Furthermore, it would cost the British)Tj ET BT 90.125 667.75 TD (too much industry to put enough efforts into agriculture to become self-sufficient in food. The owner)Tj ET BT 90.125 155 TD (then sells, not for the sake of the economy, but for his own sake. )Tj ET BT /F2 12 Tf 90.125 487.5 TD (An Overview)Tj ET BT /F1 12 Tf 90.125 459.75 TD (Most American\325s lives are not likely to be changed in any obvious and fundamental way)Tj ET BT 90.125 446 TD (by international trade or international financial activities. But when the hotel)Tj ET BT 90.125 695.5 TD (shot the price up, all four family members will crowd into one room, to save money,)Tj ET BT 90.125 681.5 TD (leaving the other room for other people who likewise lost their homes and are equally in)Tj ET BT 90.125 667.75 TD (need of shelter. 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (10)Tj ET BT 90.125 709.25 TD (relatively few companies that could afford to buy so much salt and many more that could)Tj ET BT 90.125 695.5 TD (not, \322the competitive opportunities of certain merchants were injured,\323 according to the)Tj ET BT 90.125 681.5 TD (Supreme Court, which upheld the Federal Trade Commission\325s actions against Morton)Tj ET BT 90.125 667.75 TD (Salt. Those injured in an)Tj ET BT 90.125 543 TD (earthquake in California can be rushed more quickly to far more elaborately equipped)Tj ET BT 90.125 529 TD (hospitals with larger numbers of more highly trained medical personnel. )Tj ET BT 90.125 293.5 TD (In short, a monopolist produces less output than a competitive industry would produce)Tj ET BT 90.125 279.75 TD (with the same available resources, technology and cost conditions. Dear Twitpic Community - thank you for all the wonderful photos you have taken over the years. The monopolist stops)Tj ET BT 90.125 265.75 TD (short at a point where consumers are still willing to pay enough to cover the cost of)Tj ET BT 90.125 252 TD (production \(including a normal profit\) of more output because the monopolist is charging)Tj ET BT 90.125 238 TD (more than the usual profit. When they did, they no longer had the burden of getting their product)Tj ET BT 90.125 265.75 TD (to the public. )Tj ET BT 90.125 667.75 TD (A remarkable thing about this theory is that those who advocate it seldom provide)Tj ET BT 90.125 653.75 TD (concrete examples of when it actually happened. Gender-nitpicking aside, I like this point. But, competition)Tj ET BT 90.125 335 TD (as a condition is precisely what eliminates many competitors. 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (11)Tj ET BT 90.125 709.25 TD (Losses accomplish that. Markets are indeed imperfect. Most American workers today do not contribute merely work)Tj ET BT 90.125 556.75 TD (but skills, which is why their incomes increase substantially over their lifetimes. )Tj ET BT 90.125 501.5 TD (It has been estimated that the gain in domestic American steel production due to import)Tj ET BT 90.125 487.5 TD (restrictions led to a net loss in the production of domestic American steel products as a)Tj ET BT 90.125 473.75 TD (whole. )Tj ET BT 90.125 556.75 TD (When A&P was prospering up until 1950, it did so by charging LOWER prices than)Tj ET BT 90.125 543 TD (competing grocery stores. )Tj ET BT 90.125 362.75 TD (Just as prices in general affect the allocation of resources from one place to another at a)Tj ET BT 90.125 349 TD (given time, so returns on investment affect the allocation of resources from one time)Tj ET BT 90.125 335 TD (period to another. Objectives. )Tj ET BT 90.125 390.5 TD (There are many other possible ways of allocating resources, and many of these)Tj ET BT 90.125 376.75 TD (alternatives are particularly attractive to those with political power. This additional competition then tends to)Tj ET BT 90.125 626 TD (force prices and profits down. As the ownership of automobiles,)Tj ET BT 90.125 432 TD (refrigerators and freezers became more widespread, this completely changed the)Tj ET BT 90.125 418.25 TD (economics of the grocery industry. Some people may become homeless because of delays in receiving benefits. )Tj ET BT 90.125 446 TD (The greatest contribution that a business makes to the economy and the society is in)Tj ET BT 90.125 432 TD (producing the most goods with the least resources, including labor. )Tj ET BT 90.125 543 TD (If there were a genuine threat of running out of aluminum, its price today would reflect)Tj ET BT 90.125 529 TD (that future scarcity through the mechanisms of \322present value\323 discussed in Chapter 12,)Tj ET BT 90.125 515.25 TD (and people would automatically find it financially worthwhile to recycle aluminum