PRINCIPLES OF ECONOMICS

Jul 10th, 2016
Studypool Tutor
Price: $10 USD

Tutor description

Principles of economics

Word Count: 909
Showing Page: 1/6
Running head: PRINCIPLES OF ECONOMICSPrinciples of EconomicsNameInstitutionCourseInstructorDate1PRINCIPLES OF ECONOMICS2Economists are scientists because they development models and hypotheses that can betested by using data (Stonecash & Mankiw, 2011). The models result in predictions, andsometimes these are off the mark. Data allow an economist to describe what people do, this iscalled positive economics, for examples, by how much does petroleum consumption change ifthe gas tax is changed? Economists also recommend what ought to be done, called normativeeconomics. For example, should the petroleum tax be changed? What are the effects of legalizingabortion (positive)? Should abortion be legalized (normative)? (Stonecash & Mankiw, 2011).Perhaps one of the major contributions of economists is that they contributive to identifyingwinners and losers from public policy changes think increasing the minimum wage, and privatemarket changes, think the sale of Budweiser to a foreign company. Private markets are economicinstitutions that allocate scarce resources through the price system (Stonecash & Mankiw, 2011).The rule of law to protect property rights and enforce contracts is essential for a well-oiledmarket. The economic way of thinking allows one to identify winners and losers when resourcesare reallocated. It is almost never the case that the proposed change will have only winners.When you hear it is in the public interest, ask the speaker to define

Review from student

Studypool Student
" Thank you, Thank you, for top quality work, this is your guy!! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1819 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors