In economics, the market equilibrium is defined as a state in a market where there is no pressure for change. That is, there is no pressure for the price to move up or down. The primary forces behind this are supply and demand. As long as demand is greater than […]
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For many people, money is equal to bills and coins. However, even though this is not wrong, it is only one part of the equation. Generally speaking, money is a set of assets that are commonly used and accepted as payment for goods and services in an economy. This suggests […]
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In our globalized economy international trade is one of the most critical drivers of economic growth. While virtually all countries engage in international trade, some of them are more active than others. We have already created a list of the world’s top 10 countries by exports a while ago. But for […]
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According to the three-sector theory, all economic activity can be classified into one of three sectors: the primary sector, the secondary sector, and the tertiary sector. As a rule of thumb, we say the more advanced an economy is, the more its focus shifts from the primary, through the secondary […]
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