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Model is a simplification and abstraction of reality. From the model, we can deduct conclusions and predict the real world. A model might represent information, activities, relationships, or even constraints. Economists use a mathematical equation and diagram to explain economic phenomenons.
What's it: the Austrian school of economics emphasizes individualism, subjectivism, opportunity costs, and time
What's it: Absolute advantage refers to the ability to produce goods or services more efficiently than others. As a
What's it: Comparative advantage is a favorable position arising from producing goods and services at a lower
What's it: Strategic direction is about where we are going. It determines our plans and the steps we will take to
What's it: The Ansoff matrix shows you four marketing strategies available based on product and target market
The Ansoff Matrix offers four strategies for growing a business, considering products and markets. We can use this
What's it: A financial system is a set of institutions and other elements involved in the exchange of funds. The
Bond features differ from bond to bond. These features ultimately affect the risk and return we get when we
What's it: Bonds are debt securities with a promise to pay back the principal at maturity and pay coupons
