Economy Education

Intro to Commodities

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Ever wonder why gas prices change every day? One day, gas may cost $3.09 per gallon. A few months later, that price could be $3.70. Ever wonder why jewelry may become more expensive over time? The reality is that these price fluctuations are driven by changes in the price of commodities, such as crude oil, […]

Economy Education

Intro to the Business Cycle

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It seems like the US economy crashes every decade or so, and there is some fact in this; the US economy and every other economy undergoes alternating periods of expansion and depression. This phenomenon is called the business cycle. The Basics Specifically, the business cycle refers to the fluctuation of the economy about the potential […]

Economy Education

Intro to The Phillips Curve

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Doctors use indicators like heart rate and blood pressure are to measure well-being. Similarly, economists rely on a number of indicators to help them understand the health of the economy. There is a wide range of economic indicators. But, certain indicators like the rate of unemployment or the price level are often seen as some […]

Economy Education

Basics of Supply

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One of the most fundamental relationships in economics is the one between supply and demand. In order to understand the relationship between supply and demand, it is important to understand each element individually. In this article, we will look at the market from the perspectives of producers, focusing on supply. Supply   Supply is similar […]

Economy Education

Basics of Demand

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Have you ever noticed that swimsuits are cheaper in the winter than in the summer? Or that it will cost you less to go to the movies on a Tuesday morning than it will on a Saturday evening? These everyday observations can be explained by one of the most fundamental concepts in economics: supply and […]