Over in New Zealanad, there’s heavy discussion over whether the Government should promote rail use, or stick with roads as the primary traffic medium. But when Mayor Les Probert of Wairoa was asked about the issue, he responded that the whole problem boils down to plain economics. What did he mean?
Well, in the A-Level syllabus, […]

Fundamental demand and supply theory implies that the final price of a good displays the value placed on it (and thus, satisfaction gained) by consumers. If the retail price of a good is higher than the value placed on it by consumers, quantity demanded will fall, and thus, in theory, price would automatically fall to […]