus on ways to efficiently build wealth and prosperity over time.
Tag: Behavioral Economics
Consumer Economics: What is the Market Absorption Rate?
Consumer Economics: What is the Market Absorption Rate? In school, some students avoid economics because they might feel as though the lessons have little-or-no application
Efficiency and Improvement Theories
Economics is a study of choices and how you make those choices can be defined. Be it to maximize utility, to increase profit, or to
Presumptions of Self-control theories
Here are some thoughts on presumption of self-control theories. They are based on the presumption that we have bounded willpower and that there needs to
The Law of Small Numbers Explained
Here is a brief explanation on the law of small numbers. The Law of Small Numbers infers that when people see two small numbers that
Social dilemmas in Behavior Economics
Social dilemmas are simple situations between a pair of people, to a group of people, that involve making decisions that will ultimately affect their well