What drives the economy? According to economic philosopher Adam Smith, it’s you! All of the individual choices we make about what we (and corporations) buy
Consumers have a better chance of maximizing their utility when they have a variety of goods to choose from, the more goods and services the
Mercantilism is the idea that a country can increase its prosperity by running a favorable balance of trade. It is an idea that greatly influenced
When economists speak about inflation, they usually mean price inflation, or the rate at which the cost of living in an economy goes up from
The labor theory of value is something that often trips people up and it’s a concept that’s usually attributed to Marx though he didn’t come