By McGraw-Hill Education
Every thing you want to have interaction your students—and shop helpful guidance timeEconomics: this day and Tomorrow’s specified visual/verbal technique makes the research of economics available and interesting. this system is the right mixture of reader-friendly textual content, assets for all skill degrees, and easy-to-use know-how. as well as present information and information occasions, this application has up to date diagrams, charts, maps, pictures, and illustrations.In-depth assurance of the recent economic climate and the effect of the electronic revolution are incorporated, in addition to beneficial properties from BusinessWeek and unique research and data from ordinary & Poor’s.
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Extra info for Economics: Today and Tomorrow, Student Edition
Economic models all relate to the way individuals (as consumers) and businesspeople react to changes in the world around them. The most common economic model is a line graph explaining how consumers react to changes in the prices of goods and services. You’ll learn about this model in Chapter 7. Economic models assume that some factors remain constant. In studying the production possibilities curve for making jewelry in Section 2, for example, we assumed that the price of inputs (beads, wire, and so on) would not increase.
Decisions must be made as to what the best combination of available inputs will be to get the job done for the lowest possible cost. For Whom Should It Be Produced? After goods or services are produced, the type of economic system under which people live determines how the goods and services will be distributed among its members. Who receives the new cars? Who benefits from a new city school? Who lives in new apartment buildings? As you will read, the answers to these economic questions vary greatly depending on where you live.
Economists use this model, called a circular flow of income and output, to illustrate how the market system works. Note how dollars flow from businesses to individuals and back to businesses again. The factors of production flow from individuals to businesses, which use them to produce goods and services that flow back to individuals. The advantages of a pure market system are many. People have freedoms—to choose a career, to spend their income how they wish, to own property, and to take risks and earn profits.