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This user-friendly guide explains economic concepts and principles in a lively, informative way. Clear and easy-to-understand definitions and explanations, with examples that relate to issues and problems relevant to teenagers, will help students gain a better understanding of economics. In 15 chapters, the guide covers all the basic information students need to understand the basic concepts and principles of economics, including: definition of economics in historical context; how various economics systems work; how prices are set in the U.S. economy; consumer behavior; factors of production; types of businesses; competition in the marketplace; the functions of money; banking and credit; types of investments; the federal budget and taxation; federal monetary and fiscal policies; income distribution in the United States; labor and management issues; international trade. Each chapter explores a key question in economics, is illustrated with graphs and tables, and features the latest economic data. Profiles of the major economic thinkers who influenced thinking on concepts and principles provide historical context. In addition to improving students' conceptual understanding, the guide also encourages critical thinking by investigating controversial issues related to topics as varied as the minimum wage, the decay of our natural environment, poverty, and business ethics of multinational corporations. An extensive glossary of key economic concepts, terms, and institutions is a handy tool. Unlike cut-and-dried, difficult to follow reference works on economics, this guide, designed and written especially for students, will help readers better understand economic information and issues.
Contains economic experiments designed for students who have not taken any economics. This book supplements any microeconomics text, is used by itself to teach principles. It includes features such as: a chapter on public goods; a chapter on network externalities; concepts of economic principles; problems and tie-ins to economics; and more.
Choices matter. And in your teens and twenties, some of the biggest life decisions come about when you feel the least prepared to tackle them. Economist Robert T. Michael won’t tell you what to choose. Instead, he’ll show you how to make smarter choices. Michael focuses on five critical decisions we all face about college, career, partners, health, and parenting. He uses these to demonstrate how the science of scarcity and choice—concepts used to guide major business decisions and shape national legislation—can offer a solid foundation for our own lives. Employing comparative advantage can have a big payoff when picking a job. Knowing how to work the marketplace can minimize uncertainty when choosing a partner. And understanding externalities—the ripple of results from our actions—can clarify the if and when of having children. Michael also brings in data from the National Longitudinal Survey of Youth, a scientific sample of 18 million millennials in the United States that tracks more than a decade of young adult choices and consequences. As the survey’s longtime principal investigator and project director, Michael shows that the aggregate decisions can help us understand what might lie ahead along many possible paths—offering readers insights about how their own choices may turn out. There’s no singular formula for always making the right choice. But the adaptable framework and rich data at the heart of The Five Life Decisions will help you feel confident in whatever you decide.
This book showcases the power of economic principles to explain and predict issues and current events in the food, agricultural, agribusiness, international trade, natural resources and other sectors. The result is an agricultural economics textbook that provides students and instructors with a clear, up-to-date, and straightforward approach to learning how a market-based economy functions, and how to use simple economic principles for improved decision making. While the primary focus of the book is on microeconomic aspects, agricultural economics has expanded over recent decades to include issues of macroeconomics, international trade, agribusiness, environmental economics, natural resources, and international development. Hence, these topics are also provided with significant coverage.