In economics, elasticity refers to the sensitivity of one economic variable to changes in another. Specifically, it is the measure of how much a given variable responds to a change in another variable.
Dependency theory is an economic theory that was developed by the Latin American dependency school of thought. The main goal of dependency theory was to analyze how the global economy functions and how it impacts different countries.
Switching Costs and the Theory of the Firm
Introduction: Switching Costs in Economics
Why Switching Costs Matter?
There are many reasons why switching costs matter. They can...
The Economics of Oligopoly
Introduction: What's an Oligopoly?
An oligopoly is a market structure where a small number of firms dominate the market.
An oligopoly is an...
Break-even analysis in economics: A back-of-the-envelope calculation for the minimum level of production
What is Break Even Analysis and How Does it Work?
Break even analysis...
5 Ways to Cost Minimize Your Business Operations with These Simple Ideas
Introduction: What is Cost Minimization?
Cost Minimization is a business practice that focuses on...
The 5 Best Opportunity Cost Explanations to Help You Understand What It Means
Introduction: What is opportunity cost?
Opportunity cost is the cost of an alternative...
The Social Exchange Theory, which lies at the heart of our social interactions, is a beautiful reminder of the power of reciprocity and collaboration in our everyday lives.
VRIO analysis is a framework used in strategic management to assess the resources and capabilities of a company and evaluate their potential for competitive advantage