Mandarin Poster

Mandarin Poster is a stupidly simple and effective system to help you learn Chinese characters. Each character is shown with pinyin pronunciation, a memorable keyword and coordinates to easily look-up extra details. They… Continue reading

Chinese Basics

Chinese or Hànyǔ (汉语) is the native language of the Han nationality of China. The Han people constitute more than 90% of the population of China, native speakers of Chinese form the largest… Continue reading

Microeconomics – The Costs of Production

TOTAL REVENUE, TOTAL COST & PROFIT Total revenue is a firm’s return from sale of output. Total cost is the amount paid for inputs used to make outputs. Profits are total revenue minus… Continue reading

NPR: Why Kids Don’t Work Their Way Through College Anymore?

The answer to that question isn’t because they’re lazy. It is math. A summer job just doesn’t have the purchasing power it used to have in relation to tuition fees. Not to mention… Continue reading

Microeconomics – Consumers, Producers & Efficiency of Markets

WELFARE ECONOMICS Welfare economics is the study of how the allocation of resources affects economic well-being. Participation in market leads to buyers receiving benefit consumer surplus and sellers receiving benefit producer surplus. Equilibrium… Continue reading

Microeconomics – Application & International Trade

EQUILIBRIUM WITHOUT INTERNATIONAL TRADE Assume: an isolated country only produces steel. Imports and exports of steel are prohibited. Results: domestic price adjusts to clear market. The sum of consumer and producer surplus measures… Continue reading

Microeconomics – Elasticity & Its Applications

Elasticity measures how much buyers and sellers respond to changes in market conditions. Price elasticity of demand measures how much the quantity demanded of a good responds to a change in the price… Continue reading

Microeconomic Questions & Answers

Microeconomic questions and answers.   Question 1- The government proposed a law for all Australians to wear hats. (i) How would this affect the demand for and equilibrium price of hats? (ii) How… Continue reading

Microeconomics – Comparative & Absolute Advantage

This article follows on from the previous gains from trade article. People consume goods produced domestically and overseas. Interdependence and trade mean more goods and services are available in increased variety. Differences in… Continue reading