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Advantages of Free Trade
…Free Trade 1. Efficiency With free trade, domestic firms face competition from abroad and therefore there will be more incentives to cut costs and increase efficiency. Free Trade encourages an…
Perfect Competition
…some real-world examples that come close to perfect competition—these are generally very competitive, liquid markets for comparable commodities. Here are several industries that exemplify elements of perfect competition, without actually…
Monopolistic Competition
…the differences and similarities: Nature of entry barriers: Monopolistic competition has low barriers to competition; perfect competition has no barriers to competition. Number of competing sellers in the industry: There…
Command Economy
…them in the country. Comparing Command and Free Market Economies Here is a breakdown of the most important differences between command and free market economies: Ownership: In a command economy,…
Capitalism
…made based on private decision-making rather than that of the public/government. Free market competition governs the production, pricing, and allocation of goods. Characteristics of Capitalism In a capitalist society, companies…
Frictional Unemployment
…algorithms in search engines like www.monster.com and www. indeed.com can offer applicants job listings that accurately meet their qualifications and preferences more quickly. 2. Access to Resources Access to the…
Comparative Advantage
…goods or services. Comparative advantage involves the production of goods/services at a lower opportunity cost, not specifically at a higher quality or level of production. Comparative Advantage vs. Competitive Advantage…
Top 100 Economics Blogs of 2023
…recommended for beginners, however, as it tends to contain complex material. COPPOLA COMMENT Visit Coppola Comment features neutral, nonpolitical posts about finance and economics. The author, Frances Coppola—a Forbes and…
The Federal Reserve
…members. They are appointed by the president, confirmed by the Senate, and serve 14-year terms. The Federal Open Market Committee (FOMC) is in charge of open market operations: most significantly,…
Letter of Credit
…The buyer may impose almost any conditions or requirements on the seller’s performance, as they pertain only to the seller’s performance. For example, the buyer could prohibit the bank from…
Free Market
…In a free-market economy, firms and households act in their own self-interest to determine how resources get allocated, what goods get produced, and who buys the goods. A free market…
Economies of Scale
…the business—adds little to no cost and only results in greater profits. This is true of numerous large-scale online businesses, including Amazon, Walmart.com, Etsy.com, Target.com, and so forth. 7. Risk-bearing…
Economics of Buying vs Renting a Textbook
…There are three options here – rent, buy used and buy new. Let’s examine the cost of each: The hardcover rental of Principles of Economics costs $23. The hardcover used…
Adverse Selection
…one that is not immediately apparent to buyers. The dealership may fail to divulge this information and sell the car for more than it is worth; the buyer is effectively…
Microtransactions in Video Games
…how could they get people to pay? The solution was microtransactions! People loved freemium games – you’d tell yourself, “it’s free, I’m not going to buy anything. Only an idiot…
Economic Systems
…very competitive. Businesses invest heavily in research and development. There is an incentive for constant innovation as companies compete to provide better products for consumers. Disadvantages of a Free Market…
Trade Finance
Banks involved in commercial lending provide a wide range of financing packages for international trade, commonly called trade finance. Trade finance not only assists the buyer in financing its purchase…
Cyclical Unemployment
…look back very far to find other examples of economic declines in our lifetime, and they have all come with varying levels of cyclical unemployment. Often, they have been triggered…
Free Rider Problem
…free-rider problem leads to under-provision of a good or service and thus causes market failure. The Free Rider Problem Explained The Free Rider Problem occurs because of the failure of…
Reference Dependent Preferences
…there are plenty of real-world examples of the endowment effect. For example, people may have difficulty selling their cars if the buyer has a different willingness to pay than the…
Behavioral Economics
Behavioral economics is a field of economics that attempts to understand why people behave ‘unexpectedly’ in contrast to the traditional economic theory of the rational individual. One common example in…
Oligopoly Market Structure
…competing against other firms or collaborating with them. By competing they may increase their own market share at the expense of their competitors, but by collaborating, they decrease uncertainty and…
Trading Bloc
…Customs Union is like a free trade area except that member countries maintain a common tariff against non-member countries. 3. Common Market A Common Market is like a customs union…
Expansionary Monetary Policy
…for commercial banks. With lower borrowing costs, commercial banks can charge individuals lower interest rates for loans as well. As a result, the economy has a greater money supply overall….
Introduction to Supply
…and the law of demand provide a clear window into the way that resources are allocated and prices are set within a competitive free market economy. Anyone who wants to…
Diseconomies of Scale
…are countless examples of diseconomies of scale manifesting in different areas of operation of the firm. The most common examples of diseconomies of scale include: 1. “X” inefficiency This is…
Factors of Production
…Free Goods A free good is a good that is not scarce and that has zero opportunity cost. For example, air is a free good–it is available abundantly and consuming…
Biased Beliefs
…don’t cause immediate fear. It is also likely to pose a problem when it comes to adherence to drug regimens for conditions with intermittent symptoms”. A common example of a…
Natural Monopoly
…the price of the goods or services they provide. They can inflate the price and consumers end up losing out. For example, a bus company with no competitors in their…
Monopsony Market Structure
…to remain competitive. That’s why the buyer’s controlling advantage has the effect of lowering the cost of the good. Monopsony Example One example of this market situation is that of…
Introduction to The Stock Market
…interests in companies. These may include publicly or privately traded securities. The New York Stock Exchange (NYSE) is an example of a share market. Usually, large companies will list their…
Time Inconsistency
…believe that they would receive no benefit from the commitment device. In the earlier example, commitment devices could come in handy. In week 1 the decision-maker knows that it is…
Say’s Law
…it, from that instant, affords a market for other products to the full extent of its own value. Thus the mere circumstance of creation of one product immediately opens a…
Financial Institutions
…loans. 2. Insurance Companies Insurance companies collect premiums and pay compensation if certain events occur. They invest the premiums in securities and real estate (main assets). 3. Pension Funds Pension…
The Gig Economy
…any community. However, to adopt the gig economy as a business structure is relatively new. What is the Gig Economy? The term “gig economy” has only recently come about in…