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How Markets Work

5 Units   3H 45M
Parts
  • Introduction
  • The Price System
    • Lesson 1: The Invisible Hand
    • Lesson 2: Economic Choices
    • Lesson 3: Supply & Demand
  • Pre-Conditions for Wealth
    • Lesson 4: Property Rights
    • Lesson 5: Legal Institutions
    • Lesson 6: Virtue
  • The Entrepreneur
    • Lesson 7: The Entrepreneur
    • Lesson 8: The Knowledge Problem
    • Lesson 9: Spontaneous Order
  • Money
    • Lesson 10: The National Economy, Part 1
    • Lesson 11: The National Economy, Part 2
    • Lesson 12: Monetary Policy
  • Economic Growth
    • Lesson 13: Trade
    • Lesson 14: Poverty
    • Lesson 15: The Economic Future

Lesson 10 Lesson 10: The National Economy, Part 1

Presented by: Dr. Tawni Ferrarini
Northern Michigan University

Playlist

  1. Aggregate Economic Analysis I, Part 1
  2. Aggregate Economic Analysis I, Part 3

Aggregate Economic Analysis I, Parts 1 & 3

As people we love to make connections. In a globalized economy, making those connections is more important than ever. The interconnectedness of peoples, resources, and functions in an economy is a source of its abundance. But all this interconnectedness may make it harder to see the full range of effects of a given economic policy. In this lesson you will learn to recognize what is seen and unseen in economies, and why connections are king.

Lesson Ten Quiz

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HMW Lesson 10: The National Economy, Pt. 1

Step 1 of 3

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It follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil.

Frédéric Bastiat

Learn More

h Video

Aggregate Economic Analysis I, Part 2 with Dr. Tawni Ferrarini

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h Video

Profits Are Progressive (Walter Williams with Prager University)

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h PDF

Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith, pp. 89-100

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h PDF

Frédéric Bastiat, “What Is Seen and What Is Unseen,” 1.1 - 1.21, 1.152-1.200

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How Markets Work

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