Economics 101: 7 key principles you should know
An understanding of basic economic principles will set you in good stead to understand financial commentary, political rhetoric and make your own assessment of economic risks and opportunities. That is not to suggest you need to become an economic expert but understanding some basic principles will go a long way. The foundation of economics: the law of supply and demand The law of supply and demand is the cornerstone of economic theory. The law of demand states that as the price of a product or service rises (holding all other factors constant), the level (quantity) of demand for that product…
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