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from oikonomikos, which means skilled in household management. Although the word is very old, the discipline of economics as we understand it today is a relatively recent development. Modern economic thought emerged in the 17th and 18th cen...
to one person’s income and the spending of that one person’s income affects the supporting income of the other person. This cycle continues and helps maintain the normal functioning of the economy. During a depression the general public wit...
was an excellent booklet and provided an extreme amount of information to organizations who currently follow a command-based management approach. Although, according to the market-based management booklet a market-based approach is best fo...
central bank to keep the market economy on a stable trend of full employment, low inflation, and economic growth, Professor Blinder explains what he considers the way a central banker should operate. To begin with, he should realize that he...
the daily decisions and behavior of individual households and business have a common effect - so that we can note the main macroeconomic objectives of fiscal policy and aggregate demand and fiscal policy before considering the links between...
international reach is much more significant in peoples’ lives currently than in any other previous time in human history. Globalization that is both ongoing and accelerating necessitates that now more people in the world than ever before d...
diminishing marginal utility, (McTeer,2011). Keeping all the other factors equal, the more someone wants of something, the less satisfaction comes from more of that thing. With the financial crisis that prevail the economy, the impact of re...