reaction towards the ends and wants of the people. Adam Smith is regarded as the Father of economics due to his famous book ‚’’The wealth of nations ‘’ in 1776 A.D. But five centuries before Adam Smith Madan’‚ and ‘Al-Muash’ etc. our well known economists are Muhamad bin Hassan tossi (1274 A.D)‚ Ayatollah Mahmoud Taleghani (1911 - September 9‚ 1979)‚ Ibne Khaldun (1332 A.D to 1406 A.D). The industrial resolution have given an edge I almost every field to western nations. Due to the advancement of
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this condition is to state that scarcity exists when resources are not available in unlimited amounts. When resources are available in unlimited amounts‚ economists consider them to be “free” goods. Because of the scarcity of resources‚ choices have to be made about their allocation among competing uses. Each choice is considered by economists to involve an “opportunity cost” because the use of scarce resources in one activity implies that they cannot be used in an alternative one. In other words
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things simpler and focus attention on what really matters‚ economists would A) use assumptions. B) ignore all variables. C) think at the margin. D) respond to incentives. 1.6 To think at the margin means to consider A) how nothing remains constant over time. B) how a small change in one variable affects another variable. C) how people behave in their own self-interest. D) how people will decide what to purchase. 1.7 When economists assume that people are rational and respond to incentives
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balance to the whole Europe. The high unemployment and the decline of economic growth in which these other nations in Europe have been forced to adopt are being perhaps more severely affected as a result of Germany’s lack of spending. We agree with economist Paul Krugman‚ when he points out that Germany has not delivered their part of the bargain resulting in much worse economic growth decline to all the European nations‚ forced to reduced their deficits. Here we are many years later with an entire European
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topic for discussion. After every class discussion‚ my interest in knowing more about the word grew. Self-Interest is a complex word and its meanings are broad. From an economist point of view‚ the word means " one’s desire could prosper all." I never thought anybody’s self-interest could benefit others. Although an economist might be correct about the word from their point of view‚ from my perceptive I could see it both ways. If someone is happy it does not mean everyone else is. People live
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Bergmann served as a senior staff member of the President’s Council of Economic Advisers during the Kennedy Administration. Other government experience includes service as Senior Economic Adviser with the Agency for International Development‚ and as an economist with the Bureau of Labor Statistics. She has served on advisory committees to the Congressional Budget Office and the Bureau of the Census. In the 1980s‚ she wrote a monthly column on economic affairs for the New York Times Sunday Business Section
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and interests of the person. Another important factor in social environment. The profession of the parents often in this or that way influences the future profession of their children. Today we have dynasties of physicians‚ historians‚ lawyers‚ economists‚ pilots and military officers. It is impossible to forget about the material aspect of the future profession. It indicates the level of the society’s values. Today all professions can be classified as prestigious or not prestigious. The problem
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question: Jean-Baptiste Say‚ the classical economists‚ and some contemporary economists would argue that a discussion of unemployment is a "non-problem." Discuss the position that France or Germany really has no "unemployment problem." Hint: examine union rules‚ customs‚ and lifestyles‚ and compare union-management bargaining positions in France or Germany with those in Ireland or Spain. The beliefs of Jean-Baptiste Say and other classical economists’ that unemployment is a “non-problem” are entrenched
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Good morning to everyone‚ The subject of my presentation is “economic nationalism.” My talk is divided in 6 parts: Firstly‚ im giving you a short introduction of the newspaper “the economist” Secondly‚ im going to talk about “what is economic nationalism and in which business sector does it play a big role. Thirdly‚ i’d like to show you some arguments which are given for nationalism After that‚ I tell you something about the development of world trade and which role does the US play
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conversation with a Keynesian and a Classical economist‚ and the conversation turned to why the economy is experiencing high unemployment and what the government should do about it‚ how would each economist explain unemployment and what policies would each advocate? If I were having a conversation about why the economy is experiencing high unemployment and what the government should do about it‚ with a Keynesian and a Classical economist I think that the economists would explain the situations in the following
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