BUSI 700 - D06 - Common Sense Economics V2.0.pptx

BUSI 700 - D06 - Common Sense Economics V2.0.pptx - Common...

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Common Sense Economics BUSI700 – D06 Group 3 – Forum 2 – Module 3
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“Today I have given you the choice between life and death, between blessings and curses... choose…” Deuteronomy 30:19, New Living Translation (NLT) To make intelligent choices for ourselves and society, we must understand how people choose, the motivating factors for their choices, and how their personal welfare and that of others are influenced by their actions (Gwartney, Stroup, Lee, Ferrarini, & Calhoun, 2016, p. 5). In order to make wise choices we must understand: The economic principles at work in a market rightly governed The government’s influence on the economy The elements of personal finance and our role in it Three Important Concepts of Common Sense Economics
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How Economics are Governed Economics are governed by way of regulations. To limit restrictions imposed that prevent entry into the market; (Gwartney, Stroup, Lee, Ferrarini, & Calhoun, 2016, p. 65) To restrict regulations that substitute political authority for rule of law(i.e, certifications in lieu of licensing); (Gwartney, et al., 2016, p. 65) To ensue imposed price controls (i.e Minimum wage). (Gwartney, et al., p. , 2016, p. 66) Precise, unambiguous, and nondiscriminatory laws alleviate roadblocks to trade gains, which in turn promotes economic progression of a nation. (Gwartney, et al., 2016, p. 66) Equal treatment under the law, federalism and restraints on the power of government are central to the design of a political structure supportive of economic progression. (Gwartney, et al., 2016, p. 162)
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Examples of Successful and Unsuccessful Regulations Successful regulations Affordable Housing - By offering subsidies and procedures to ensure fair housing practices (Gwartney, et al., 145-146) Certification – An alternative to licensing to allowing suppliers alternative access to the market (Gwartney, et al., 71) Competitive Restriction – Price controls (Gwartney, et al., 66) Employee Dismissals – Procedures to terminate and employees employment (Gwartney, et al., 69) Restrain on International trade – Imposing tariffs, quotas, exchange rate controls, or bureaucratic regulations on importers or exporters. (Gwartney, et al., 91)
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  • Fall '19
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  • Economics, Gwartney

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