The Main Elements Of Economics - 925 Words

In the twelve key elements of economics, the second element states, â€Å"There is no such thing as a free lunch.† The author described how spending money on one particular thing means that we are sacrificing the chance to spend money on something else or if we do one specific thing, we give up the chance to do something else. In chapter nine, Schiff used an allegory to illustrate this same idea. The allegory he used was when the senator, Franky Deep, realized the people enjoyed getting things for free, but they did not like to pay taxes. After a monsoon, he took this as an opportunity to develop a government reconstruction program. This program made it look like the people on the island were getting the reconstruction for free, but really, the citizens were still paying for the work. Therefore, even though the people thought the reconstruction was free, it truly was not. One recent even that relates to this idea was in an article called, â€Å"Everything the Government †˜Gives’ Someone Must Be Taken from Taxpayer Dollars.† This article states that there is no such thing as the government giving something away free for the price of nothing. While the government has over eighty welfare programs to provide individuals free housing, cash, food, and medical care, these programs are not free. Instead, they are funded for by taxpayers. The fourth element in the twelve key elements of economics states, â€Å"Trade promotes economic progress.† This element focused on the fact that products areShow MoreRelatedThe Impact Of Economic Condition Of A Business Organization1433 Words   |  6 Pagesinfluenced by the formation of economy. Economics is the fact that can establish or demolish a business. Changes of economic condition of a business organization are the main following factor. The increase of economic condition is the sign of business success. On the other hand a business organization can identify its failure by seeing the decrease of economic condition. Economics for business is related with the issues and problems regarding the economic strategies. The structure of an organizationRead MoreVenezuela s Contemporary Policy Model888 Words   |  4 PagesThis essay focuses on the political and economic policies endured by the New Bolivarian Constitution by analyzing the general role of a populist regime, its autocratic power and the policy risks that come along with them. Venezuela’s populist regime was ‘popular’ amongst adherent regions in the area, since it claimed to be the leader behind a global movement against imperialism. With the support of Bolivia and Ecuador’s similar oppressed regimes, Venezuela’s main target is the ‘imperialistic’ idealsRead MoreIt Happened One Night Film Techniques1518 Words   |  7 Pagesromantic screwball film joins two opposite characters from two different economic backgrounds. 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