Posts tagged Demand curve

Microeconomics Monday-Price Elasticity of Demand

Each Monday, I am doing a series on Microeconomics.  I think it’s a horribly misunderstood topic. People have been taught that economics is simply a trade off between guns or butter and it’s simply not true. One of the most …






Microeconomics Monday-What’s More Valuable? Water or Diamonds?

Economics is about trade offs.  There are costs, and then there are opportunity coststo every decision you ever make.  Sometimes they are fuzzy, and it’s hard to quantify them.  Other times, it’s easy and that makes choosing between one or …






Microeconomics Monday-No Currency In POW Camps

First in our series on Microeconomics Monday is to introduce you to the basic theories of microecon.  Markets are ubiquitous in every single part of our society.  We will use the real life example of POW Camps from World War …