What are game theory and bargaining theory? The best definition of Game Theory contained in “Dictionary of Economics” it states: Much of economic theory is concerned with the process and conditions under which individuals or firms maximize their own benefits or minimize their own costs in markets in which their …

Wealth Wealth from the old English word “weal”, which means “well-being” or “welfare”. The term was originally an adjective to describe the possession of such qualities. “Wealth”  mean an abundance of items of economic value, or the state of controlling or possessing such items, and encompasses money, real estate and …

The Logic of Collective Action The Logic of Collective Action explains why some groups are able to have a larger influence on government policy than others, and  how we can use the results to explain economic policy decisions. If a group of people have a common interest they’ll naturally get …

Money Money is any good or token that functions as a medium of exchange that is socially and legally accepted in payment for goods and services and in settlement of debts. Money also serves as a standard of value for measuring the relative worth of different goods and services. Some …

Microeconomics Microeconomics is a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources,typically in markets where goods or services are being bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices, …

International Monetary Fund The International Monetary Fund (IMF) is an international organization that oversees the global financial system by observing exchange rates and balance of payments, as well as offering financial and technical assistance. Its headquarters are located in Washington, D.C., USA. Organization and purpose IMF describes itself as “an …

Adobe Acrobat XI Standard Economics Economics generally is the study of how people allocate scarce resources among alternative uses. Economics is the social science that studies the production, distribution, and consumption of goods and services. The word ‘economics’ is from the Greek for (oikos: house) and  (nomos: custom or law), …

illustrator cs5 for mac DEPRESSION & REGRESSION What’s a recession? How do we know if we’re in one? There’s an old joke among economists that states: A recession is when your neighbor loses his job. A depression is when you lose your job. The difference between the two terms is …

Trojan Horse Contents 1 Legend 2 Possible explanation 3 Men in the horse 4 Images 5 References The Trojan Horse is part of the myth of the Trojan War, as told in Virgil’s Latin epic poem The Aeneid. The events of this myth take place after Homer’s Iliad, and before …

Noah Noah or Noach was the tenth and last of the antediluvian Patriarchs, best known for the Deluge which came in his time. His story is contained in the Hebrew Bible (or, as it is called, the Torah)’s book of Genesis, chapters 5-9. While the Deluge and Noah’s Ark are …