#757 What is price elasticity of demand?
What is price elasticity of demand? It is a measure of how much demand for a product changes depending on its price. An object’s elasticity is how much it can…
What is price elasticity of demand? It is a measure of how much demand for a product changes depending on its price. An object’s elasticity is how much it can…
Why did the USSR collapse? There are a myriad of reasons. Not one of them is exclusive and it could be said that were only one of these to have…
Why does the house always win in a casino? The house always wins because of the odds they give, the way casinos are set up, and because of psychology. Why…
What is the Jevons Paradox? It is that improvements in efficiency of a machine increase the overall consumption of energy by making the machine cheaper and more efficient. The paradox…
Why is there so much gold in Fort Knox? Because it is far enough away from any coast and is protected by the Appalachian Mountains. Fort Knox is famous worldwide…
Why does the USA use the dollar? Because, in the early days of the American colonies, the Spanish dollar was more prevalent than the British pound. There are twenty countries…
#426 When were credit cards invented? When were credit cards invented? The first use of the phrase “credit card” was in 1887. A credit card is a system whereby a…
Why are diamonds so expensive? Because we believe they should be expensive, not because they are rare. We think that diamonds are expensive because they are rare, but they are…
When was the penny first used? The first coin to be called a penny was in 790, but the word meant “all money” and not just one coin. There are…
What is a central bank? It is an institution that manages the currency of a country and controls the supply of money. Nearly every country has a central bank. It…