Externalities of Robots

With advanced technology, engineers were able to create many surprising things. One of that creation includes robots which is a machine, programmed by a computer that is capable of carrying out a complex series of actions automatically. This creation has a huge impact on the labor market, creating externalities. What are externalities? Externalities arise when…

Why do wages vary within jobs?

Have you ever wonder why engineers are paid more than waiters? or why some actors earn millions while others need second jobs? Engineers are paid more than workers because it requires a lot to become an engineer while anyone can be a waiter. You have to graduate and go to university to get a degree…

Oligopoly and Game Theory

What is Oligopolies? Oligopolies is a market structure in which only a few sellers offer similar or identical products. Some examples of oligopolies are Toyota, Ford, Honda, Pepsi, Coca Cola and more. A cartel is when a group of firms cooperating on price and output. An example of an international cartel is the organization of petroleum‐exporting countries…

Monopoly VS. Perfect Competitive Market

What are the differences and similarities between Monopoly and Perfect Competition? When you first see the “Monopoly”, you might think of the game Monopoly which is similar but not really. A Monopoly is when there are only one firm and many consumers in the market. On the other hand, a Perfect Competitive Market is a market…

What is happening in the Escape-Room games industry?

Have you ever heard of an escape room? The first escape room is believed to have opened in Japan in 2007. An escape room is a puzzle game where participants are locked in a room and they have to solve puzzles to get out with a limited amount of time. Escape rooms can be found…

Is the iPhone XS Max worth buying?

Which smartphone brand are you using? There are many mobile phone brands such as Apple, Samsung, Huawei, Nokia, LG and more. Manufacturers are making a lot of profits from making those goods. We’ll be focusing on Apple, more specifically, the iPhone XS Max. It was released just a few months ago, September 21, 2018. I’m…

Should Cambodia expand its involvement in free trade agreements?

  To start off, what is a trade? Trade is the buying and selling of goods and services or the exchange of goods or services between nations. Countries can benefit/gain from trade, because of imports and exports. When the government allows export, the producers are the ones who benefit most, but the total surplus would…

What’s happening in the market for streaming services?

Have you ever heard or use streaming services such as Netflix, Amazon Prime, Youtube, Itunes, Google Play, Hulu…? We all love watching TV shows and movies. Most people wouldn’t spend money on a movie ticket when they can pay $9/month to $12/month for unlimited access to films and TV. Top streaming services have been competing…

Economics of Valentine’s Day

Valentine’s day is a day of love and romance, moreover, a chance to make money. It is celebrated worldwide. To show love, people buy each other’s gift such as roses, candies, chocolate, greeting cards, or bringing their loved ones out for dinner. Who doesn’t like roses? We all do, but only on special occasions such…

Cannabis Legalisation

The plant above is called “cannabis“, also known as pot, weed, marijuana or grass, is a psychoactive drug from the Cannabis plant used for medical or recreational purposes. Some people use cannabis to experience a sense of euphoria or referred to as “high”. Cannabis in Canada is legal for both recreational and medicinal purposes. It is…