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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.
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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...
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406 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...
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355 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.
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345 reads
CURATED FROM
IDEAS CURATED BY
A learner | Writer of Melva's Note on Substack | High curiosity about psychology and human development.
Economics in a nutshell.
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Other curated ideas on this topic:
1.3 Innovation's Hype Cycle, And Increasing Efficiency
- Amara's law states that people tend to overestimate the impact of new technology in the short run and underestimate it in the long run. Gene editing, GPS and AI are some examples where Amara's hype cycle is observed. It could also be playing a role in the story of crypto.
A Good 24-hour Hackathon
- Centers on the customer process or journey and supports a clear business target.
- Involves employees from all relevant areas to find different ways of working a problem.
- Challenge participants to reimagine an existing method to try to find the most effici...
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