By Stephen Kinsella
QUICK WIN ECONOMICS is aimed toward useful those who remember the fact that economics is necessary, simply because fiscal types tell the main robust humans on the planet, who make judgements according to the recommendation of economists. these judgements impact the day-by-day lives of thousands of individuals, for greater and for worse. The blunders of economists may have severe results. It can pay to understand what they're conversing approximately. speedy WIN ECONOMICS may help you decode financial phenomena - for instance, you will find out precisely why a transformation in crucial financial institution lending premiums will switch your personal loan, making you richer, or poorer; why giant Macs do not fee an identical in each state; and the way economists might care for toxins. quickly WIN ECONOMICS is designed to allow you to dip out and in as you need, trying to find solutions to questions you have, or simply for a spot to begin to appreciate the idea. every one access is tagged by means of considered one of 5 topic components: Economics necessities; Micro-economics; Macro-economics; fiscal coverage; utilized Economics. you can also use the grid procedure within the contents part to look for questions and solutions throughout a number issues or use the thread of cross-references supplied on the finish of every Q&A.
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Extra info for Quick win economics : answers to your top 100 economics questions
The set of policies this identity leads to is called ‘monetarism’. So, an identity in economics is extremely important, because from these basic assumptions or postulates comes an enormously beneficial or costly policy prescription, which can help or damage the lives of millions. See also Q35 Why do economists use graphs? Q36 Why do economists use equations and functions to explain their theories? Q77 Why does fiscal policy matter? Q35 Why do economists use graphs? A graph is one way to represent data and their relationship to one another.
Often, a deadweight loss occurs because of the imposition of a tax on the sale of a good. The diagram below shows the position before the imposition of a tax. Producer and consumer surplus before the imposition of a tax. If a tax is imposed, the price the customer sees moves up from €4 to €5, creating a drop in quantity demanded from 6 units to 5, as well as a drop in both consumer and producer surplus. The area shaded in the second diagram with the label ‘dwt’ is the deadweight loss of taxation.
See also Q5 How do economists think about costs? Q14 What is bounded rationality? Q22 What is equilibrium? Q38 What is the economic definition of risk – and how does it differ from uncertainty? Q41 How does a business decide how much to produce? Q42 How do businesses know how much to increase prices for a product or service? Q53 How do businesses decide which projects to fund, and which ones to drop? Q41 How does a business decide how much to produce? Despite many, many variations across time, across countries, and even across regions, every one producing anything commercially must follow the logic of this simple, stark, equation: INPUT Raw Materials + Labour + Machinery OUTPUT Product + Profit Every business needs to get its raw materials, labour, and machinery at the lowest price it can, and use the best available technology to combine these elements somehow into a product it can sell to the markets at a price high enough to compensate its employees with wages, and pay the rent on its plant and machinery, as well as other overhead costs.