Economics

We all make countless decisions every day, from the mundane (what to have for breakfast) to the significant (should I take that new job?). Underlying these decisions, whether we realize it or not, is a fundamental economic concept: marginal benefit. Understanding this concept can help you make more informed choices and appreciate how markets function. […]

Ever wondered how much a price change affects the demand for your product or service?  If you run a business I’m willing to bet you have. In economic terms, the study of these changes is called price elasticity of demand.  It’s a powerful tool that helps you predict how consumers will react to price fluctuations,

Ever wondered why one cup of coffee costs $5 and another costs $2 right across the street? How a change in price impacts the demand for a good or service? How about how airlines seem to magically adjust their ticket prices?  The answer lies in the economics of pricing. Pricing is more than just putting