One of the most basic concepts in economics is utility, the satisfaction you derive from consuming or using a good or service. Long before quinoa and tofu took over school canteens, I taught the concept of utility by getting my students to imagine eating a hot meat pie and sauce at lunchtime. (It worked well […]
Interest rates are defined as ‘the cost of credit’, in other words it’s the price we pay for using other people’s money. Household debt in Australia is close to $2 trillion, around $80,000 per person. Obviously some owe a lot less and some of us owe a lot more!
Finance is crucial to economic activity; for […]