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Economics
Economic principles shape our lives, from the taxes we pay, to the decisions we make about what to purchase, to how our country and community relates to others around the world. Everyone should learn to spot the economic forces at play in their everyday lives in order to make informed decisions and understand the impact of choices made by powerful individuals and institutions.
Monopolies: More Than a Game
Background
Suppose you want to purchase a specific type of mango that is only grown in a small region in Mexico. There are many mango farmers in this region, but only one company ...
Choice Overload: Spoiled For Choice
Have You Ever?
You’re at a new restaurant with some friends and having a great time. You’ve been so busy talking and catching up that you haven’t paid much attention to the menu. ...
Social Proof: Following the Crowd
Have You Ever?
Can you think of a time you bought something because all your friends seemed to have it? Have you ever wondered how your decisions are affected by the people around...
The IMF: Protector of the World Financial Order?
Introduction
Did you know that the combined national debt of every country in the world hovers at approximately sixty-nine trillion dollars? This is a testament to just how compli...
Human Development Index: Quantifying Quality of Life
How Do You Quantify “Quality of Life”?
How are you doing, really? Beyond the knee-jerk reaction of “I’m fine, thanks,” if you pause and give this question some true consideration,...
The Federal Reserve and Monetary Policy: All the Money in the Economy
Have You Ever?
Imagine a world where money was free-flowing, and there were no rules on how to spend, borrow, or lend it. Sounds kind of nice, right? Well, hold on to your seat fo...
Prisoner’s Dilemma: It’s You or Me
Problem
Maggie and Lou are found at a crime scene. Given the physical evidence, they’re each looking at about one year in prison. However, the cops want more than that. They take ...
Introduction to Behavioral Economics: Acting Irrationally
Have You Ever?
Picture yourself at the mall. When you go shopping for clothes or electronics, how do you make the choices that you make? What’s influenced you to make these decisi...
World Bank: The Purse Strings of Global Development
Introduction
Currently, about 10 percent of the global population lives in extreme poverty. This is approximately 700 million people living on less than $1.90 per day. To put this...
The Federal Reserve and Interest Rates
Have You Ever?
You’ve heard it before on the news: “The Federal Reserve lowers interest rates to 0.50 percent” or “The Federal Reserve raises interest rates to 3.0 percent”. All t...