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

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Institutions and policies like these have given people a world of growth and opportunity and an abundance so unprecedented in world history that the greatest public health problem in many countries today is obesity. To help them to make sense of industries in which firms are interacting, economists group industries into three basic structures. The obvious reason for higher living standards, which continue to rise, is that human beings have recently figured out lots of new technologies, and people keep inventing more.

Individuals make economic decisions about how to get the most happiness out of their limited incomes. Lower interest rates make loans for cars, homes, and investment goods cheaper, which means consumption spending by households and investment spending by businesses increase. This book gives you everything you need to understand our rapidly evolving economy―as well as the economic fundamentals that never change.

By doing so, it produces less than the socially optimal output level and produces at higher costs than competitive firms. 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. To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Suppose that you can see only the data in the preceding orange juice table and can’t look at Figure 1-1.

Economists assume that people work toward maximizing their utility, or happiness, and firms act to maximize profits.Unfortunately almost all of the chapters contain lengthy algebraic descriptions which demand a certain level of intelligence from the reader. com","bookOutOfPrint":true,"authorsInfo":"

Sean Flynn, PhD, is an associate professor of economics at Scripps College in Claremont, California. But they also like to present their ideas in easy-to-understand and highly intuitive ways, which is why they use so many graphs. It's not really for dummies - it's just so well structured that it make it easier for us all to understand.

Indeed, it’s only through vigorous debate and careful review of the evidence that the profession improves its understanding of how the world works. The result is a book that is perhaps more detailed and heavyweight than some might expect from a Dummies book - it's hard to accurately identify the level but I'd say that it is perhaps most suitably pitched to first year university level.

The book also uses bullet points, illustrations (some particularly good graphic work and tables throughout this book).

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