Advices from Babylon for Those with Financial Problems

If you are having financial problems or want to have an idea about finance, the first book you should read is The Richest Man in Babylon. Below you can find some summary of the recommendations given in the book. So let's start. You must secure your source of income for your future. Look at the old [...]

International Trade and Trade Barriers

When exchange is voluntary and free, both the buyer and the seller benefit. When you buy milk, the milkman earns money and you have milk without a cow. Voluntary free trade creates assets because it is mutually beneficial. Asset is the total value of everything owned. In an experiment conducted at the Foundation for Teaching [...]

Introduction to Economics # 1

Opportunity Cost Whenever you use a production factor it will have a cost. Why is that? The factors of production are limited, not unlimited. As a result, when you decide to use land, labor, capital, or entrepreneurship for one purpose, you lose the ability to use it for another purpose. Take, for example, labor - [...]