By Gerald Stone
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Extra resources for Core Microeconomics
However, his book is subtitled How Life Gets Better While People Feel Worse, and this is a paradox he set out to explain. What reasons might explain why even though our lives have improved, people feel that life was better in an earlier time? ” More recent studies suggest that it takes roughly seven years for investment in computers to have an impact on productivity. Why do you think this is the case? ) compared to how landscaping or fast-food franchises treat their employees? Is this fair? Is it efficient?
2. The president proposes a tax cut. 3. You decide to look for a new job. 4. The economy is in a recession, and the job market is bad. 5. The Federal Reserve announces that it is raising interest rates because it fears inflation. 6. You get a nice raise. 7. Average wages grew by 2% last year. Answers to the Checkpoint questions can be found at the end of this chapter. Key Ideas of Economics Economics has a set of key principles that show up continually in economic analysis. Some are more restricted to specific issues, but most apply universally.
The fact that we have limited resources (scarcity) means that we must make tradeoffs in nearly everything we do. In fact, economics is often defined as the study of the allocation of scarce resources to competing wants. We have to decide between alternatives. Such decisions as which car to buy, which school to attend (this may be constrained by factors other than money), and whether to study or party all involve tradeoffs. We cannot do everything we would like if for no other reason than our time on earth is limited.