The market economy is one of the most important aspects of a capitalist society. Through the market economy, businesses can sell their products and

For many years economic inequality has been a massive issue between the poor and the rich for some time now. A significant change in

The Solow model is an economic model developed in 1956 by American economist Robert Solow. The model is used to understand the growth of

The role of money in society is a complex one. Monetary policy is a vital tool that can be used to influence the overall

Inelastic demand is one of the most fundamental concepts in modern economics. It is key to understanding how pricing and other economic decisions are

Unemployment is a reality in America. The Bureau of Labor Statistics (BLS) states that the unemployment rate was 4.1% in September 2017. This means

When discussing the pros and cons of oligopolies, it’s important first to have a firm understanding of what this term actually means. An oligopoly

There are three factors of production in any economy: land, labor, and capital. While it’s easy to think of land and labor as tangible

Command economies are economies where the government controls the allocation of resources. The benefits of a command economy are that it can lead to

In 2008, the United States faced the worst economic downturn since the Great Depression. Tens of thousands of businesses failed, millions of people lost