Section I-B: How do we Choose?

 

          You pays your money and you takes your choice.
                                                                               ... Punch

 

          How shall we choose what, how, and for whom to produce? How can an economy weigh the disparate views and values that flourish among us?  Shall we defer to Democrats, rely on Republicans or listen to balding old men?

           In most economies, people vote with their wallets.  How does it all all work?

 

I-B.   How do we Choose?
         1.   Demand and supply
               Demand and Supply
               Demand and Supply Applied: Sample Problems
               Demand and Supply Applied: Exchange Rates
               Demand and Supply Applied: Buy Low and Sell High
         2.   Elasticity
               Elasticity of Demand and Supply
               Demand and Supply Applied: Oil Prices

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