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

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You’ll understand much more about people, the government, international relations, business, and even environmental issues. Which I would guess would make it of greater use to the scholarly or student readership using it as a tutorial text but can be accessed by anyone. This section delves deeper into the micro side of economics, including info on supply and demand, competition, property rights, problems with markets, and the economics of healthcare.

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.Financial crises are recessions triggered by the failure of important financial institutions to keep their financial promises. p>

  • Get a grasp on the unchanging fundamentals of economics
  • Dive into behavioral economics and consumer decision making
  • Learn what drives economic growth and inequality
  • Solidify your knowledge with practice questions and quizzes

Economics For Dummies is an approachable reference book for students, as well as an informative guide for anyone interested in learning more about today’s economy. There’s never enough time or money to do everything people want, and things like curing cancer are still impossible because the necessary technologies haven’t been developed yet. 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":"\n

Sean Flynn, PhD, is an associate professor of economics at Scripps College in Claremont, California. The book uses bolded text with larger typesets for headings and subheadings, regular readers of the Dummies series will know the popular Dummies Icons "Remember", "Technical Stuff", "Tip" and "Warning" which do as the authors say "make this book easier to read and simpler to use", they appear in the margins and draw the eye throughout the whole of the book. Monopolies and collusive oligopolies produce less than the socially optimal output level and produce at higher costs than competitive firms. These three structures are as follows:

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    Perfect competition happens in an industry when numerous small firms compete against each other.For businesses, it explains how profit-maximizing firms behave individually, as well as when competing against each other in markets. Please note that I'm not a communist/Marxist just that it seemed like a bold statement to make off hand without presenting a case to support your statement. It is the section which I would begin with when reading this book as it is easy to read, interesting and less technical than a lot of the other sections. Moreover it's really detailed and designed also for people who are not doing Economics but want to understand something about it.

    This volume easily matches the high standards that I have come to expect from them, being an excellent introduction and primer to a very complex subject. I enjoyed "The Ten Seductive Economic Fallacies" the most, it appeals to my skepticism and I dont generally hear economists actually acknowledge any economic theory as fallacious very often, unless it is some sort of dispute between rival theories which. r\n\r\nMacroeconomics studies national economies, and microeconomics studies the behavior of individual people and individual firms. Macroeconomics studies national economies, concentrating on economic growth and how to prevent and ameliorate recessions. The reason people have to make choices is scarcity, the fact that we don’t have enough resources to satisfy all our wants.p>\n

    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.

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