Capital
In common parlance when we speak of “capital” we often mean “wealth”. In economics, capital is classically defined as the […]
Factors of Production
Factors of Production
Natural Resources
Natural resources (aka raw materials) are all the materials and capacities which are provided by nature such as land, minerals
Factors of Production
Factors of Production
When you make (almost) anything you need materials such as wheat flour, wood, steel, or plastic, which in turn come
Free Markets, Supply and Demand
Free Market Caveats
So, if the free market is so great at allocating resources and meeting the needs of consumers, why doesn’t the
Free Markets, Supply and Demand
Benefits of an Ideal Free Market
The benefit of an ideal free market is that it is extremely efficient at allocating resources. We have briefly mentioned
Free Markets, Supply and Demand
How Pricing Works in a Free Market: Supply and Demand
In a free-market buyers looking for a product, be it a bushel of corn or an industrial robot, shop around
Free Markets, Supply and Demand
Markets
Markets have been around since the earliest days of human civilization, having existed in ancient Babylonia, Assyria, Phoenicia, Israel, Greece,