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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This easy to understand guide takes you through the world of economics from understanding micro- and macroeconomics to demystifying complex topics such as capitalism and recession. Grinding poverty is still a fact in a large fraction of the world, and even the richest nations have to cope with pressing economic problems like unemployment and how to transition workers from dying industries to growing industries. Sean Flynn, PhD, is an associate professor of economics at Scripps College in Claremont, California.

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. Almost everyone is deeply concerned about access to affordable, high-quality medical care — medical care delivered through government-run national health systems, through employer-sponsored health insurance, or by direct payments made by consumers. You’re a high school or college student trying to flesh out what you’re learning in class, or you’re a citizen of the world who realizes that a good grounding in economics will help you understand everything from business and politics to social issues like poverty and environmental degradation.p>\n\n

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    Oligopoly: An oligopoly is an industry with only a few firms. 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. To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. In fact there is a wee bit of repetition, which is great because it's not boring and not horribly extensive. Lower interest rates make loans for cars, homes, and investment goods cheaper, which means increased consumption spending by households and increased investment spending by businesses.

    Peter Antonioni is a Senior Teaching Fellow in the Department of Management, Science and Innovation at University College London. Economists measure gross domestic product (GDP), the value of all goods and services produced in a nation’s economy in a given period of time, usually a quarter or a year. p>\n

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    Fiscal policy refers to using either an increase in government purchases of goods and services or a decrease in taxes to stimulate the economy. Figuring these things out from the data in the preceding table would be hard, but figuring them out using your new demand curve should be easy. Flynn has provided economic commentary for numerous news outlets, including NPR, ABC, FOX Business, and Forbes.Causes of market failure include the following:

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      Externalities caused by incomplete or nonexistent property rights: Without full and complete property rights, markets are unable to take all the costs of production into account.

      For this reason, Chapter 17 also covers how and why monetary and fiscal policy are constrained in their effectiveness.Along those lines, it’s important to point out that many poverty-related problems can be cured by extending to poorer nations the institutions that have already been proven by already-rich countries to lead to rising living standards. The reason people have to make choices is scarcity, the fact that we don’t have enough resources to satisfy all our wants. GDP measures the value of all final goods and services produced in an economy in a given period of time, usually a quarter or a year. You may not feel warm and fuzzy about profit-maximizing firms, but economists love them — just as long as they’re stuck in competitive industries. By getting a thorough handle on fundamental economic principles, you can judge for yourself the economic policy proposals that politicians and others run around promoting.

      Indeed, you welcome them because you like to have things proven to you instead of taking them on faith because some pinhead with a PhD says so. The chapter on Applying The Theories of Microeconomics of which the subsection on Behavioral Economics is a part, in fact, is probably my favourite. But quite frankly, the law of demand becomes much more immediate and interesting if you can see it rather than just think about it.p>\n

      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. The book, like all Dummies books has handy icons (such as "real world" examples and, my favourite "key concept" there are also plenty of graphs, examples and handy little boxes full of snippets of information. This gallery is dedicated to some of the best fiction and nonfiction portraying one of the greatest cities in the world. 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. 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.

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