Economics: Age 16

4 illustrated Economics lessons for Age 16.

Small crop, big profit, still supported A crop can earn a lot per hectare, so even a small plot makes a farm rich. But if farms abroad grow it far mor…
Market Equilibrium Buyers usually want less as the price rises, while sellers usually offer more. The equilibrium price is the le…
Rose Petals and Factory Vials Natural perfume oils come from plants that must be grown, picked and processed, so a small bottle can cost a g…
Precious Stones and Price Precious stones cost a lot because good ones are rare, hard to extract, and often require careful cutting. A s…