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.

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.

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

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).

Income elasticity of demand  YEDA  is a measure of how the quantity demanded of an item A  qA  in a market is affected by a change in income  Y  on the demand side of the market:

Economies of scale are the savings that occur when an entity grows in size and can produce output more efficiently or at lower cost. Here, the word “entity” can refer to individuals, organisations or even entire nations.

If you're a current economics student and you've chosen to specialise in environmental economics, then the good news is that there are a ton of job opportunities in this field. With the growing awareness of environmental issues and concern for sustainability, you can find work in all sorts of areas. But what are some of the specific jobs that you could do as an environmental economist? Today we're looking at possible career paths to give you some ideas about the kind of work which you might like to do once you graduate.

A demand curve shows the relationship between an item’s price and the quantity of the item demanded, either by an individual or by all participants in the market. Demand curves are downward-sloping for most items as greater quantities are demanded at lower prices.

The law of diminishing marginal returns states that as the input of a factor of production increases ceteris paribus, the additional output from the last unit of input decreases.

A deadweight loss is the irrecoverable reduction in economic efficiency that occurs when a free-market equilibrium is disturbed by a market intervention or other shock to supply and/or demand. In economic theory, free markets are beneficial to society because they allow consumers and producers to exchange goods and services for money and both sides of the market gain at the equilibrium price in terms of consumer surplus and producer surplus. In a simple economy with just one

One of the most fundamental tenets of economics. Supply refers to the quantity of a product being produced, and demand the quantity consumers wish to buy. In its most basic form, it refers to the theory that the price for a good or service will eventually settle at a point when its demand and its quantity are equal (assuming all other factors remain equal). This is referred to as the equilibrium.

In its simplest form, opportunity cost refers to the loss of the positive results of a decision when an alternative decision is made. It refers to the actual loss incurred by not choosing one option when another is selected. This cost does not only refer to money, but any lost benefits which may result in choice. A simple example of this would be that the opportunity cost of using a machine to make one product is the production of another product. That is, the second product cannot be produced, and its not being produced is an opportunity cost.

In capital markets, capital is exchanged between investors (who supply it from their assets) and investees (who need it to fund projects and ventures).  The investment horizon is usually at least one year.