Macroeconomics Definition of 'Macroeconomics' The field of economics that studies the behavior of the aggregate economy. Macroeconomics…

Cross-Price Elasticity of Demand The Cross-Price Elasticity of Demand measures the rate of response of quantity demanded of one good, due to a price…

A Shift versus a Movement Along a Demand Curve It is essential to distinguish between a movement along a demand curve and a shift in the dema…

Equilibrium: Determination of Price and Quantity What price should the seller set and how many videos will be rented per month? The seller could lega…

The Law of Supply  The Law of Supply and the Supply Curve Supply is slightly more difficult to understand because most of us have little direct exp…

The Law of Demand  The Law of Demand and the Demand Curve We begin with demand because demand is usually easier to understand from our personal exp…

Basic Economics concept Table of contents: I Introduction to economic concept and tools     Scarcity     Scarcity in Economics     Planned econ…