What is gentrification

Gentrification refers to the process in a social setting where by the wealthier people buy properties especially residential properties from the poor category of people.

Free Adam Smith Essay

Adam Smith more popularly knows as the father of Economics wrote The Wealth of Nations, which is believed to have laid the foundation of economic thought and led to emergence of various schools of…

Game theory

When we first hear the term ‘game theory’ in economics lecture, we may initially thought that it is originated in economics or perhaps some other social sciences. On the contrary, it is a branch of applied mathematics where it tries to make rationalize behavior in strategic situations, where the choice of others determines an individual’s success in making choices.

Income elasticity of demand

With the increase in consumers’ income, the demand for income-elastic good, such as housing, tends to increase accordingly. But when incomes are likely to fall, the consumer will cut back on such good which are not essential to them, e.g. Australian wine.