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

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I spend the next few sections of this chapter expanding on the three-step economic choice model and addressing the objections to it. Studying macroeconomics is useful because certain factors, such as interest rates and tax policy, have economy-wide effects and also because when the economy goes into a recession or a boom, every person and every business is affected. But quite frankly, the law of demand becomes much more immediate and interesting if you can see it rather than just think about it. In the same way, you should hope that the paper and ink used to make this book have been put to their best use and that every last tax dollar that your government spends is being used in the best way. Perfect competition: Perfect competition happens when numerous small firms compete against each other.

With the simple explanations in this book, you’ll master key topics like supply and demand, consumer behavior, and how governments and central banks attempt to avoid—or at least ameliorate—business downtu This is a great book, as readable as it is informative, it should appeal to the interested general reader and/or the student/more scholarly reader alike. You could probably condense all the important infomation from this book into a short essay or a ten minute Youtube video. Private firms can’t make money producing them because there’s no way to exclude non-payers from receiving the good.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.

Flynn has provided economic commentary for numerous news outlets, including NPR, ABC, FOX Business, and Forbes. Sean Flynn, PhD, is an associate professor of economics at Scripps College in Claremont, California. p>\n"},{"title":"Identifying market failures","thumb":null,"image":null,"content":"

Sometimes markets fail to generate the socially optimal output level of goods and services.One thing that does stick is the difference between movement along a demand (or supply) curve and a shift in a demand (or supply) curve.

However, that said, I really would have appreciated this book when I was at university studying the topic of economics from a variety of diferent perspectives, ie social policy, politics, sociology.The result is a book that is perhaps more detailed and heavyweight than some might expect from a Dummies book - it's hard to accurately identify the level but I'd say that it is perhaps most suitably pitched to first year university level. Consequently, the decision that many nations made to make primary and then secondary education mandatory paved the way for rapid and sustained economic growth. An avid martial artist, Sean is a former Aikido national champion and has coached five of his students to U.

Doing so can give you an understanding not only of how they’ve so greatly raised living standards but also of where they need some improvement. Those disputes are intensified by concerns about whether foreign working conditions are humane, whether foreign producers are unfairly subsidized by their governments, and whether currency exchange rates are being manipulated by foreign governments to give their own firms a cost advantage over firms in other countries. A property right gives a person the exclusive authority to determine how a productive resource can be used. jpg","width":250,"height":350},"authors":[{"authorId":10202,"name":"Sean Masaki Flynn","slug":"sean-masaki-flynn","description":"

Sean Flynn, PhD, is an associate professor of economics at Scripps College in Claremont, California. Economists assume that people work toward maximizing their utility, or happiness, while firms act to maximize profits.To minimize confusion, whenever I introduce a new term, I put it in italics and follow it closely with an easy-to-understand definition. All pollution issues, as well as all cases of species loss, are the direct result of poorly designed property rights generating perverse incentives to do bad things. I wrote this book so you can quickly and easily understand economics for what it is — a serious science that studies a serious subject and has developed some seriously good ways of explaining human behavior out in the (very serious) real world. Surprisingly easy to understand as an audiobook but I did have another source for some of the types of charts referenced.