Confronting Objections to the Economic Approach

Confronting Objections to the Economic Approach By the end of this section, you will be able to: • Analyze arguments against economic approaches to decision-making • Interpret a tradeoff diagram • Contrast normative statements and positive statements It is one thing to understand the economic approach to decision-making and another thing to feel comfortable applying… Continue reading Confronting Objections to the Economic Approach

Published

The Rules of the Game Markets

Regulations: The Rules of the Game Markets and government regulations are always entangled. There is no such thing as an absolutely free market. Regulations always define the “rules of the game” in the economy. Economies that are primarily market-oriented have fewer regulations—ideally just enough to maintain an even playing field for participants. At a minimum,… Continue reading The Rules of the Game Markets

Published

How To Organize Economies

How To Organize Economies: An Overview of Economic Systems By the end of this section, you will be able to: • Contrast traditional economies, command economies, and market economies • Explain gross domestic product (GDP) • Assess the importance and effects of globalization Think about what a complex system a modern economy is. It includes… Continue reading How To Organize Economies

The Extent of Globalization Essay

The Extent of Globalization (exports/GDP) (Source: http://databank.worldbank.org/data/) Chapter 1 | Welcome to Economics! 21     Country 2010 2011 2012 2013 2014 2015 Lower Income Countries Chad 36.8 38.9 36.9 32.2 34.2 29.8 China 29.4 28.5 27.3 26.4 23.9 22.4 India 22.0 23.9 24.0 24.8 22.9 – Nigeria 25.3 31.3 31.4 18.0 18.4 – Table… Continue reading The Extent of Globalization Essay

Published

Choice in a World of Scarcity

Choice in a World of Scarcity Figure 2.1 Choices and Tradeoffs In general, the higher the degree, the higher the salary, so why aren’t more people pursuing higher degrees? The short answer: choices and tradeoffs. (Credit: modification of work by “Jim, the Photographer”/Flickr Creative Commons) Choices … To What Degree? In 2015, the median income… Continue reading Choice in a World of Scarcity

Published