Tag: Wealth
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Microeconomics – Interdependence & Gains from Trade
Consider your typical morning… Your bed sheets are made from cotton grown in India and woven in Madeira, your alarm clock was made in China. You pour a glass of orange juice that was made from oranges grown in Spain, the year-round demand for fruits and vegetables are made possible…
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What is Macroeconomics?
A textbook definition of macroeconomics says that “[it] is the study of the economy as a whole, including growth in incomes, changes in prices, and the rate of unemployment.” (Mankiw, 2010) Extending over global, regional and national economies. Economists advise on policies for the government regarding important economic indicators. Macroeconomics…
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Money & Wealth – Adam Smith
Which is more valuable, water or diamonds? Most would say water in that it is needed to sustain life, though what if you had enough water to sustain all living beings on Earth, now you opt for diamonds. What if you had equal and plentiful amounts of both water and…