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An entrepreneur should understand at least the basics of economics. The law of supply and demand, the invisible hand, and how they affect business owners and managers.
Here are some articles on basic economics to help anyone who wants to run a business.
Economics Articles
Law of Supply and Demand
Supply and demand are probably the most recognized economics related words. Even though they are commonly used, the true definition is probably a little different from what most people think. Demand should not be confused with want. People want...
Living Wage
The subject of “living wages” or higher minimum wages has sparked vigorous debate in every city or state where the issue has been put on the ballot. The subject invokes partisan politics with the left declaring “big business” only wants profit, and the right stating the market should determine wages. The truth economically tells a different story.
Pay in Public Companies
For many years politicians have been complaining about the perceived over-paying of management in public companies. Everyone has heard about the huge golden handshakes given departing executives upon leaving companies they have destroyed. John McCain...
What is Economics
Economics is a new science and according to Heilbroner (1999) the first economist was Adam Smith who lived in the late eighteenth century. Economics is also called the “dismal” science, a phrase coined by Thomas Carlyle in reaction to the pessimistic pre...
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