Engineering Costs and Cost Estimating
An engineering economic analysis may involve many types of costs. Here is a list of cost types, including definitions and examples. A fixed cost is constant, independent of the output…
Correlation Versus Causation
Correlation Versus Causation In the world of data analysis, the phrase "correlation does not imply causation" is fairly ubiquitous as a disclaimer on the interpretation of a lot of evidence…
Production Possibility Frontier
Production Possibility Frontier, Growth, Opportunity Cost and Trade A. Production Possibility Frontier (PPF) Under the field of macroeconomics, the production possibility frontier (PPF) represents the point at which an economy…
Supply and Demand
Supply and Demand Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much…
Elasticity
Elasticity The degree to which a demand or supply curve reacts to a change in price is the curve's elasticity. Elasticity varies among products because some products may be more…
Utility
Economics Basics: Utility We have already seen that the focus of economics is to understand the problem of scarcity: the problem of fulfilling the unlimited wants of humankind with limited…
Monopolies and Oligopolies
Monopolies, Oligopolies and Perfect Competition Economists assume that there are a number of different buyers and sellers in the marketplace. This means that we have competition in the market, which…
Inflation & ITS Control Measures
InflationIn economics, inflation means rise in the general level of prices of goods and services over a period of time in an economy. Inflation may affect the economy either in…
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