All Posts

Sooner or later, every future economist is faced with the so-called “economic problem.” For reference, the economic problem essentially tackles the fundamental issue that there is a limited amount of resources meant to sustain unlimited human wants. This problem is something economists call scarcity. And upon further reflection, the significance of scarcity is visible. The economic problem forces individuals and businesses to make choices to attempt to satisfy these unlimited

There are two types of products that people purchase: needs and wants. Needs are defined as the things that we need to survive, like water and food. While wants are the things that we buy regardless of their necessity. This brings us to spending. While most of our purchases account for our needs, which don’t require much thinking, the things we buy simply because we want them are controlled by several other factors, like emotions, cognitive biases, and social influences. Dopa

Have you ever heard of Warren Buffett? The most well-known and successful investor of all time? One of the top ten richest people on the planet? He started investing at the early age of 11. He bought 3 shares of Cities Service preferred stock, which totaled $114.75 in 1942. Despite the stock’s drastic drop in price immediately after, lessons were learned, and the greatest investor was born. In Warren Buffett’s own words, “The best time to invest was yesterday. The second-best

Picture this. You’re walking out of the Apple store. The new iPhone 17 just dropped, and everyone is rushing to get one. In your hands, you hold the latest model. It was expensive, but you know it’s worth it because there are so many new features that make your old iPhone seem dull in comparison. Everyone around you feels the same, eyes fixated on their new phones. Apple knows the impact that a launch can have on consumers because it knows that demand is very high, as everyon