By William A. McEachern
This very profitable textbook is exotic by means of a superb writing kind that pulls upon universal pupil stories to introduce monetary innovations, making monetary concept extra available and fascinating. "Case reviews" and various examples make the most of scholars' intuitive wisdom of economics, development upon real-life occasions. A streamlined layout areas pedagogy and illustrations without delay in the movement of the textual content, making them much less distracting and extra necessary for college students. an absolutely built-in software of expertise improvements units this article aside by way of pairing the ebook with various on-line multimedia studying instruments which have been constructed to assist the textual content larger serve a variety of studying types. The textual content uniquely integrates lecture room use of The Wall road magazine by way of together with in-text pedagogy to assist readers learn how to examine the most recent fiscal occasions as said within the magazine.
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Extra resources for Economics: A Contemporary Introduction (with InfoTrac)
2 Normative statements, or value judgments, have a place in a policy debate such as the proper role of government, provided that statements of opinion are distinguished from statements of fact. In such policy debates, you are entitled to your own opinion, but you are not entitled to your own facts. Economists Tell Stories Despite economists’ reliance on the scientific method for developing and evaluating theories, economic analysis is as much art as science. Formulating a question, isolating the key 2.
NATURAL RESOURCES So-called gifts of nature used to produce goods and services; includes renewable and exhaustible resources ENTREPRENEURIAL ABILITY Managerial and organizational skills needed to start a firm, combined with the willingness to take risks WAGES Payment to resource owners for their labor INTEREST Payment to resource owners for the use of their capital RENT Payment to resource owners for the use of their natural resources PROFIT Goods and Services Resources are combined in a variety of ways to produce goods and services.
Because these choices lie at the very heart of the economic problem—coping with scarce resources but unlimited wants—they deserve a closer look. Learning about the forces that shape economic choice is the first step toward mastering the art of economic analysis. Rational Self-Interest N e t Bookmark To make good use of the Internet, you need Adobe Acrobat Reader. html. An economic question is: Why does Adobe give its Reader away free? A key economic assumption is that individuals, in making choices, rationally select alternatives they perceive to be in their best interests.