Excludable and Rivalrous Goods – Explained

by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy

Public goods are said to have two characteristics. They are: Excludable Non-rivalrous What are Excludable Goods?An excludable good can be limited in terms of who can and access the good. Excludability is generally on a scale. That is, there are varying degrees to...

Enlightened Self Interest – Explained

by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy

What is Enlightened Self Interest? Enlightened Self-Interest is the idea that individuals have regard for their self interest. Individuals must also regard the interests of others to promote their own best interest. Enlightened Self Interest is a concept put forward...

Economic Incentives – Explained

by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy

What are Economic Incentives? Incentives are factors that motivate individuals in their actions or inaction. In economics, incentives are generally related to value and utility. What are Extrinsic and Intrinsic Incentives?Intrinsic incentives are internal in nature...

Marginal Benefit – Explained

by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy

What is Marginal Benefit? For consumers, marginal benefit is a maximum amount of value or benefit that a consumer receives from one additional good or unit of service. That is, it is a measure of utility received from that next unit. For manufacturers or service...

Productive Efficiency – Explained

by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy

What is Productive Efficiency? Productive efficiency refer to points along the production frontier where it is impossible to produce more of one good without decreasing the quantity that is produced of another good. Related Topics Budget Constraint Radner Equilibrium...

Macroeconomics – Explained

by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy

What is Macroeconomics?Macroeconomics is a field of economics that studies how market forces, such as unemployment rates, interest rates, inflation, government spending, and international trade, influence one or more nations’ economy.What are the Goals of...