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Posted 2013-11-01

The Global Economy: It's a Small World After All

by Erin A. Yetter

Think about how you start a typical day. When you wake up in the morning, you enjoy a glass of orange juice, a cup of coffee, and a bowl of cereal. Your juice was made from Florida oranges, the coffee from Colombian beans, the cereal from Kansas wheat, and the milk from a Wisconsin dairy farm.

Posted 2013-10-01

Why Scarce Resources Are Sometimes Unemployed

by Erin A. Yetter

Think about the last time you used a landline or even a pay phone to make a call. Cell phones are everywhere and we take them for granted today. But their invention and widespread production have required a specific set of resources.

Posted 2013-09-01

What Are the "Ingredients" for Economic Growth?

by Scott A. Wolla

The 2007-09 recession was painful on many levels, and the economy’s recovery has been slow and uneven. This period of slower-than-expected growth has contributed to a longer-running conversation among economists and policymakers about economic growth.

Posted 2013-08-01

Making Sense of the Ups and Downs of Prices

by Erin A. Yetter

“Back in my day, a gallon of gas cost a quarter!” Has your grandfather ever said something like this to make a point about how expensive things are now? The chart shows the prices of gasoline over the past 20 years. The price of gasoline indeed used to be much lower.

Posted 2013-05-01

GDP: Does It Measure Up?

by Scott A. Wolla

We can measure our national progress in many ways. But even if we restrict our measurement to the economy—and set aside social, cultural, and political progress for a moment—the total value of the goods and services produced in the economy can be mind-boggling.

Posted 2013-04-01

Prices: The Marketplace’s Communication System

by Erin A. Yetter

In the past, airlines did not charge customers to check their bags; the cost of checking baggage was already included in the price of the airline ticket. However, this is no longer the case for most of the largest U.S. airlines.

Posted 2013-03-01

Money and Inflation: A Functional Relationship

by Scott A. Wolla

In its broadest sense, money is anything generally accepted in exchange for goods and services. In other words, money is defined by the functions it serves in the economy. In fact, while money has taken many forms over the ages.

Posted 2013-02-01

Investing in Yourself: An Economic Approach to Education Decisions

by Scott A. Wolla

One of the most important investment decisions you will ever make is the decision to invest in yourself. You might think that investment is only about buying stocks and bonds, but let’s take a step back and consider investment a little differently.

Posted 2013-01-01

Choices Are Everywhere: Why Can’t We Just Have It All?

by Scott A. Wolla

The public debate about the best way to reduce the level of government debt highlights our difficult situation: Our wants greatly exceed our ability to pay for them. In the case of government, purchases require current revenue through taxation or borrowing.

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