Melva Bintang's Key Ideas from Basic Economics
by Thomas Sowell
Ideas, facts & insights covering these topics:
4 ideas
·1.78K reads
13
1
Explore the World's Best Ideas
Join today and uncover 100+ curated journeys from 50+ topics. Unlock access to our mobile app with extensive features.
Scarcity Drives Economics
An economy is a system for producing and distributing goods and services, but it only exists when there is scarcity and choices must be made regarding the use of limited resources.
Without scarcity, there is no need for economizing, and thus, no economics. In other words, economics studies the choices societies make regarding the use of scarce resources that have alternative uses.
39
496 reads
The Importance of Production
Production is a fundamental aspect of economics that involves using scarce resources to create new output.
Efficient economies maximize output by minimizing waste and effectively utilizing scarce resources, ultimately determining a country's living standards.
29
446 reads
Investment for a Better Future
Investment is the sacrifice of real resources today in order to have more in the future. The success of investments depends on how much consumers value the benefits of other people's investments.
35
411 reads
Insurance: Paying Someone to Assume Your Risks
Insurers reduce risk by categorizing the population into different risk groups and charging premiums accordingly.
That's why safe drivers pay lower car insurance premiums compared to their reckless counterparts. Similarly, office workers pay lower premiums for occupational injury insurance compared to professional snowboarders or construction workers.
29
427 reads
IDEAS CURATED BY
A learner | Writer of Melva's Note on Substack | High curiosity about psychology and human development.
CURATOR'S NOTE
Economics in a nutshell.
“
Different Perspectives Curated by Others from Basic Economics
Curious about different takes? Check out our book page to explore multiple unique summaries written by Deepstash curators:
1 idea
Aneeq Ur Rehman's Key Ideas from Basic Economics
Thomas Sowell
Discover Key Ideas from Books on Similar Topics
12 ideas
How to Think about the Economy: A Primer
Per Bylund
18 ideas
The Obesity Code
Jason Fung
16 ideas
Your Next Five Moves
Patrick Bet-David
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates