Category: Others

  • ভালবাসার অর্থনীতি এবং কাউন্ট ড্রাকুলা

    ভালবাসার অর্থনীতি এবং কাউন্ট ড্রাকুলা

    exploited হয়ে ফিরে আসার পর তার সামনে তিনটা পথ খোলা থাকে – ১) ভুলে যাওয়ার চেষ্টা করে নতুন ভাবে জীবন ধারণ করা, ২) আত্মহত্যা করা, ৩) প্রতিশোধ নেওয়া।

  • General equilibrium

    General equilibrium

    If the price of petrol rises, consumers tend to demand less of it. They may use their cars less and buy bicycles, and as a result, the price of bicycles rises and resources shift towards the manufacture of bicycles as new producers enter the market. In this way, different markets are connected, and a shock…

  • Giffen Goods

    Giffen Goods

    It is an interesting concept that violates the Law of Demand. As we have learned already, economists classify goods into two broad categories – 1) Ordinary goods (Normal Goods), 2) Giffen goods (Inferior Goods). You can learn more about these two types here. This blog will discuss giffen goods which fall into the category of…

  • Elasticity of Demand

    Elasticity of Demand

    People respond differently to changes in prices for different goods. Suppose, for example, that the price of jam rises: consumers might easily switch to marmalade, leading to a fairly large fall in the demand for jam. Demand for jam is thus sensitive to changes in prices – what economists call elastic demand. In contrast, consider…

  • The Law of Demand

    The Law of Demand

    A basic “law’ of economics is that when the price of a good rises, people demand less of it, and when the price falls people buy more. The law of demand states that, “conditional on all else being equal, as the price of a good increases (↑), quantity demanded decreases (↓); conversely, as the price…

  • Supply and Demand

    Supply and Demand

    In a free market1, the price of a good is determined by supply and demand. The market price of wheat emerges through the interaction of the Supply of wheat by farmers and the demand for it from flour mills and food manufacturers: when the level of supply is equal to the level of demand the…

  • The Paradox of Value

    The Paradox of Value

    Why Is it that a glass of water. so vital to life, is worth hardly anything, whereas a diamond, which has no practical use, is so valuable? This is the so-called paradox of value, discussed by philosophers and economists down the ages, and perhaps most notably by the 18th-century Scottish economist Adam Smith. The paradox…

  • Time and discounting

    Time and discounting

    Economic decisions are not just about whether to buy, but when to. If I’m impatient, I may borrow money to buy a television today. If I’m patient, however, I will wait until I have earned the money myself. Economists call people’s level of impatience their time preference. Although some are more patient than others, in…

  • Normal and Inferior Goods

    Normal and Inferior Goods

    Suppose you get a pay rise. Feeling richer, you increase your consumption of your favourite beer. In this case, the beer is what is known as a normal good: consumption of it rise with income, and if your income fell you would consume less of it. But now you are richer, you also drink less…

  • Opportunity Cost

    Opportunity Cost

    As you know earlier, economics is a science of making a decision. While making a decision, a person, or organization has to consider several factors. Choosing option one, in most of the cases, has second or third choices. Imagine yourself a student who is planning to go to a university. The cost of going to…