Introduction |
The Two Minute Challenge |
The three most commonly used words when studying Economics are; supply, demand and equilibrium. It is here that we are first introduced to the theories behind these concepts. This unit is crucial to everything else you do in this course. When someone says 'economics' it is these ideas that spring to mind. Work hard at learning how it all works. At first it might be a little confusing, but with continual practice you'll be fine. Trust me.
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Relevant hashtags ### |
Quizlet Key terms |
Forget Apple's version of the iPencil here is the original. In 1958 Leonard Read wrote this short story to explain the complexities and wonderful nature of economic markets. As you will see the simple act of producing a pencil are beyond the knowledge and capabilities of any one single person.
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R.A. Radford returned home after WWII and published an account of the development of a market economy inside POW camps. His story was first published in Econometrica in 1945.
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The videos found here are great if you have more than 30 minutes to spare. Some are much longer. But it is here you get a feel of the narrative across our ideas. Many of the videos are trying to persuade you, and are putting across a certain economic viewpoint. Can you spot normative and positive statements? Soon you will begin to see the debate at the centre of our subject.
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