Essentials of Economics by Paul Krugman

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By Paul Krugman

Necessities of Economics brings the alluring writing and cutting edge positive factors of Krugman/Wells to the one-term micro/macro module. it's perfect for educating easy fiscal ideas in a real-world context.

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There are many scarce resources. These include natural resources—resources that come from the physical environment, such as minerals, lumber, and petroleum. There is also a limited quantity of human resources—labor, skill, and intelligence. And in a growing world economy with a rapidly increasing human population, even clean air and water have become scarce resources. Just as individuals must make choices, the scarcity of resources means that society as a whole must make choices. One way a society makes choices is by allowing them to emerge as the result of many individual choices, which is what usually happens in a market economy.

Notes to the Instructor are also included to provide added tips, class exercises, examples, and explanations to enhance classroom presentations. The slides have been designed to allow for easy editing of graphs and text. These slides can be customized to suit your individual needs by adding your own data, questions, and lecture notes. These files may be accessed on the instructor’s side of the website. For Students Study Guide Prepared by Elizabeth Sawyer Kelly, University of Wisconsin–Madison, the Study Guide reinforces the topics and key concepts covered in the text.

But what assures people that markets will deliver what they want? The answer to that question leads us to our second principle of how individual choices interact. Principle #6: Markets Move Toward Equilibrium It’s a busy afternoon at the supermarket; there are long lines at the checkout counters. Then one of the previously closed cash registers opens. What happens? The first thing, of course, is a rush to that register. After a couple of minutes, however, things will have settled down; shoppers will have rearranged themselves so that the line at the newly opened register is about the same length as the lines at all the other registers.

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