Category: Economics

As similar as the two may be in terms of wealth accumulation, both economic systems have several differences that significantly distinguish one from the other. Summary Table Mercantilism Capitalism Accumulate wealth for the country with...
What’s the difference between money and currency? You probably know that money is what we use to purchase goods and currency is the system of money used in a country. However, did you know that...
Elastic and inelastic demand are important terms in the world of economics. Both terms refer to product demand as affected by several factors. This article seeks to define the fundamental differences between these concepts when...
We often see the terms “GDP” and “GNP” on the news or on the paper, but many of us still do not know what they mean or what their difference is. Sure, they were taught...
Have you ever read or heard of the terms “supply” and “demand”? You probably know them as two of the basic economic concepts, but many of us may have already forgotten what they mean and...
In economics, we learned about consumer goods and capital goods. However, to some people who have been out of school for a long time, the difference between the two has become vague. If you are...