In a chicken sandwich are ingredients from around the world that one person can create but the price system gathered them for us at the local supermarket.
This week’s everyday economics includes property rights, trade, creative destruction, entitlements, tradeoffs, conservation, externalities, price, and markets.
Expensive trophy hunting packages demonstrate how the price system gives a value to animals that helps to preserve them.
Shortages, long lines, and panic buying are several ways that hyperinflation is creating chaos for local and foreign firms and consumers in Venezuela.
Our everyday economics includes GDP, human capital, price system, public goods, taxes, gender pay gap, externalities, subsidies, marriage economics and ROI.
Shown by auctions of Nobel prize medals from recipients like Simon Kuznets and James Watson, through markets, the price system conveys information.