All that you need to know about Economics
Econtutorials is a hub of articles, notes, lectures, manuals and online courses of Economics that will guide you from its very basic terms to advance methods of solving quantitative problems.
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Microeconomics
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Understanding the economy as a whole
Statistics
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Econometrics
The amalgamation of Economics, statistics and mathematics
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Consumer Choice: Budget Constraints
Preferences do not explain all of consumer behavior. There are probably a lot of other factors as well. Budget constraints also limit an individual’s ability to consume in light of the prices they must pay for various goods and services. In other words, a consumer...
The Theory of Consumer Choice. The concept of Utility
Although the theory of consumer choice does not require us to assign a numerical value to the level of satisfaction that a consumer receives from consuming a good or service, it is useful to attach a number to this satisfaction level that we call utility. Utility...
Demand in economics
By definition, demand is the ability and willingness of a consumer to buy or purchase a particular product. Remember that a demand curve is explained differently than the concept of demand itself. Do not confuse yourself with both.The Demand curve is the relationship...