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Economics For Dummies, 3rd Edition (For Dummies (Business & Personal Finance))

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A less-extreme case of lack of competition is oligopoly, a situation in which only a few firms are in an industry. To help them to make sense of industries in which firms are interacting, economists group industries into three basic structures. And because every country, every business, and every person has to deal with constraints, economics is literally everywhere. For the first time in history, people figured out how to use electricity, engines, complicated machines, computers, radio, television, biotechnology, scientific agriculture, antibiotics, aviation, and a host of other technologies.

We take pride in offering a wide selection of used books, from classics to hidden gems, ensuring there is something for every literary palate.An economic model is a mathematical simplification of reality that allows you to focus on what’s really important by ignoring lots of irrelevant details. p>\n\n

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    Fiscal policy refers to using either an increase in government purchases of goods and services or a decrease in taxes to stimulate the economy. If you want to get to grips with the basics of economics and understand a subject that affects British citizens on a daily basis, then look no further than Economics For Dummies.

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    When studying any subject, a key first step is to learn the lingo.Understand how goods and services are produced, how resources are allocated, and the roles of government and the market. The result has been an explosion in living standards, with life expectancy at birth now over 70 years worldwide and with many people able to afford much better housing, clothing, and food than was imaginable a few hundred years ago. He is the author of the international best seller "Economics for Dummies" as well as the coauthor, along with Campbell McConnell and Stanley Brue, of the world’s best-selling college economics textbook, "Economics: Principles, Problems, and Policies". description":"People have to make choices because of scarcity, the fact that they don’t have enough resources to satisfy all their wants. p>\n

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    Public goods: Some goods have to be provided by the government or philanthropists.

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    In the absence of externalities (costs or benefits that fall on persons not directly involved in an activity), the market equilibrium quantity, q*, is also the socially optimal output level. You’re a high school or college student trying to flesh out what you’re learning in class, or you’re a citizen of the world who realizes that a good grounding in economics will help you understand everything from business and politics to social issues like poverty and environmental degradation. By sharing the technology that has grown World of Books Group into the business it is today, we're helping charities increase revenue and reduce waste through re-commerce. Monopolistic competition: In monopolistic competition, an industry contains many competing firms, each of which has a similar but at least slightly different product.Figuring these things out from the data in the preceding table would be hard, but figuring them out using your new demand curve should be easy. For instance, I is the abbreviation for investment, so you may see a sentence like this one: I think that I is too big. remember The allocative and productive efficiency of competitive firms are the basis of Adam Smith’s famous invisible hand — the idea that when constrained by competition, each firm’s greed ends up causing it to act in a socially optimal way, as if guided to do the right thing by an invisible hand.

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