Foundations of Economics: The Law of Scarcity

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. ┬áBut there are important financial concepts that turn this problem in the other direction, instead choosing to focus on the effects that a lack of available resources can have on … Continue reading Foundations of Economics: The Law of Scarcity

Introduction to Macroeconomics – Some key terms

Economics: The Study of how society deals with scarcity. Here is a brief article on the introductory components of any economy with a macroeconomic slant. In the economy we expect to find these four components: resource endowment, technology, preference, institutions. Some key terms that you should be aware of include: