Naked Economics Chapter 2 Summary
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Incentives, as read about in the second chapter of Wheelan’s Naked Economics, take on many different faces; good or bad, and all of them are selfish. Incentives are entirely fueled by self-interest and opportunity cost. In order to insure his audience fully grasped the concept of incentives, Wheelan illustrates a variety of example, leaving positive and negative effects on our modern society. Incentives, opportunity costs and self-interest are connected in a way that make the ideas more concrete, and we see that incentives own society. A lot of vital information can be deduced from looking at the incentives of our society.
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In Cocktail Party Economics, scarcity, value, exchange, production, and comparative advantage are useful in understanding the demand and supply model and the concept of equilibrium. The first concept we can look at is scarcity. “Scarcity creates costly choices” (18). We must decide to go without an item or pay a higher price due to its scarcity. The price can continue changing until equilibrium is reached where the quantity demanded equals the quantity supplied.
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Chapter seven focuses on measuring domestic output and national income. It informs on how GDP is measured, on how to figure out Real GDP and nominal GDP. It also discusses what is considered GDP, and what is not. GDP stand for gross domestic output, which its exact definition according to the textbook, is an output as the dollar value of all final goods produced within the borders of a country, usually in a year. This is a monetary measure.
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The second half to Charles Wheelan’s first chapter of Naked Economics: Undressing the Dismal Science, is much like it’s first half. However, it comes off as more abridged. Wheelan talks about more things at a lesser scale in the last ten or so pages than he did in the first sixteen. It still conveys the same message started in the first, a brief introduction to economics. Some of the topics mentioned are that even with fixed prices firms will find other ways to compete and how transactions make everyone better off.
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In chapter three the book address what a state is. Readers will learn about the many factors that contribute to how a state functions. Throughout chapter 3 the reader will learn about the modern state and how state capacity determines how states will achieve political goals. This is an important part of comparative politics that the reader must understand before reading further into the book. Without a strong foundation as to what a state is and how it functions a reader will not be able to understand modern politics.
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In chapter 8, the core economic principle that displays itself often is The Consequences of Choices Lie in the Future. This principle presents the idea that what we are doing in today’s economy will have an impact on the future. Whether it is decisions on cutting benefits or raising taxes, any of these could cripple our futures economy. In the chapter, it discusses the fiscal policy and how it saved America’s economy after the depression. By monitoring the nation 's spending budget and taxes, so another depression or a recession does not occur.
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Module 1 Study Guide Chapter 1 1. What is the difference between a. and a. What is the discipline of economics study? In your answer, use at least four of the following five terms: economics, scarcity, division of labor, specialization, economies of scale. The study of how societies distribute their finite resources to satisfy their needs and desires in the face of scarcity is known as economics. An essential idea in economics, scarcity signifies that resources are restricted compared to the limitless demands and requirements of people and society.
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These economic concepts were scarcity and choice and self -interest. The first economic concept of scarcity and choice is seen when the authors discuss money as a limited resource. The limited resources which in this case is money by incomes that cause people to decline health insurance coverage. According to Sered and Fernandopulle, it is an individual’s choice not to get any health insurance because they cannot afford it. Sometimes it comes down to choosing to pay their bills or have proper health coverage.
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“A wind picked up, rattling the windows, and the candle flames suddenly shifted, dancing along the border between turbulence and order.” For Jeannette in The Glass Castle, this border defines her childhood and how she and her siblings were raised by their parents. Growing up, the Wall's children quickly learned to rely on each other for support and protection, caused by the careless and destructive behaviors of their parents, Rex and Rosemary. Both were creative and intelligent parents who eventually followed their children into their new lives. In the novel, The Glass Castle by Jeannette Walls, the success that she creates for herself is heavily impacted by Rex and Rosemary’s parenting styles.
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The government does not create any value or resources for society, yet it has the power to dictate which groups of people get them. This zero-sum allocation means someone makes gains on the behalf of someone's loss. We see zero-sum allocation in crop subsidies, bailouts, food stamps and welfare where the government picks the winners (Williams
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For these reasons, college should be free, for it would help so many individuals, communities, and the economy. Lastly, the level of debt that has begun to take claim to the lives of the American people is a huge problem. Among these reasons, the debt each student accumulates is the most important issue to fix for them. The first major issue with the current state of college tuition is that it is just too expensive for a large portion of the american population.
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1. I enjoyed that the author was able to take a very bland topic and add some interest to it. Buchholz not only introduces economist and their theories, but also introduces the economist as a person to make them more relatable. He was able to explain complicated theories in generic terms to make them more understandable. 2.
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1 The free market isn't an objective reality, however is simply another social establishment that's supported by a "rights-obligations framework". In different words, we tend to as a society define what a free market is. For eighteenth century slave-owners, the free market meant the liberty to buy and sell individuals. For the nineteenth century industrialists, the free market meant the liberty to force youngsters to work dangerous jobs, and to pay men and women a payment for sixteen hours of labor per day. The abolishment of slavery, whereas a right away assault upon the liberty of the market, restored the humanity of the slaves.
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The three main debates include pooling/ socialization of risk, the presumed conflict between equality and efficiency, and whether the existence of the welfare state stimulates of shows the economy. For efficiency and equality the conflict is what the outcome of the economy will be. The concern is that the market system will damage and crumble if more social programs that give to the poor are created, because it will lead to higher taxes and stricter regulations. Production will be cost effective, therefore producing fewer
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In a nutshell, free market favors those who are good at
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