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1. The first chapter in the book is about the market and its inner workings. The book briefly explains the idea of supply and demand, in which the price of a certain good or service will reach the point where all the demand is equivalent to the supply. However, the value of something is not determined by its necessity, but its desire within society, as seen by the difference in cost between a diamond and life giving water. Markets operate as they do because people try to maximize the amount of utility for themselves. Nevertheless, a strict rationalism model cannot be used for predicting all the occurrences of a market because of the ever changing behavior of people; thus economists must take precautions against

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Why is impaired driving an issue and why should you care? You are only as safe as the other drivers on the road. If there was an impaired driver on the road that was distracted and, for example, ran a red light, and you were the car who was just following the rules and going through a green light, and they hit you, you are now hurt and have to deal with this issue. Impaired driving does not just affect the driver who is impaired but also others who are on the road as well. Impaired driving is a very serious and dangerous issue that many people are charged and prosecuted for. The six basic types of impaired driving are alcohol, advance

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Author Wheelan writes, "Life is about trade-offs, and so is economics." Indeed, so is Naked Economics. This book promises to be a good introduction to economics for the layman. Throughout the book, the author uses easy-to-understand language and vivid examples to illustrate his points in strategic places maintaining a sense of lightness with the readers in reading the material. Here is a summary of each of the 12 Chapters of the book Naked Economics: Undressing the Dismal Science by Charles Wheelan.

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Shaw and Barry believe that you must consider many things to be able to decide what economic arrangements would best promote human happiness. They

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Modern economic society can be described as a combination of certain points from several theories combined into one. Changing dynamics and economic needs of nations has spawned a development of various, and contrasting, economic systems throughout the world. Perhaps the two most contrasting philosophies seen in existence today are that of capitalism and communism. The two philosophers most notably recognized for their views on these economic systems are Adam Smith and Karl Marx. This paper will identify several fundamental aspects of economic philosophy as described by Smith and Marx, and will compare and contrast the views of these

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In 1929, the stock market crashed. The values of production gone down, work force lost their jobs, millions of families lost their homes as well as millions of saving accounts were lost because banks closed for good. Those events resulted in the Great Depression. As a result, the world was plunged into economic turmoil. However, two prominent economists emerged with competing claims and sharply contrasting approaches on how a capitalist economy works and how to revive it when depressed. John Maynard Keynes an English economist believed that government has responsibility to intervene in an economical crisis whereas, Friedrich Hayek an Austrian-born economist and philosopher believed that the government intervention is worthless and

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Since the early days of the United States, the Founding Fathers and other brilliant minds sought ways to understand and make sense of the inner workings of society and the economic market. Out of the many thinkers and developers of that time period, perhaps none made so great an impact on American society as the Scottish contemporary philosopher and political economist, Adam Smith—who is most known for his influential work, An Inquiry into the Nature and Causes of the Wealth of Nations, By the early nineteenth century, other streams of economic theory emerged from various individuals who were also influenced by the ideas of Smith. Some of these individuals included David Ricardo, Karl Marx and later John Maynard Keynes and Milton Friedman—each of whom contributed their own ideas on economic activity. However, it was Smith’s ideas on capitalism and his laissez-faire approach to free markets that have transcended other economic theories and continue to impact American economic thought to this day.

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The first principle in individual decision-making is facing a trade-off. In order for individuals to accomplish their goals or to obtain something they desire, there is usually something that must be given up or traded to accomplish that. In Chapter 1 Principles of Economics, efficiency vs. equity is discussed which helps further explain this principle. Society is always desiring to

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1. “The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess (H.3)”

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Two major economic thinkers of the of the early twentieth century, John Maynard Keynes and Friedrich A. Hayek, hold very different economic viewpoints. Keynes is among the most famous economic philosophers. Keynes, who's theories gained a reputation during the Great Depression in the 1930s, focused mainly on an economy's bust. It is where the economy declines and finally bottoms-out, that Keynesian economics believes the answers lie for its eventual recovery. On the other hand, Hayek believed that in studying the boom answers would be provided to lead the economy out of the bust that was sure to follow. Hayek backed the Austrian school of economics.

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As has been mentioned previously, Hayek had an entirely different approach to economics. There have been arguments made that Hayek’s arguments are more related to politics rather than economics, although politics and economics tend to go hand-in-hand. Contrary to Keynes arguments, Hayek believed that artificially low interest rates would only lead to artificially high investment only causing greater issues that would turn an economic boom into a recession (Econedlink). According to the PBS segment on “Commanding Heights”, Hayek had some major concerns about inflation. Hayek believed that inflation was malign and had the potential to weaken a society and democracy (PBS Commanding Heights). Hayek argued that markets are unpredictable and relatable to human influences.

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Choice is being influenced by the transformation of technology and business is being transformed by choice.

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The second is the more choices the more likely that the best choice can be made, and the third assumption is that you should never say no to choice. Iyengard evaluates these three assumptions with various studies where one group is American and the other is another culture. Her studies help understand why and how Americans make choices in comparison to the rest of the world. Without doubt, Iyengard’s studies and analysis on choice is interesting but Schwartz’s was clearer because it easily communicated the message that was more applicable to the public.

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For example, when a good is scarce, the prices goes up, so consumers try to avoid buying and therefore conserving the resource. Then, the suppliers want to find more of the source as to get a better profit. The reasons behind their actions are selfish, yet they benefit all of society. Smith identified that the pursuit of profit and the power of self-interest would increase motivation and result in more advances in technology. His model of capitalism was on the basis of freedom and selfishness as a motivator for society. It was also on the basis that the economy would go through recessions and expansions but fix itself. Recessions are periods in the economy in which unemployment goes up, while profits and spending goes down; a slowdown of the economy. An expansion is essentially the exact opposite. The classical model of economics states that the economy will continue to go through these fluctuations over time and will fix itself with no help, thus not needing a government to give influence.

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Economist (traditional and non traditional) ponders the proper economical characterization and analysis of this era of information industries. The author, Robert E. Babe address several keys points through out the first four-chapters of this book. Evaluating money as a true measuring rod for economist to obtain information concerning value, the place for information in economics using commodities as signs or indicators in the market, also Interrelations between economic and communication studies.

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