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Alfred Mill - Economics 101

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Alfred Mill Economics 101
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A Crash Course in the Study of Production and Consumption!

Too often, textbooks turn the noteworthy details of economics into tedious discourse that would put even Joseph Stiglitz to sleep. Economics 101 cuts out the boring explanations, and instead provides a hands-on lesson that keeps you engaged as you explore how societies allocate their resources for maximum benefit.

From quantitative easing to marginal utility, this primer is packed with hundreds of entertaining tidbits and concepts that you wont be able to get anywhere else.

So whether youre looking to master the major principles of finance, or just want to learn more about why money matters, Economics 101 has all the answerseven the ones you didnt know you were looking for.

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Contents
Guide
Economics 101 - image 1
ECONOMICS
FROM CONSUMER BEHAVIOR TO COMPETITIVE MARKETS EVERYTHING YOU NEED TO KNOW ABOUT ECONOMICS
ALFRED MILL

Economics 101 - image 2

Avon, Massachusetts

CONTENTS
INTRODUCTION
WHY UNDERSTANDING ECONOMICS MATTERS

Do you have preconceived ideas about economics? Do you want to know how the economy works, but find yourself nodding off? Do you want to learn more but are turned off by the dry, technical language and all this talk about money?

In Economics 101, youll realize that economics doesnt have to boring. In fact, exploring this subject will make you look at the world in ways that you would have never considered before. Economics lets you make connections between seemingly disparate things like the rate of unemployment and dear old Dads tendency to replace his underwear. And youll understand the world better. When interest rates change, youll be able to predict the ramifications. A meaningful discussion of stocks, bonds, mutual funds, and collateralized debt obligations will no longer sound like some strange dialect of Portuguese. While this is not a personal finance book, the principles of economics it describes will help you keep your own financial house in order.

In economics, expectations become reality and money is just a social construct. Thats not boring, thats mind-blowing! After reading Economics 101, youll come to know and love concepts like diminishing marginal utility, and everyones new favorite, quantitative easing. Wrapping your mind around these ideas will help you make better sense of the economy around you and why people behave as they do in money matters (hint: its not always rationally!). You can even put the information to use by teaching your boss about controlling variable costs and maximizing profits. Exchange rates and savings flows will be like childs play for you, capital and investment will take on a whole new meaning, and constructing a CPI and deflating nominal GDP will be second nature to you. Your poet hippie cousin that lives in a van and plays guitar will be thrilled when you explain to him why he is technically not unemployed.

Economics isnt just about defining abstract terms like some of those Ive mentioned. Its actually an exercise in philosophy! By that I mean economics impacts every aspect of your life and influences everything that you do. And I mean everything! Economics teaches that nothing is free. Costs are involved with every choice, even if the choice doesnt seem to have any bearing on money matters at all.

Economics isnt something done by nameless groups somewhere far from home. All economic decisions are made by individuals. Individuals bear the cost of these decisions. Yes, that means you. Economics is personal. They do not set prices. We set prices.

After reading Economics 101, youll know why the world works as it does. Here, youll learn such things as:

  • Why you can have too much of a good thing. (Utility is diminishing).
  • Why unemployment by any other name is probably not unemployment.
  • Why what is true in the long run might not be true in the short run.
  • Why policymakers who manage expectations can manage reality.
  • Why, if given a choice between inflation and deflation, you should choose inflation.
  • Why individuals are better at managing their finances than are governments.

Ready to start exploring the mind-expanding world of economics? Lets go!

WHAT IS ECONOMICS?
Taking the Dismal Out of the Dismal Science

You open the door to your fridge and gaze at the food inside and declare, Theres nothing to eat in this house. Later, you walk into a closet full of clothes and then think, I have nothing to wear. You are faced with scarcity. You never have enough of what you need or want. The fact is, you have plenty to eat and many clothes to wear. You chose to ignore the options you faced then and there, but eventually you know you will relent and eat the apple next to the shriveled grapes at the bottom of the bin, and then put on the shirt and pants you hate. You are a creature of economics. Given scarcity, you look at the choices you face, evaluate, and then choose.

STUDYING SCARCITY

Economics is the study of how individuals, institutions, and society choose to deal with the condition of scarcity. It is fascinating to see how people react to scarcity. Some create complex plans and systems to make sure that everyone gets their fair share of scarce resources. Others make things up as they go along. Everybody practices economics on a daily basis. From a single individual to the largest society on earth, people are constantly engaged in the struggle to survive, make ends meet, and even thrive given the relative scarcity they face.

The Child of Philosophy

Economics has been around a long time, though it has not always been known by that name. Philosophers studied scarcity and choice long before the field was so named. The father of modern economics, Adam Smith, was considered a moral philosopher, not an economist.

The people who study these choices are economists. The field of economics is huge because people have an immense range of choices. Some economists study the decision-making of individuals and institutions; others study how nations handle scarcity. Economists develop theories to explain the behavior of whatever it is they are studying. Some of these theories are then tested against real-world data, and sometimes these theories are put into practice without ever being tested. Economists work for universities, financial institutions, major corporations, and governments.

MICROECONOMICS

The field of microeconomics focuses its attention on the decision-making of individuals and businesses. Microeconomics is primarily concerned with markets for goods, services, and resources. Markets are central to understanding microeconomics. Whenever and wherever buyers and sellers come together to exchange resources, goods, or services, a market is created and the behavior of these markets is of particular interest to economists. Are they functioning efficiently? Do participants have access to adequate information? Who and how many participate in the market? How do the decisions made in one market impact the decisions in a related market?

MACROECONOMICS

Macroeconomics is the study of how entire nations deal with scarcity. Macroeconomists analyze the systems nations create or allow for the allocation of goods and services. The questions they ask are varied and of great interest to individuals and policymakers alike:

  • How do you measure the economy?
  • Why does unemployment exist?
  • How do changes in the amount of money affect the entire economy?
  • What impact does government spending or tax policy have on the economy?
  • How can you make the economy grow?
SCARCITY

Without scarcity there would be no need for the study of economics. For that matter, if scarcity did not exist, there would be no need for this book. Youre not that lucky, however. Scarcity is the universal condition that exists because there is not enough time, money, or stuff to satisfy everyones needs or wants. The stuff that everyone wants is made from resources. In an effort to make economics sound more economic-y, resources are referred to as the factors of production. The factors of production include land, labor, capital, and entrepreneurship.

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