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What is the World Bank and What Does it Do?

Anyone who watches the news is sure to have heard about the World Bank, but there may be some uncertainty as to what this institution actually is. Confusion about the World Bank is understandable as it is unlike any other bank people will be familiar with. In fact many would argue that it isn’t even a bank at all and more an agency that specializes in providing leveraged loans.

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The Economics Concept of Diminishing Returns

Diminishing returns is probably one of the most important concepts in Economic theory. It is so famous that it has now entered common everyday speech. Some people do get confused with diminishing returns but it is actually quite a simple idea.

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What are Economies of Scale: Examples of Internal Economies and External Economies

An important idea in economic theory is economies of scale. If it wasn’t for the existence of this phenomena it is doubtful that the world economy would look anything like it does today.  The reason large companies and multinationals exist is because they take advantage of economy of scale.

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What is Keynesian Economics?

Those who listen to the financial news may have heard the term ‘Keynesian economics’ floated around. There may be some confusion as to what this is actually referring to. Discussions about the validity of this theory can become heated among economists so it is worth having some idea as to what is behind it all.  A basic explanation will be provided here.

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What is Economics…And Why Should I Care? Part 2

Yesterday, In Part 1 we discussed economics terminology as it relates to your household budget. Today, let’s create a real example of the terminology in action.

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What is Economics…And Why Should I Care? Part 1

Instead of giving you a definition of economics, I’m going to give you an example that works on a microeconomic level but also helps explain macroeconomics by way of analogy. This week, we will look at your home and household budget as its own economic ecosystem.

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What’s with all the economic rent after all?

Gross Rent: Gross Rent refers to the rent paid for the services of land and the capital invested on it. It consists of economic rent, interest on capital invested for improvement of land and reward for risk taken by the landlord in investing his capital.

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Supply demand curve: right shift demand

With supply staying still and demand increasing (right shifting), both the price and quantity supplied are elevated. This is one of the most fundamental and classic graphs in Economics.

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