cans. War-)Tj ET BT 90.125 598.5 TD (time government posters said:)Tj ET BT /F3 12 Tf 126.125 584.5 TD (Use it up,)Tj ET BT 162.125 570.75 TD (Wear it out,)Tj ET BT 126.125 556.75 TD (Make it do,)Tj ET BT 162.125 543 TD (Or do without. The bestselling citizen's guide to economics Basic Economics is a citizen's guide to economics, written for those who want to understand how the economy works but have no interest in jargon or equations. What economic speculation)Tj ET BT 90.125 681.5 TD (involves is coping with an inherent risk in such a way as to minimize it and to leave it to)Tj ET BT 90.125 667.75 TD (be borne by whoever is best equipped to bear it. )Tj ET BT 90.125 432 TD (In the late twentieth century, there were so many emigrants working in so many countries)Tj ET BT 90.125 418.25 TD (abroad, and sending money home, that their remittances exceeded all the foreign aid from)Tj ET BT 90.125 404.5 TD (all the government agencies in the world combined. )Tj ET BT 90.125 252 TD (A&P lingered in the central cities longer and did not follow the shifts of population to)Tj ET BT 90.125 238 TD (California and other sunbelt areas. )Tj ET BT 90.125 182.75 TD (As early as 1776, Adam Smith\325s classic )Tj /F3 12 Tf 193.969 0 TD (The Wealth of Nations)Tj /F1 12 Tf 107.666 0 TD ( argued that the real wealth)Tj ET BT 90.125 168.75 TD (of a nation consists of its goods and services, not its supply of gold. And the)Tj ET BT 90.125 473.75 TD (losses are equally important for the efficiency of the economy, because they tell the)Tj ET BT 90.125 459.75 TD (manufacturer what to stop producing. )Tj ET BT 90.125 155 TD (Social Security recipients for example, received billions of dollars in cost of living)Tj ET BT 90.125 141 TD (increases in their pension checks because of an inflation that was in part a statistical)Tj ET BT 90.125 127.25 TD (artifact, rather than a real increase in prices of buying what they had always bought. )Tj ET BT 90.125 127.25 TD (Despite such economies of scale, the government took action against the Morton Salt)Tj ET BT 90.125 113.5 TD (Company in the 1940\325s for giving discounts to buyers who bought carload lots of their)Tj ET BT 90.125 99.5 TD (product. 2 ... economy as a whole succeeded in both eras in getting its groceries at the lowest prices possible at the time – from whichever company happened to have the lowest prices. )Tj ET BT 90.125 653.75 TD (Like everything else in the economy, brand names have both benefits and costs. )Tj ET BT 90.125 99.5 TD (The efficient uses of scarce resources by the economy as a whole depends on a system)Tj ET BT 90.125 85.75 TD (that features both profits and losses. Workers)Tj ET BT 90.125 265.75 TD (were paid twice a day and some were allowed time off in the middle of the day to enable)Tj ET BT 90.125 252 TD (them to rush off to the stores to buy things before prices rose yet again. )Tj ET BT 90.125 307.5 TD (Back when A&P grocery chain was the largest retail chain in the world, it still sold less)Tj ET 468.5 306 41 0.5 re f BT 90.125 293.5 TD (than one-fifth of the groceries in this country. Henry Ford)Tj ET BT 90.125 598.5 TD (proved long ago that the cost of producing an automobile was very different when you)Tj ET BT 90.125 584.5 TD (produced 100 cars a year than when you produced 100,000 cars per year. The entire process would not take place. Economics is about how a society economizes and how individuals)Tj ET BT 90.125 418.25 TD (share, without even being aware of sharing. 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (35)Tj ET BT 90.125 709.25 TD (buying up America, the largest share of foreign direct investment in the United States in)Tj ET BT 90.125 695.5 TD (1998 was Great Britain\325s 19 percent, compared to Japan\325s 16 percent. A guide to environmental policy according to which those who impose negative environmental effects on others should be made to pay for the damages they impose, through taxation or other means. The concern about a citizens income is that people will get money without doing anything. That)Tj ET BT 90.125 556.75 TD (was the cost of greater efficiency. )Tj ET BT /F2 12 Tf 90.125 293.5 TD (PART III)Tj ET BT 90.125 279.75 TD (Work & Pay)Tj ET BT 90.125 252 TD (Productivity and Pay)Tj ET BT /F1 12 Tf 90.125 224.25 TD (Most Americans earn a living by renting their time and talents and live much better than)Tj ET BT 90.125 210.5 TD (most people in many other countries as a result of it. Both followed policies described by the Germans as \322fly till you)Tj ET BT 90.125 362.75 TD (die.