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    Principles of Economics

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    Look at a newspaper or at the Web site http://www.economist.com to find three stories about the economy that have been in the news lately. For each story, identify one (or more) of the Ten Principles of Economics discussed in this chapter that is relevant, and explain how it is relevant.

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    Articles on principals of economics
    Look at a newspaper or at the Web site http://www.economist.com to find three stories about the economy that have been in the news lately. For each story, identify one (or more) of the Ten Principles of Economics discussed in this chapter that is relevant, and explain how it is relevant.
    Story 1:
    New York In a state of shock
    http://www.economist.com/world/unitedstates/displaystory.cfm?story_id=11848977
    In this story the financial crisis that has faced New York because of the Wall Street's ongoing fall in prices has been described. The crisis is there at the state level.
    From the ten principles of economics the first principle of scarcity applies to this situation. That is economists study situation where needs or wants exceed means. In addition the principle of 'restriction' applies to the situation. People face constrains that they cannot change themselves.
    Story 2
    World trade: So near and yet so far
    http://www.economist.com/opinion/displaystory.cfm?story_id=11848231
    In this story the breakdown of the Doha round is described. The stumbling block was a device for protecting farmers in developing countries. The developing world wanted the a special safeguard mechanism that would kick in when imports exceeded a certain level. Inda and China wanted the level to be set low but the US wanted the level to be set ...

    Solution Summary

    This sollution discusses important current issues in economics.

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