An exciting opportunity open to many undergraduate students is the chance to participate in an exchange program, in which a student can study at a different institution as part of their degree. Typically, students will use this opportunity to study abroad; to learn about their subject in a different setting and to become familiar with a different culture. Yes, we know, it sounds incredible...

The current moment is one defined by crisis. It can be found everywhere: in the climate, economy, mental health, even in democracy. It’s so ubiquitous as to have almost become the new norm. Amid the chaos, politics has struggled to keep up, its landscape is in permanent shift, its rulebook long thrown away. New formations have emerged, metastasized, sometimes died, and occasionally taken over - developments often surprising and hard to make sense of. What’s clear, though, is that polarisation has set in.

Applying for scholarships is different to applying for a Master’s program. We have collected the best and most relevant tips applicable to the different stages of application. 1. Research different scholarship options available Start your research early, as collecting and preparing documents can take a lot of time. It’s never a good idea to have to do everything in the last minute.

Here we're listing our top recommendations of summer schools for economics students taking place this year so you can study in Europe. The courses take place at various times of year in many different subjects, meaning there's something to appeal to everyone and a summer school to fit even the busiest of schedules. Check out our selection below:

Studying macroeconomics, as many INOMICS users have done, opens doors to countless different jobs down the line.

A market is in equilibrium if at the market price the quantity demanded is equal to the quantity supplied. The price at which the quantity demanded is equal to the quantity supplied is called the equilibrium price or market clearing price and the corresponding quantity is the equilibrium quantity.

Nash equilibrium is an important equilibrium or solution concept in non-cooperative game theory. A Nash equilibrium is a strategy profile (i.e. a strategy for each player) in which each player is playing a best response to the strategy of the other(s). More simply, a Nash equilibrium describes a situation in which each person acts optimally given the actions of the others, so that no one wants to change his or her action.

The jostling between market and state, and the territory that each occupies, lies at the heart of political discourse. It's the major fault line around which political parties form and debates rage. Despite their uneasy relationship, between them they generally make available all that we need, be it food, a home, healthcare, employment, or education, at varying - and often questionable - quality and cost. The demarcation between the two, rarely ever static, differs widely across states, and speaks to the values of the society in question.

While you may be used to the daily routine of graduate school or teaching, presenting at a conference, or even just attending one, can be a whole different activity. The preparatory checklist is long enough as it is, without having the added conundrum of worrying about your appearance. If you’re in business school, perhaps you’re used to ironing your button-down shirt and slacks every day, but most academics cringe when they hear the term 'business casual'. But fear not.

Marginal revenue (MR) measures the change in total revenue that occurs when a firm increases output by one unit, i.e., it is the extra income (or revenue) generated by selling one additional unit.

Trade barriers refer to the obstacles that are put in place by governments to limit free trade between national economies. Trade barriers are thus essentially interventions in markets that happen to operate internationally. Trade barriers include tariffs (taxes) on imports (and occasionally exports) and non-tariff barriers to trade such as import quotas, subsidies to domestic industry, embargoes on trade with particular countries (usually for geopolitical reasons), and licenses to import goods into the economy.

When the price ratio between items changes this can induce a change in consumption. The part of such a change in consumption that is attributable purely to the change in the price ratio (and not to the associated change in purchasing power) is known as the substitution effect. The remaining part of the change in consumption that is not directly due to the change in the price ratio but is rather brought about by the change in purchasing power is known as the income effect.

Where there is scarcity, choices must be made! Scarcity refers to the finite nature and availability of resources while choice refers to people’s decisions about sharing and using those resources. The problem of scarcity and choice lies at the very heart of economics, which is the study of how individuals and society choose to allocate scarce resources.

The US economy is improving, so we are told. With the financial crash receding into the distance, almost out of sight, things are looking up, the future is finally brightening. Unemployment reached a 50-year low in 2019, falling to 3.5%, while US employers have added almost 5 million jobs in just two years. These are ‘the best economic numbers our country has ever experienced’, the President declared at Davos, with characteristic humility.

The topic of economics is rich with great writing, and many books have been published over the years which tackle economic issues for a popular audience. Here is our list of ten of the best books in the area of economics. Many of the books here are bestsellers, but we have included a few lesser-known titles that have had an important impact on how the public perceives economics. Some titles, too, are interdisciplinary, combining science, psychology and economics to explain history and human processes; others are narratives of events.

The price elasticity of supply for an item A ηA measures how the quantity of the item supplied qA changes in response to a change in the item’s price pA

An oligopoly is a market in which there are only a few sellers of the item being traded. The decisions of one seller thus affect the decisions of the other sellers in the market.  Sellers compete strategically in the market by taking each other’s interests and actions into account.

In a labour market, employees sell their labour (the item in the market) to employers for a wage (the price at which labour is exchanged in the market). Insofar as labour is a factor of production, a labour market is classified as a factor market. As with the market for any normal good or service, demand for labour tends to increase as the wage (price of labour) falls, while the supply of labour tends to increase as the wage rises and it becomes more attractive for people to work.

The price elasticity of demand for an item A ϵA measures how the quantity of the item demanded qA changes in response to a change in the item’s price pA

Fortunately, the UK and the US aren't the only two places in the world with universities great for studying economics, and particularly in Europe, higher education hasn't yet been turned into corporate business, meaning not only are degrees cheap, they are often totally without cost. Many of the countries on this list can boast some of the highest-quality higher learning institutions in the world.

Check out our selection below: CEMFI, Madrid, Spain Programs available:

A great way to make your presentations or papers slick and memorable is to improve your graphs and diagrams. The standard graphs produced by software such as Excel or SPSS can convey the required information, but tend to lack style as these tools have limited customisation options. Other software exists for the singular purpose of configuring your diagrams, including many which are open-source and hence freely available.

Attending university is a ton of fun, but it also prepares you for the next stage in your career. Even your hobbies can be advantages in your career development if you pursue them at a high level. Everything you do at university can be added to your CV in order to help you get a job in the future, and universities are great places to take part in extracurricular activities.

Factor markets (or resource markets) are markets for the inputs to production. A producer is typically a seller in the market for a product (supply SG in the graph below) while simultaneously being a buyer in the markets for its factors of production (demand DF below).