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Learn more about this classic game theory scenario.
Nash Equilibrium is a key concept of game theory, which helps explain how people and groups approach complex decisions. Named after renowned mathematician John Nash, the idea of Nash Equilibrium has been used in such diverse fields as international relations, psychology and economics. Game theory in general looks at how individuals or groups make choices that will in turn affect the choices of other parties.
Elasticity measures the relationship between a good and its price based on consumer demand, consumer income, and its available supply. Learn the basics about it here.
Learn about this law of economics related to consumption.
Learn how a particular market can be controlled by a small group of firms.
Learn the difference between these two declarative statements and what they mean in the world of economics and finance.
Also commonly translated as "all other things equal", learn more about this latin phrase and its application in economics.
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