Find out how and why mathematics is used in microeconomics, its limitations, and the math skills that economics students need.

In the context of markets, equilibrium is when there's a balance between supply and demand, causing prices to stabilize. When there's an imbalance between supply and demand, prices tend to fluctuate ...

First SeenFirst seen: The term supply and demand was first seen in Sir James Steuart's 1796 treatise An Inquiry Into the Principles of Political Economy. When figuring out your monthly budget, ...

Buyers and sellers meet and at the right price all products are sold Three little words. Often that is all it takes to make one’s heart beat faster. “Liberty, equality, fraternity” captured the French ...

When managing a small business, decisions about pricing are simultaneously some of the most important choices a businessperson has to make and some of the most difficult. If the company prices a ...

The selling price for your goods or services is based on your supply and customer demand. If your price is too high, the demand drops off and your profits fall. If your price is too low, you risk not ...

Simulations using a Phillips curve-type relationship provide insights into the importance of demand versus supply for inflation over different periods. The decade of low inflation after the Great ...