The marginal rate of substitution refers to the rate at which the consumer substitutes one good, to obtain one more unit of the other good. Today, we will understand the…

Another important topic in economics after the budget line is the indifference curve analysis. The word ‘Indifference’ means being ‘neutral’ or having no effects at all. An indifference curve is…

This post includes points surrounding the budget line, features of the budget line, and the changes in the budget line. But first, you can go through the meaning of the…

Economics is one of the social sciences, which has a great influence on every human being. As economic life and the economy go through changes, it is important to understand…

The way we have a budget in our family to look after the household expenditure, in the same way, we use a budget line to show our income levels beyond…

This law is a part of consumer behavior, and it talks about the behavior of the consumer when they consume any commodity in excess. If you want. Then revise; the…

Heard a common saying; ‘opportunity never knocks twice. So, let’s understand the meaning of opportunity cost, to make wiser decisions.

This is one of the most searched questions on Google, and I am going to answer this on my blog. We have already learned the meaning of Production Possibility Curve,…

This topic is one of the initial concepts in the microeconomics subject. Every economics student from school to college studies Production Possibility Curve. Let’s understand this concept in simple language.

I noticed some posts regarding the central problems of the economy. So, I thought I should also explain this. Thanks to Facebook group members, who are so supportive and full…