Ten Principles of Economics - Part 47

Ten Principles of Economics - Part 47

Ten Principles of Economics - Part 47
... effect tends to make the consumer buy more pizza and more Pepsi. Yet, at the same time, consumption of Pepsi has become less expensive rela- tive to consumption of pizza. This substitution effect tends ... the law of demand and buy more of a good when the price rises. To see how this can happen, consider Fig- ure 2 1-1 2. In this example, the consumer buys two goods—meat and potatoes. Ini- tially, ... fact a Giffen good during the Irish potato famine of the nineteenth century. Potatoes were such a large part of peo- ple’s diet that when the price of potatoes rose, it had a large income effect....
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Ten Principles of Economics - Part 44

Ten Principles of Economics - Part 44
... amount of income— $100,000 in our example—were fixed. But, in fact, it is not. Utilitarians reject com- plete equalization of incomes because they accept one of the Ten Principles of Economics ... the form of goods and services rather than cash are called in-kind transfers. Standard measurements of the degree of inequality do not take account of these in-kind transfers. Because in-kind transfers ... poor evolve, the composi- tion of assistance between cash and in-kind transfers changes. Some of the fluctu- ations in the measured poverty rate, therefore, reflect the form of government assistance...
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Ten Principles of Economics - Part 49

Ten Principles of Economics - Part 49
... United States, his produc-tion is part of U.S. GDP. When an American citizen owns a factory in Haiti, theproduction at his factory is not part of U.S. GDP. (It is part of Haiti’s GDP.) Thus,items ... regardless of the nationality of the producer.506 PART EIGHT THE DATA OF MACROECONOMICSCASE STUDYINTERNATIONAL DIFFERENCES IN GDP AND THEQUALITY OF LIFEOne way to gauge the usefulness of GDP ... that for-eigners earn here. For example, when a Canadian citi-zen works temporarily in the United States, hisproduction is part of U.S. GDP, but it is not part of U.S.GNP. (It is par t of Canada’s...
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Ten Principles of Economics - Part 50

Ten Principles of Economics - Part 50
... honey.PRICEQUANTITYPRICEOFQUANTITYYEAR OF MILK OF MILKHONEY OF HONEY2001 $1 100 qts. $2 50 qts.2002 $1 200 $2 1002003 $2 200 $4 100510 PART EIGHT THE DATA OF MACROECONOMICSa. Compute ... index (CPI) is a measure of the overall cost of the goods andservices bought by a typical consumer. Each month the Bureau of Labor Statistics,which is part of the Department of Labor, computes and ... cate-gories—say, women’s tops. The price-taker then asks a store employee to helpzero in on an item of the price-taker’schoosing. They narrow to the size of thetop, its style (short-sleeve,...
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Ten Principles of Economics - Part 1

Ten Principles of Economics - Part 1
... ather part- time job for some extra spending money.scarcitythe limited nature of society’sresources economics the study of how society manages itsscarce resourcesCHAPTER 1 TEN PRINCIPLES OF ECONOMICS ... ideas. In the rest of this chapter, we look at Ten Principles of Economics. These principles recur throughout this book and are introduced here to give youan overview of what economics is all ... measures of the qual-ity of life. Citizens of high-income countries have more TV sets, more cars, betternutrition, better health care, and longer life expectancy than citizens of low-incomecountries.Changes...
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Ten Principles of Economics - Part 2

Ten Principles of Economics - Part 2
... studying the short-run and long-run ef-fects of a change in the quantity of money.ECONOMIC MODELSHigh school biology teachers teach basic anatomy with plastic replicas of the hu-man body. These ... they al-low us to illustrate and evaluate economic theories of the present.THE ROLE OF ASSUMPTIONSIf you ask a physicist how long it would take for a marble to fall from the top of a ten- story ... consists of dozens of countries, each of which produces thousands of different types of goods. But by as-suming two countries and two goods, we can focus our thinking. Once we under-stand international...
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Ten Principles of Economics - Part 3

Ten Principles of Economics - Part 3
... is not always straight-forward. This tendency is rooted in one of the Ten Principles of Economics in Chap-ter 1: People face tradeoffs. Economists are aware that tradeoffs are involved inmost ... less of the other. When the economy moves frompoint A to point C, for instance, society produces more computers but at the ex-pense of producing fewer cars.Another of the Ten Principles of Economics ... just the sum of the activities of all these decision-makers in all these markets.The field of economics is traditionally divided into two broad subfields.Microeconomics is the study of how households...
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Ten Principles of Economics - Part 51

Ten Principles of Economics - Part 51
... that nominal andreal interest rates often do notmove together.SOURCE: U.S. Department of Labor;U.S. Department of Treasury.524 PART EIGHT THE DATA OF MACROECONOMICSchanges in interest rates, ... raises the price of its cars. BecauseVolvos are made in Sweden, the car is not part of U.S. GDP. But U.S. consumersbuy Volvos, and so the car is part of the typical consumer’s basket of goods.Hence, ... deflator and the con-sumer price index show high rates of inflation. In the late 1980s and 1990s, bothmeasures show low rates of inflation.520 PART EIGHT THE DATA OF MACROECONOMICSQUICK QUIZ:...
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Ten Principles of Economics - Part 52

Ten Principles of Economics - Part 52
... experienced more rapidly growing productivity.Indeed, one of the Ten Principles of Economics in Chapter 1 is that a country’s stan-dard of living depends on its ability to produce goods and services.Hence, ... the quan-tity of inputs used in productionand the quantity of output fromproduction. For example, sup-pose Y denotes the quantity of output, L the quantity of labor,K the quantity of physical ... sense of how much the level andgrowth of living standards vary around the world. Second, we examine the role of productivity—the amount of goods and services produced for each hour of a work-er’s...
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