Since BREXIT has been such a hot news item this past week, I decided to take a one-week hiatus from the economics tutorial series to address this important issue briefly. This is an economics blog, so I am going to deal primarily with the economics of BREXIT, especially as it impacts you. The European Union […]
Month / June 2016
Demand and Supply Determines Price and Quantity
Why is chicken $.98 per pound, while rib eye steak is $7.99 per pound? My water from the sink tap is about $1.50 per 1000 gallons, but the 16-ounce bottle of water I bought at Disney World was $3.00. A $200,000 house in my town of Hot Springs, Arkansas, would cost about $2 million in […]
How Do We Decide What to Produce?
“I can’t do everything!” How many times have you thought or said that when frustrated that you had too many demands on your life and not enough time or resources? We all have to set life priorities according to what we can do best and need to do most. Our economy has the same frustrations […]