art or science, Microeconomics

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Is economics an art or a science

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Labour supply, Labour Supply:Total number of workers available and willing ...

Labour Supply:Total number of workers available and willing to work in a paid position; generally measured by the labour force(even though the labour force usually excludes many wo

Intermediate macroeconomics, Suppose a government uses an expansionary fisc...

Suppose a government uses an expansionary fiscal policy to get out of a recession. Use the IS/LM model and the IS-PC-MR model to explain what monetary policy to pursue.

Supply and demand, Suppose scientists discover that eating soybeans prevent...

Suppose scientists discover that eating soybeans prevents cancer and heart disease

Balance of payment, Balance of payment: It is an account that summariz...

Balance of payment: It is an account that summarizes a country’s total payments and total receipts from international economic transactions within a specific period usually on

What is formal economy, Q. What is Formal Economy? Formal Economy:Secto...

Q. What is Formal Economy? Formal Economy:Sector of the economy that produces services and goods in return for monetary payment, and is fully integrated into the formal structu

Value of intermediate products, Value Added:Value added in a particular sta...

Value Added:Value added in a particular stage of production equals value of total output, less the value of intermediate products (comprising raw materials, capital equipment and o

Externality, When somebody wearing muddy shoes rides a public bus, he impos...

When somebody wearing muddy shoes rides a public bus, he imposes a negative externality on other riders (passengers get some mud rubbed off on them, and the shoes look ugly). If a

Why firm charges different prices to different consumer, Why firm charges d...

Why firm charges different prices to different consumer?  Every firm needs to maximize its profit. When goods are sold to different customers, each customer negotiate price of

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