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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.
Drillers Giant on Conservation of Water Of their endless seek for villains and scapegoats, environmental activists are blaming U.S. oil and fuel firms for exacerbating water shortages in California and elsewhere, recklessly depleting water provides to help the shale growth.…
Give States Management Over Public Land Out West The federal authorities owns nearly half the land within the American Westeven California is some 46 p.c federal land. When the choice was made to maintain most of this land below federal…
Vitality Previous the People: Why California Lags in Administration Underneath serial governor Jerry Brown, California has loved a gentle financial resurgence and this yr might overtake Brazil for the world’s seventh-largest financial system. Even so, few now look to the Golden…
Does Wildlife Depend upon Authorities? On March 14th the Nationwide Wildlife Refuge System, presently a 95-million-acre community of lands and waters, celebrates its 113th anniversary. One in every of my favourite locations, the Bear River Fowl Refuge in Field Elder…
Obama’s Power Doctrine Is Proving Disastrous President Obama not too long ago recommended that the Center East is a area to be prevented and that the beautiful transformation of Americas oil and fuel sector the shale revolution providentially…
“Money for Keys”: Squatter’s Dream, Proprietor’s Nightmare Think about you purchase a foreclosed house. You undergo all the effort of assembly with actual property brokers and the ache of housing contracts. You hand over one of many largest checks youll…
Rethinking a Century of Zoning In 1916 New York Metropolis adopted the primary citywide zoning plan in America. Its centennial is an efficient time to rethink the rationale for what has since grow to be nearly ubiquitous. Zoning provides native…
Did You Know that John Muir Needed to Drive Indians Out of the Yosemite Valley? On March 1, Yosemite Nationwide Park modified distributors, dumping Delaware North in favor of Aramark, with a $2 billion concession contract for the subsequent 15…
Why Santa Barbara Verdict May Make All Californians the Winners The Goleta Water District has taken a rancher to Santa Barbara Superior Courtroom over his water gross sales to close by Montecito. If the rancher prevails, all Californians might emerge…
Political and Financial Classes from Gene, Mel and Woody The current loss of life of Gene Wilder prompted the theatrical re-release of two of his hottest motion pictures. For these unfamiliar with the nice comedian actor on the large display,…