The Malthusian Trap states that the population increases exponentially, while the production of food only grows arithmetically.
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Inequality
Inequality refers to the unfair situation in a society when some people have more opportunities, money, etc. than other people.
Read moreIndifference curve
Indifference curve is a set of combinations of two goods that gave the buyer or the customer equal satisfaction or utility.
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Put simply, interest rate is the fee you have to pay to borrow money. It is the cost of using the money which is not yours.
Read moreOpportunity Cost
Opportunity cost, to put it as simply as possible, is the price you have to pay in order to obtain something else.
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