What Is the Malthusian Theory of Population?
Jessica Allen2021-07-29T15:13:31-04:00Definition of the Malthusian Theory of Population The Malthusian Theory of Population involves arithmetic food supply growth and exponential population ...
Trickle-Down Economics: Why It Only Works in Theory
Jessica Allen2021-07-29T15:12:53-04:00Trickle-down economic theory states that benefits for the wealthy trickle down to everyone else in the economy. These benefits for ...
What is the Sunk Cost Fallacy?
Jessica Allen2021-07-29T15:12:16-04:00The sunk cost fallacy explains the tendency to follow through on something if one has already invested money, time, or ...
What Is Laissez-Faire Economic Theory?
Jessica Allen2021-07-20T14:12:46-04:00The laissez-faire economic theory centers on the restriction of government intervention in the economy. According to laissez-faire economics, the economy ...
Human Capital: What It Is and How It Impacts the Economy
Jessica Allen2021-06-15T10:19:30-04:00"Human capital" is a phrase used to refer to the economic value of the qualities and abilities of labor that ...
What Is Adverse Selection?
Nikolay Krylovskiy2021-06-08T10:21:20-04:00What Is Adverse Selection? Adverse selection is a term that describes the presence of unequal information between buyers and sellers, ...
What Are Trade Barriers?
Nikolay Krylovskiy2021-06-07T18:13:55-04:00What Are Trade Barriers? No matter how large or how rich a country is, their manufacturing industries will need to ...
Factors of Production
Nikolay Krylovskiy2021-06-07T17:48:06-04:00Factors of Production The various elements used to produce goods and services are considered the factors of production. There are ...
Understanding Consumer Sovereignty
Nikolay Krylovskiy2021-06-07T16:55:44-04:00Understanding Consumer Sovereignty The idea that consumers influence production decisions is called consumer sovereignty. Consumers effectively "vote" for the goods ...
What Is a Duopoly?
Nikolay Krylovskiy2021-06-07T22:20:09-04:00A duopoly is a market structure that is dominated by two firms, while a pure duopoly is a market where ...