Price, Substitution and Purchasing Power
The Russia-Ukraine war has disrupted 31 percent of the world's grain supply. Ukraine produces 25 percent of the world's wheat, with Russia producing the rest.
Kyiv mayor Vitali Klitschko congratulates the servicemen of Ukrainian territorial defence, Valery (R) and Lesya (C), with their wedding not far from check-point on Kyiv outskirts on March 6, 2022.
In economic theory, there is a type of offer curve that is conceptually similar but not the same as the offer curve we are generally familiar with. The concept of an offer curve was first developed by English economists Edgewoth and Marshal (Salvatore, 2001) to explain international trade, but it can be also used for microtransactions.
An offer curve illustrates the relationship between relative prices or the terms of trade with a country or an individual in the role of a net exporter/producer or net importer/consumer.