Review of Cocktail Party Economics Essay

ECON 2301 Principles of Macroeconomics Time: Th 7:05 pm – 9:45 pm Synonym: 40512 Section: 023 Room: NRG2 2120

Author Wheelan writes, "Life is about trade-offs, and so is economics." Indeed, so is Naked Economics. This book promises to be a good introduction to economics for the layman. Throughout the book, the author uses easy-to-understand language and vivid examples to illustrate his points in strategic places maintaining a sense of lightness with the readers in reading the material. Here is a summary of each of the 12 Chapters of the book Naked Economics: Undressing the Dismal Science by Charles Wheelan.

1. The first chapter in the book is about the market and its inner workings. The book briefly explains the idea of supply and demand, in which the price of a certain good or service will reach the point where all the demand is equivalent to the supply. However, the value of something is not determined by its necessity, but its desire within society, as seen by the difference in cost between a diamond and life giving water. Markets operate as they do because people try to maximize the amount of utility for themselves. Nevertheless, a strict rationalism model cannot be used for predicting all the occurrences of a market because of the ever changing behavior of people; thus economists must take precautions against

Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades." You are very excited because you love ice cream (delicious!) and this is a fun way for you to apply your business and economics skills! Here is the first month's scenario--you order the same number (and the same variety) of ice creams each day from the ice cream suppliers, and your ice creams are always marked at $1.50 each. However, you notice that there are days when ice creams remain unsold but other days when there are not enough ice creams for the number of customers.

subsidies; which are grants of money that are given to the Canadian agricultural markets and

READ: Naked Economics: Undressing the Dismal Science, Charles Wheeland, W.W. Norton, 2003. Completely- cover to cover.

After reading Dinner Party Economics, written by Eveline J. Admit and Richard G. Maranta, I find myself asking many questions. One of which is how Canada is doing with macroeconomics policy and the political debate. Today, March 2016, Canada is not doing its best job. With the current price of the Canadian Dollar, our economy is not in good shape. In the past year, the Canadian Dollar has taken a huge dive. With the rising costs of living, Canadians are finding it harder each year to afford basic needs for their families. Gas prices and fresh food at markets continue to rise to record levels. The unemployment rate in Canada also continues to rise. With less people working full time jobs, families are finding it very difficult to support a family

Chapter 1, the Lesson: One of the greatest fallacies associated with economics is that there is an abundance of economists selfish interests involved. Because are selfish nature men tend to see only the immediate effects of decisions. This is especially true when it comes to economics. Every group has it’s own interests and because of this certain policies that may benefit one group, may not benefit another group. Because of self-interest, groups will banter back and fourth persistently until a solution is reached. This is one of the first causes of

READ: Naked Economics: Undressing the Dismal Science, Charles Wheeland, W.W. Norton, 2003. Completely- cover to cover.

DUE via Safe Assign 5pm Sunday 7th May (Note this is later than in Course Outline!)

In this report, we will be taking a look in Dinner Party Economics written by Eveline Adomait and Richard Maranta. Specifically, we will be looking at Chapters eleven and twelve; Macroeconomic policy and inevitable political debate. Hello its me gka d shk gd h gd hj gusg Let us first dive into chapter eleven about macroeconomic policy. The big picture in this

Freakonomics is a humorous and intriguing book about taking off the top layer of a situation and understanding what is happening underneath. Through everyday examples Steven D. Levitt and Stephen J. Dubner take perspectives that are unheard of in any other writing while simultaneously comparing the most unique and uncommon ideas to each other. As they study everyday life, readers see insight to the ways in which the world really functions and runs. As they study the world the authors continue to ask questions, thus continuing to challenge the reader to seek for a deeper answer. Through these highly untypical questions, Levitt and Dubner are able to display that the root of economics itself is incentives.

Economics can be applied in many situations where you wouldn’t normally expect it found. In “Freakonomics”, by Steven D. Levitt and Stephen J. Dubner, the authors attempt to reveal what is happening behind the curtain of modern day life by comparing what you would think are two completely different people or subjects, and they relate these seemingly uncommon topics to more sophisticated economic concepts. The authors initially claimed that there was no theme, but after reading the book I have realized that there are many misunderstandings in the standard wisdom that we know due to the fact that people usually do not look into the motives of a given situation to uncover the truth.

The economic discourse community can be loosely identified as a set of shared values and knowledge in the field of economics. Different from other writings, economic discourse community usually include some technical economic terms and visual information, i.e. diagrams, tables and charts, etc. Each writing piece has its intended audience, and economists’ writing is no exception. Economists’ writing is usually targeted at economic majors or practitioners in the field of economics. Economic discourse community helps its intended readers to pick up information efficiently and effectively.

A smarty-pants old story says that if you want a "learned economist," all you have to do is get a parrot and train the bird to squawk "supply and demand" in response to every question.