The law of supply and demand explains how changes in a product's market price relate to its supply and demand. Demand for basic necessities is less responsive.

Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...

Discover the income effect and price effect differences to better understand demand changes in economics. Learn how these concepts affect financial analysis.

John Maynard Keynes’ book The General Theory of Interest, Employment, and Money is one of the classic works of the twentieth century. Keynes published his book in 1936 during the midst of the Great ...

Analysis and construction of demand curves are part of microeconomics, which studies economic situations and reactions and applies it to small business. You can use demand curves as a small business ...

In his otherwise excellent column “Wealth Is Knowledge” (Inside View, Feb. 7), Andy Kessler makes a common Econ 101 mistake. He says, “You were taught about supply and demand curves and that when ...

The Economic Journal was first published in 1891 with a view of promoting the advancement of economic knowledge. Today, The Economic Journal is among the foremost of the learned journals in economics.