Economics For Dummies, 3rd Edition (For Dummies (Business & Personal Finance))

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Economics For Dummies, 3rd Edition (For Dummies (Business & Personal Finance))

Economics For Dummies, 3rd Edition (For Dummies (Business & Personal Finance))

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An economic model is a mathematical simplification of reality that allows you to focus on what’s really important by ignoring lots of irrelevant details.

The book is also divided into independent parts so that you can, for instance, read all about microeconomics without having to read anything about macroeconomics. Economics gets to the heart of these issues, analyzing the behavior of individuals and firms, as well as social and political institutions, to see how well they convert humanity’s limited resources into the goods and services that best satisfy human wants and desires.remember The allocative and productive efficiency of competitive firms are the basis of Adam Smith’s famous invisible hand — the idea that when constrained by competition, each firm’s greed ends up causing it to act in a socially optimal way, as if guided to do the right thing by an invisible hand.

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Anti-recessionary economic policies come in two flavours:

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    Monetary policy uses an increase in the money supply to lower interest rates. Indeed, after patents came into existence, the world saw its first full-time inventors — people who made a living inventing things.Without scarcity of time, scarcity of resources, scarcity of information, scarcity of consumable goods, and scarcity of peace and goodwill on Earth, human beings would lack for nothing. To avoid confusion about which equation I’m referring to at any given time, I give each equation a number, which I put in parentheses.

    Economists assume that people work toward maximizing their utility, or happiness, while firms act to maximize profits. But figuring out exactly how many gallons will be demanded would take some time and require some annoying calculations. Discover the joy of reading with us, your trusted source for affordable books that do not compromise on quality.Of course that depends on the course etc, but while it is certainly not too hard to follow for A level students or armchair economists, perhaps some of the graph and algebraic information, while well explained, might be more than is needed and may in fact put some off it. As you can see, using a figure rather than a table makes coming up with model-based predictions much, much simpler. The man most responsible for developing antirecessionary policies was the English economist John Maynard Keynes, who in 1936 wrote the first macroeconomics book about fighting recessions. com","bookOutOfPrint":true,"authorsInfo":"

    Sean Flynn, PhD, is an associate professor of economics at Scripps College in Claremont, California.

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    Macroeconomics studies national economies, concentrating on economic growth and how to prevent and ameliorate recessions. Totaling up this number is vital because if you can’t measure how the economy is doing, you can’t tell whether government polices intended to improve the economy are helping or hurting. Written by an American (the finance is dollars and the spelling US) but the information is globally relevant. To help them to make sense of industries in which firms are interacting, economists group industries into three basic structures. While you can still "dip into" it, it also works well as an introductory text that can be read cover to cover.

    It covers Property Rights and Wrongs; Asymmetric Information and Public Goods and Health Economics and Healthcare Finance and it does so well, not perfectly I would say but then entire books have been written on Public Goods and Health Economics and they really are contested areas of theory too. There is a very useful glossary of economic terms at the back as well as very brief summaries of the top 12 (it should be 10 but they squeezed two more in the list) most influential economists. The obvious reason for higher living standards, which continue to rise, is that human beings have recently figured out lots of new technologies, and people keep inventing more.



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