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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    Expansionary fiscal policy: Increasing government purchases of goods and services or decreasing taxes can stimulate the economy. Institutions and policies like these have given people a world of growth and opportunity and an abundance so unprecedented in world history that the greatest public health problem in many countries today is obesity. Economists assume that people work toward maximizing their utility, or happiness, and firms act to maximize profits. A major result was the creation of government policy that favored merchants and manufacturers rather than the nobility.

    Microeconomics gets down to the nitty gritty, studying the most fundamental economic agents: individuals and firms. Limited liability greatly reduced the risks of investing in businesses and, consequently, led to much more investing. noIndex":0,"noFollow":0},"content":"Economics is the science that studies how people and societies make decisions that allow them to get the most out of their limited resources. If you want to get to grips with the basics of economics and understand a subject that affects British citizens on a daily basis, then look no further than Economics For Dummies.

    You can gain a lot by studying choice behavior because if you can understand the choices people made in the past, you stand a good chance of understanding the choices they’ll make in the future. You may be wondering if there's any way to know exactly how much inflation you can expect from printing any given amount of extra money. com","bookOutOfPrint":true,"authorsInfo":"

    Sean Flynn, PhD, is an associate professor of economics at Scripps College in Claremont, California. The 103 third parties who use cookies on this service do so for their purposes of displaying and measuring personalized ads, generating audience insights, and developing and improving products.


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    Macroeconomics studies national economies, concentrating on economic growth and how to prevent and ameliorate recessions. To minimize confusion, whenever I introduce a new term, I put it in italics and follow it closely with an easy-to-understand definition. This book gives you everything you need to understand our rapidly evolving economy—as well as the economic fundamentals that never change. A poor condition book can still make a good reading copy but is generally not collectible unless the item is very scarce. Many workers lose their jobs because firms need fewer workers to produce the reduced amount of output.I place this icon next to suggestions for ways to do or think about things that can save you some effort. com/v2/books/282399"}}],"cheatSheet":{"articleId":208692,"slug":"economics-for-dummies-cheat-sheet","title":"Economics For Dummies Cheat Sheet","description":"People have to make choices because of scarcity, the fact that they don’t have enough resources to satisfy all their wants. Most introductory books tend to be stronger on macroeconomics - as it lends itself more to being interesting as a basic level - but this book also gives due weight to microeeconomics and spends much time on supply and demand curves and the implications of monopoly etc.

    A recession occurs when the overall level of economic activity in an economy is decreasing, and an expansion occurs when the overall level is increasing. But that begs the question of what motivates people and, in turn, of what sorts of things people will choose to do given their free wills. The most extreme case is monopoly, a situation where there’s only one firm in an industry — meaning that it has absolutely no competition. We also use them to help detect unauthorized access or activity that violate our terms of service, as well as to analyze site traffic and performance for our own site improvement efforts.While you can still "dip into" it, it also works well as an introductory text that can be read cover to cover. Widespread literacy and education: Without highly educated inventors, new technologies don’t get invented.

    In a similar fashion, if the government cuts tax rates, consumers end up with higher after-tax incomes, which, when spent, increase economic activity. Indeed, it’s only through vigorous debate and careful review of the evidence that the profession improves its understanding of how the world works. Economists assume that people work toward maximizing their utility, or happiness, and firms act to maximize profits. A property right gives a person the exclusive authority to determine how a productive resource can be used.In the absence of externalities (costs or benefits that fall on persons not directly involved in an activity), the market equilibrium quantity, q * , is also the socially optimal output level. 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. For this reason, Chapter 17 also covers how and why monetary and fiscal policy are constrained in their effectiveness. Sean Flynn, PhD, is an associate professor of economics at Scripps College in Claremont, California. 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.

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