Economic Myths and Fallacies - 808 Words

There are various economic myths and fallacies. The moist common one is that which pertains to the subjects as a whole where the subject generalizes into using collective terms such as society, community, nation, class, and us. These terms are seen though all the consequent economic terms discussed later. In reality, it is only the individual who behaves in a certain way whilst others may acquiesce or participate but these entities such s society are reducibly made up of living breathing individuals and no such abstraction in actuality exists. Many economists find it important to avoid these collective terms in order to trace cause and effect and origin of problems and in order to understand them better. Otherwise one speaks of the economy as a monstrous movement that is apparently mechanized and responsible for involuntary activities. This can sound rather frightening like a science horror plot. (7 Fallacies of Economics http://www.fee.org/the_freeman/detail/7-fallacies-of-economics/) Elasticity Determinants for wealthy and poor families: Determinants of Change in demand and Change in supply The following determinants cause shift in the demand curve: change in consumer tastes change in the number of buyers change in consumer incomes change in the prices of complementary and substitute goods change in consumer expectations The following determinants cause shift in the supply curve: Change in input prices Change in technology Change in taxesShow MoreRelatedDoes The Gender Pay Gap Actually Exist?1221 Words   |  5 Pagesdiscrimination in comparison to their male counterparts. This unit exposes many underlining factors that ultimately determine whether the gender pay gap truly exists in the contemporary Western hemisphere. 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