Economics: Today and Tomorrow, Student Edition by McGraw-Hill Education PDF

By McGraw-Hill Education

ISBN-10: 007874766X

ISBN-13: 9780078747663

Every little thing you want to have interaction your students—and shop beneficial training timeEconomics: this present day and Tomorrow’s precise visual/verbal procedure makes the learn of economics available and interesting. this system is the correct mix of reader-friendly textual content, assets for all skill degrees, and easy-to-use know-how. as well as present records and information occasions, this application has up-to-date diagrams, charts, maps, pictures, and illustrations.In-depth assurance of the recent financial system and the effect of the electronic revolution are integrated, besides beneficial properties from BusinessWeek and particular research and data from normal & Poor’s.

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Extra info for Economics: Today and Tomorrow, Student Edition

Example text

Disadvantages of such a controlled economy include a lack of incentives to work hard or to show inventiveness, as well as a lack of consumer choices. Because the government sets workers’ salaries, there is no reason to work efficiently. Only a few countries in the world today still have much of a command economy. North Korea and parts of the People’s Republic of China are the two main examples because so much economic activity there is government-planned. com and click on Chapter 2—Student Web Activities to learn more about the command economy of the former Soviet Union.

You may have many trade-offs when you study—exchanging instant messages with your friends, going to the mall, watching television, or practicing the guitar, for example. But whatever you consider the single next best alternative is the opportunity cost of your studying economics for one hour. A good way to think about opportunity cost is to realize that when you make a trade-off (and you always make trade-offs), you lose something. What do you lose? You lose the ability to engage in your next highest valued alternative.

The amount of military goods given up in a year is the opportunity cost for increasing the production of civilian goods, and vice versa. In the United States, Congress and the president decide where on this curve the nation will be in terms of production of each type of good. The government collects revenue from citizens through taxes, and then it must decide how to use the revenue to best serve the nation. A production possibilities curve is useful in determining what the opportunity cost will be if a particular course of action is taken.

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Economics: Today and Tomorrow, Student Edition by McGraw-Hill Education

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