What's it: Consumer surplus refers to the difference between the highest price consumers are willing to pay and the actual price they pay for a good or service.For example, you are willing to pay Rp6 to buy a product. In the market, you come
Microeconomics
Productivity Gains: Technology, Workforce, and The Future of Workers
Productivity gains, the lifeblood of economic growth and business success, are not just theoretical concepts. They are the reason businesses can expand, workers can earn more, and the economy can thrive. Whether you're a business owner, employee, or
Demand Curve: Types, How to Draw It From a Demand Function
What's it: A demand curve is a two-dimensional graphical representation to illustrate the relationship between quantity demanded and price. It uses price as the Y-axis and quantity as the X-axis.The curve shows the quantity demanded at any
Demand Function: Example, Linear vs. Nonlinear
What's it: A demand function is a mathematical equation representing the relationship between demand and its determinants. The function shows us how the demand for a product is affected by factors such as its own price, buyer income, and
Labor Mobility: Types and Impacts on Individuals, Businesses and Economy
Labor mobility is the freedom of workers to move between jobs, companies, and even countries. This movement is crucial for both individual career advancement and a healthy, functioning economy. In today's globalized workplace, skilled labor shortages
Production function
Production function is a mathematical function that links the quantity of output with the input used in the production process. Usually, economists assume capital and labor are the only production inputs.The function represents the output limit