The Least You Need To Know About Economics
Published on Nov 24, 2015
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PRESENTATION OUTLINE
ECONOMICS IS THE SCIENCE OF CHOICE AND IS RELEVANT WHENEVER INDIVIDUALS WITH
SCARCE RESOURCES ARE TRYING TO MAKE THE BEST DECISION FROM AN UNLIMITED ARRAY OF ALTERNATIVES.
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IN ECONOMICS IT IS ASSUMED THAT ALL PEOPLE ARE RATIONAL BEINGS.
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NOTHING COMES FOR FREE.
ALL CHOICES AND ACTIONS REQUIRE THE SACRIFICE OF LIMITED RESOURCES AND GIVING UP OPPORTUNITIES NOT TAKEN
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THE PROCESS OF MUTUALLY BENEFICIAL EXCHANGE BECAME A COMMON PRACTICE
...AFTER OUR ANCESTORS SAW THE BENEFITS THAT FOLLOWED
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ECONOMIC MARKETS ARE STRUCTURES THAT ALLOW BUYERS AND SELLERS TO EXCHANGE RESOURCES.
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FOR ECONOMIC MARKETS TO FUNCTION BOTH CONSUMERS AND SUPPLIERS OFTEN HAVE TO SETTLE
FOR LESS THAN THEY WANT
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MARKETS DON'T FUNCTION IN ISOLATION
CHANGES IN TASTE, RESOURCE AVAILABILITY, COMPETITION ALL CHANGE MARKET RESULTS
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PRICES REFLECT A LOT OF DIFFERENT INFORMATION
...BUT HAVE LITTLE TO DO WITH FAIRNESS OR JUSTICE.
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ALTHOUGH GLOBALIZATION MAKES THE WORLD A WEALTHIER PLACE OVERALL
NOT EVERYBODY EXPERIENCES THE SAME BENEFITS...MANY EXPERIENCE A DECLINE IN WELL-BEING
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THERE IS A STRONG RELATIONSHIP BETWEEN OPENNESS TO TRADE WITH OTHER COUNTRIES AND
THE INCOMES ENJOYED BY CITIZENS OF OPEN COUNTRIES
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A TARIFF IS A TAX ON IMPOSED GOODS INTENDED TO PROTECT DOMESTIC PRODUCERS AND RAISE MONEY
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RESTRICTIONS ON TRADE TODAY AND MUCH LESS THAN THEY WERE
INTHE 1800S AND 1900S
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NO MATTER HOW EFFECTIVELY FAIR TRADE IS PROMOTED CONFLICTS WILL ARISE
BECAUSE RESOURCES ARE LIMITED AND IT IS I POSSIBLE TO SATISFY ALL WANTS
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BECAUSE COUNTRIES HAVE DIFFERENT SETS OF RESOURCES, TALENTS, TRADITIONS, AND POLICIES
LEVEL PLAYING FIELDS ARE HARD TO DEFINE
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WTO
STANDS FOR WORLD TRADE ORGANIZATION. TO BE A MEMBER, A COUNTRY HAS TO BE COMMITTED TO OPEN TRADE BETWEEN COUNTRIES
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MEMBERSHIP IN THE WTO MEANS
YOU ALLOW THE WTO TO SETTLE TRADE DISPUTES FOR YOU. THESE ARE USUALLY AROUND ISSUES OF FAIRNESS
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MULTINATIONALS
NOW ESTABLISH ENTIRE OPERATIONS WHERE THE BEST COMBINATION OF RESOURCES EXIST
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SWEATSHOPS
PAY LESS THAN WHAT WORKERS IN INDUSTRIALIZED COUNTRIES EARN, BUT MORE THAN THE AVERAGE FOR THE COUNTRY THEY RESIDE IN
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MONEY IS THE MEDIUM OF EXCHANGE
EACH COUNTRY'S MONEY SUPPLY AND VALUE IS DETERMINED IN DIFFERENT WAYS.
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