At the heart of economics lies a deceptively simple idea that shapes everything from market strategy to personal growth: marginal value theory. Those who adhere to it insist that when making decisions ...

Economic theory tells us that, in a perfectly competitive labor market, labor should be paid according to its “marginal product.” Now, without the jargon: The last workers to be hired by a business ...

Getting every advantage possible in your business is important. Using proper analytical techniques and up-to-date business theory will help your business succeed. Economic principles, especially ...

Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Erika Rasure is globally-recognized as a leading consumer economics subject ...