Free
people are not equal and equal people are not free
liberty
makes all the difference in the world
sound
policy requires we consider the long run effects and people, not simply short run benefits and few people
What
belong to you, you tend to take care of; what belongs to no one or everyone tends to fall into disrepair
If
you encourage something, you get for of it; If you discoruage something you get less of it.
Nobody
spends someone else's money as carefully as he spends his own.
Goverment
has nothing to give anybody except what it frist takes from somebody, and a government big enough to give you everything you want is big enough to take away everything you've got.
Open
trade improves standards of living
Private
ownership of property is critical for economic success.
Competition
is good, not bad.
Those
living in market based economies prosper; those in planned economies do not.
A rule
of law requires representative democracy
Excessive
regulation is costly
Excessive
entitlement programs create dangerous disincentives and harm national economic health
Excessive
taxtion impedes work and risk taking, while reducing government revenue.
factors of production
land, labor, capital, managment
opportunity cost
whatever must be given up to obtain some item
D-P-E-Y
demand production Employment income
The three fundamental truths of economics
There no free lunches. there are no free rides. the chicken always comes home to the roost.
Societies 2 big lies
Budweiser -grab all the gusto you can. New york- You deserve
Origin of economics
Admin Smith, 1776, wealth if nations
Three main economic goals
full employment, stable prices, economic growth
Master what word?
NO
Econmics
what economics are thinking at the time
2 scarcest reasources
time and money
Demand
give money for something
Production
the creation of the product for demand
employment
The people needed to bring about the job
Income
the money paid to employees
Economic Problems
Limited income, unlimited wants
What is the dominant economic force that decides things?
The Market
freedom of enterprise
Produce what you want
freedom if choice
use what you want
what is the basic regulatory force in the market?
competition
Every time we spend money we make
Dollar votes
Who gets the goods and services
Those that have the money
How does the system accommodate change
R and D
creative destruction
The creation and destruction of businesses through revolutions in technology.
Virtues of market systen
Efficiency, Freedom, Income
The secret behind most bull econs is for the econ to grow without
Inflation or Higher interest rates
Inflation comes
when the labor market gets tight. demand exceeds supply.
Corporate profits are forcast to exceed
18%
Top to areas where charatable donations go
Religion and Education
Kit Kat came into being in
1973 in Japan
In Japan kit Kat has
350 flavors
Marijuana elvates the chance of mental illness __ times and sucide __ times
07-May
how many percent of college students comesume weed
38%
lab test have shown that __ is tainted by harmful pesticides
93%
Nearly half the Earth's agricultural land is used to grow food for
Animals
In 25 years or less the world's pop will grow to be
9 to 10 billion
The Equifax data breach impacted
146 million people
In 2016 usa pet owners spent over
66 billion dollars on their pets
the best deal on a used card is to buy one
2-3 years old.
housing represents nearly
1/6th of the us GDP
Total amount held in all 401ks as of April 28
5.3 trillion
new research shows that to middle income earners that social sexeyity can provides from __ to __ in total retirement income
1/2 to 3/4ths
only __ wait untill 70 before receiving social security
4%
The average home roughly has
40 lightbulbs
as if April 2018 unemployment was
3.90%