Expensive trophy hunting packages demonstrate how the price system gives a value to animals that helps to preserve them.
Our everyday economics includes central planning, unintended consequences, comparative advantage, transportation infrastructure, cost & developing nations.
Shown by ant groups successfully taking a Cheerio to a nest, sometimes the wisdom of crowds depends on the brains of an individual leader.
Focusing on production and distribution, economists look at the role of markets and of government when they try to determine what causes and ends famines.
Our everyday economics includes behavioral economics, GDP, demand & supply, inflation, tradeoffs, markets, consumer spending, environment, and regulation.
Our everyday economics includes human capital, incentives, behavioral economics, cost and benefit, exports, tradeoffs, inequality, risk,markets, and income.
Because of supply and demand in the U.S. and the world, U.S. farmers are planting less corn and more soybeans and sorghum.
Seeing government’s inefficiencies through a driver’s license renewal process reminds us to recognize the tradeoffs from creating public goods and services.