Wheelan writes‚ "Life is about trade-offs‚ and so is economics." Indeed‚ so is Naked Economics. This book promises to be a good introduction to economics for the layman. Throughout the book‚ the author uses easy-to-understand language and vivid examples to illustrate his points in strategic places maintaining a sense of lightness with the readers in reading the material. Here is a summary of each of the 12 Chapters of the book Naked Economics: Undressing the Dismal Science by Charles Wheelan.
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AP Microeconomics Summer Project 2009 Please read Naked Economics by Charles Wheelan (Norton‚ 2002) and answer the following questions. Your answers should be typed or neatly handwritten. This book is available in the Altoona and Hollidaysburg Public library‚ as well as Barnes and Noble‚ Amazon.com and many other online sellers. Purchase of the book is not required‚ but recommended. --The Book is $10.85 on Amazon.com. --Half.com from $5.00 used. --$15.95 at Barnes
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Naked Economics Assignment After reading the book‚ please complete the following questions for discussion. Your responses must be typed‚ and they will be collected on the first day of class. Chapter 1: The Power of Markets • What are the two basic assumptions that economists make about individuals and firms? • What is the role and significance of prices in the market economy? • What’s so great about a market economy anyway? Market allocation 3 / Assume rational utility-maximizers 6 /
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Incentive Matter More stories‚ this time about incentives. Why they matter and why it is hard to fix markets that have bad outcomes because of bad incentive structures. He repeats Steven Levitt’s story about real estate brokers. On p. 33 (bottom) "Economics teaches us how to get incentive right." but the whole chapter is stories about how attempts to change incentives have failed. 3: Government and the Economy Discussion of externalities and how governments can compensate for them. Also the role
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Piedra P4 09/12/13 Chapter 1: The Power of Markets 1. What are the two basic assumptions that economists make about individuals and firms? First‚ we assume that all of these entities have unlimited wants. This assumption forms the basis of economics. It is the study of how entities try to fulfill these unlimited wants when confronted with limited resources. Second‚ we assume that all of these entities are rational actors. We assume that they typically act in ways that will help to achieve
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hinders efficient outcomes in a market economy because it involves one party in an economic action having less information than the other‚ therefore it might agree to buy a certain product or service and pay for more than what it gets (or vice versa if seen from the ignorant seller’s perspective). The avoidance of negative perverse incentives leads governments into better policy making and achieving the desired economic effect and increase in efficiency. If the principal-agent problem is addressed correctly
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Yesenia Steward 24 April 2014 LIT2090; T‚R (9:50AM) Naked Lunch Reading Quiz 1. Identify the following: a. The Shoe Store Kid: The shoe store kid is a drug manipulator who seeks out his prey with hands of "rotten ectoplasm.” b. The Rube: This K.E. was Burroughs’ long-standing friend‚ Kells Elvins‚ who was living in Denmark in the mid-1950s — which is why they were on the Malmö ferry together in the first place. Burroughs visited Elvins and his wife Mimi in Copenhagen from late July to early September
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Summer Reading: Naked Economics Chapter 1: The Power of Markets 1. What are the two basic assumptions that economists make about individuals and firms? The two basic assumptions that economists make is that individuals do what they can to make themselves as well off and prosperous as possible and that firms attempt to maximize profits. 2. What is the role and significance of prices in the market economy? With demand rising‚ the price of a particular item will usually go up. This means
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CHAPTER 3 STUDY GUIDE VOCABULARY Market Economy Competitive Market Imperfect Market Monopoly Quantity Demand Law of Demand Demand Schedule Demand Curve Market Demand Normal Good Inferior Good Complements Substitutes Quantity Supplied Law of Supply Supply Schedule Supply Curve Market Supply Inputs Equilibrium Equilibrium Price Equilibrium Quantity Law of Supply and Demand Shortage Surplus REVIEW QUESTIONS (1) Name 5 things that shift demand. 1. 2. 3. 4. 5. (2) Name 5 things
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Sean Davis Macroeconomics Mr. Vincent 1/10/13 “Naked Economics” by Charles Wheelan Economics is on fundamental level of the study of scarcity. Human desires are unlimited‚ but resources aren’t and every society tries to figure out how to allocate its resources for maximum benefit. The field of economics attempts in large part‚ to help understand these resource allocations and decisions. Resources allocated largely according to the forces of supply and demand‚ and prices serve as
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