Inferior Good

The term “inferior good” describes a good for which demand decrease as incomes increase. They are the opposite of “normal goods,” which are goods for which demand increases as incomes increase (e.g. organic food, cars, or name-brand products). Inferior and normal goods are in a relationship with one another—in other words, inferior goods exist when…
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Top 100 Economics Blogs of 2019

Welcome to the 4th Annual Top Economics Blogs list. For the 2019 edition, we’ve added many newcomers, as well as favorites which continue to provide quality insight year after year. Like lists in previous years (2018, 2017, 2016), the new 2019 list features a broad range of quality blogs in practically every economic discipline. Whether you are…
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Opportunity Cost

Opportunity cost is the positive opportunities missed out on by choosing a particular alternative (the next-best option). In other words, it’s what you don’t get to do when you make a choice. For instance, to apply this concept to everyday life: let’s say that one night you’re deciding between going to a party and going to a concert. You end up…
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Gross Domestic Product (GDP)

GDP stands for Gross Domestic Product, and the GDP of a country is the total value of all final goods and services produced within that country over a period of time.GDP estimates are used to determine the economic performance of a whole country, and to make international comparisons Businesses can also use GDP as a guide to decide how best…
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Duopoly Market Structure

A duopoly is a kind of oligopoly: a market dominated by a small number of firms. In the case of a duopoly, a particular market or industry is dominated by just two firms (this is in contrast to the more widely-known case of the monopoly when just one company dominates).In very rare cases, this means they are the only two firms in the entire…
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The Federal Reserve

The Federal Reserve (known more informally as “the Fed”) is the central bank of the United States of America. It is made up of a network of 12 regional Federal Reserve banks, but the Fed’s power centers in its New York bank. It has more power than any other economic actor in the country and, by extension, in the world as a whole.As officially…
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