By Sean Masaki Flynn
Grasp the historical past, ideas, theories, and terminology of economics with this up-to-date bestseller
Since the preliminary e-book of Economics For Dummies in 2005, the U.S. has persevered a few drastic alterations and occasions that despatched its economic climate right into a tailspin. This newly revised variation offers up to date fabric in regards to the fresh monetary situation and the stairs taken to fix it.
Packed with refreshed details and correct new examples from ultra-modern economic system, it grants an easy, easy-to-grasp realizing of the way the financial system functions-and the way it affects own finances.
- New details on decoding patron behavior
- Refresh assurance of economic and financial policies
- A new bankruptcy on well-being care coverage and the monetary crisis
Presenting complicated theories merely and assisting you decode the jargon, comprehend the equations, and debunk the typical misconceptions, Economics For Dummies tackles the subject in phrases you could comprehend.
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Extra resources for Economics For Dummies
Economics studies how people deal with scarcity and the inescapable fact that their wants typically exceed the means available for satisfying them. The fact that life has limits may not at first seem like a good basis for an entire social science, but every government decision, every business decision, and a large chunk of your personal decisions all come down to deciding how to get the most out of limited resources. Consequently, as I explain in this part, economics is fundamental to nearly all aspects of life.
They then weigh costs and benefits to select the course of action that will yield the greatest amount of utility possible given their limited incomes. These decisions generate the demand curves that affect prices and output levels in markets. I cover these decisions and demand curves in Chapter 5. In a similar way, the profit-maximizing decisions of firms generate the supply curves that affect markets. Every firm will decide what to produce and how much to produce by comparing costs and revenues.
Obviously, other things, such as changing styles and tastes, affect consumer demand as well, but price is key. To avoid a graph-induced panic as you flip through the pages of this book, I spend a few pages helping you get acquainted with what you encounter in other chapters. Take a deep breath; I promise this won’t hurt. Introducing your first model: The demand curve When economists look at demand, they simplify by concentrating on prices. Consider orange juice, for example. The price of orange juice is the major thing that affects how much orange juice people are going to buy.
Economics For Dummies by Sean Masaki Flynn