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Economics is the discipline that studies how people respond to scarcity, i.e., the observed fact that individuals desire more than they already possess, whether the object of their desire is wealth, health, education, security, or some other intangible good or service. An economy can be viewed as a social mechanism that emerges when individuals cooperate with others in order to deal with the problem of scarcity. It is a vast network of individuals (and institutions guided by individuals) that make, barter, sell, and buy goods and services in order to achieve their desired ends.
Economic forces are at work virtually any time exchanges occur or resources are used. A knowledge of economic principles—fundamental truths identifying patterns or components of economic cause and effect—is essential for understanding phenomena such as prices, markets, commerce, employment, industrial output, economic growth and prosperity, and business fluctuations. The economic way of thinking (including the recognition of incentives, constraints, opportunity costs, transactions costs, and self-interested motives) is also useful for the study of non-market phenomena such as government regulations, elections, lobbying, and government decision making.
How one can Make Monterey County Further Fairly priced The prospect of extra reasonably priced housing in Monterey County brightened this month when the county Board of Supervisors rejected the rightly controversial Basic Plan Replace. As written, the plan would…
Inclusionary Zoning Makes Housing A lot much less Cheap Experiences claiming that inclusionary zoning will present extra reasonably priced housing in California are critically deceptive. Inclusionary zoning seeks to make housing reasonably priced by putting value controls on a share…
The Endangered Species Act Wants a Bigger Definition On the Western Governors Affiliation’s two-day Authorities Summit on the Endangered Species Act, I instructed the governors that the Endangered Species Act is broken—that it was born broken. The ESA is based…
Keep in mind Bill Walton, Basketball Good and Homeless Protection Expert When Bill Walton handed away on Monday, followers recalled the UCLA star, two-time NBA champion, and one in all many good services of all time. Walton grew to turn…
Eminent Space Roulette Wal-Mart discovered itself on the opposite aspect of the desk this week when the Hercules, Calif., Metropolis Council determined to make use of eminent area to cease Wal-Mart from opening a brand new retailer on the town.…
Kelo: Taking the E.D. out of Financial Growth A 12 months in the past, the Supreme Court docket’s Kelo v. New London ruling stated authorities can forcibly switch properties and companies to personal builders to serve the general public goal. The Worldwide…
Banning Wal–Mart Is Unhealthy for San Diego Wal–Mart is a lightning rod that pulls petty tyrants who try to restrict the alternatives of their neighbors. The newest lighting strike occurred in San Diego when the town council voted to primarily…
Enormous Ethanol Push in U.S. Is Pork Barrel Boondoggle Hailed as an environmentally pleasant different to fossil fuels and a method of lowering U.S. dependence on Center East oil, the U.S. ethanol program has mutated into an enormous tax-financed boondoggle…
The Rising Exclusivity of Good Neighborhoods Have you ever lately contemplated buying an previous house, demolishing it, and changing it with a brand new and bigger house? Have you ever contemplated buying previous, small flats in an space with quickly…
Affordability Disaster Wrapped in Blue Ribbon Oakland’s Blue Ribbon Housing Fee suggestions—launched in a 105-page report after months of deliberation—would, if applied, be a catastrophe for housing affordability. They ignore the legal guidelines of economics, widespread sense and even a…