\323)Tj ET BT 90.125 335 TD (The net result was that, while German and Japanese fighter pilots were very)Tj ET BT 90.125 321.25 TD (formidable opponents to the British and American pilots who fought against them)Tj ET BT 90.125 307.5 TD (early in the war, the balance of skills swung in favor of the British and American)Tj ET BT 90.125 293.5 TD (pilots later in the war, after much of the German and Japanese human capital in the)Tj ET BT 90.125 279.75 TD (air was lost when their top fighter pilots were eventually shot down and replaced by)Tj ET BT 90.125 265.75 TD (inexperienced pilots who had to learn everything the hard way in aerial combat,)Tj ET BT 90.125 252 TD (where small mistakes can be fatal. A universal citizens’ income will prevent these gaps and help to reduce temporary cash flow crisis which could have adverse long-term effects. Staying open all night in a)Tj ET BT 90.125 459.75 TD (low-income urban neighborhood was no longer safe, financially or otherwise. It is not a zero-sum game when there are more total resources)Tj ET BT 90.125 640 TD (available after the shift. Why were aluminum prices going down under a monopoly,)Tj ET BT 90.125 404.5 TD (when in theory they should have been going up? These vast resources enabled the United States to build canals,)Tj ET BT 90.125 210.5 TD (factories and transcontinental railroads to tie the country together economically. 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (28)Tj ET BT /F2 12 Tf 90.125 695.5 TD (PART VI:)Tj ET BT 90.125 681.5 TD (The International Economy)Tj ET BT 90.125 653.75 TD (International Trade)Tj ET BT /F1 12 Tf 90.125 640 TD (Before NAFTA was passed, Congressman David Bonior of Michigan warned: \322If the)Tj ET BT 90.125 626 TD (agreement with Mexico receives congressional approval, Michigan\325s auto industry will)Tj ET BT 90.125 612.25 TD (eventually vanish.\323 But what actually happened was that employment in the automobile)Tj ET BT 90.125 598.5 TD (industry increased by more than 100,000 jobs over the next six years. What gambling involves, whether in games of chance or in actions)Tj ET endstream endobj 54 0 obj 3587 endobj 52 0 obj << /Type /Page /Parent 46 0 R /Resources << /Font << /F1 6 0 R /F2 7 0 R >> /ProcSet 2 0 R >> /Contents 53 0 R >> endobj 56 0 obj << /Length 57 0 R >> stream )Tj ET BT 90.125 653.75 TD (Neither the domestic economy nor the international economy is a zero-sum game, where)Tj ET BT 90.125 640 TD (some must lose what others win. The first case is called a \322shortage\323 and the)Tj ET BT 90.125 570.75 TD (second is called a \322surplus\323 \320 but both depend on existing prices. )Tj ET BT 90.125 432 TD (Some economists, including Nobel Prize winner Milton Friedman, have argued that it)Tj ET BT 90.125 418.25 TD (was precisely government policies that kept the economy from recovering as quickly as it)Tj ET BT 90.125 404.5 TD (had before, when left alone. Or indeed fathers. Thomas Sowell (/ s oʊ l /; born June 30, 1930) is an American economist, social theorist, and senior fellow at Stanford University's Hoover Institution.. Born in North Carolina, Sowell grew up in Harlem, New York.He dropped out of Stuyvesant High School and served in the Marine Corps during the Korean War.Upon returning to the United States, Sowell enrolled at Harvard … The universal credit may mean part-time workers, such as working mothers and students don’t need to supplement income by working part-time, reducing the flow of temporary part-time workers. )Tj ET BT 90.125 598.5 TD (The massive infusion of foreign capital contributed to making the United States the)Tj ET BT 90.125 584.5 TD (leading industrial nation by 1913, when it produced more than one-third of all the)Tj ET BT 90.125 570.75 TD (manufactured goods in the world. Hence it is not at all surprising that the long)Tj ET BT 90.125 598.5 TD (prosperity of the U.S. economy in the 1990\325s was accompanied by record levels of)Tj ET BT 90.125 584.5 TD (international deficits and debts. Think about the polluter pays principle. )Tj ET BT 90.125 376.75 TD (The Federal Reserve system was established in 1914 as a result of fears of such economic)Tj ET BT 90.125 362.75 TD (consequences as deflation and bank failures. )Tj ET BT 90.125 459.75 TD (The most that a regulatory agency can do is accept what appear to be reasonable)Tj ET BT 90.125 446 TD (production costs and allow the monopoly to make what seems to be a reasonable profit)Tj ET BT 90.125 432 TD (over and above such costs. )Tj ET BT 90.125 640 TD (Another example is when the Supreme Court in 1966 broke up a merger between two)Tj ET BT 90.125 626 TD (shoe companies that would have given the new combined company less than 7% of the)Tj ET BT 90.125 612.25 TD (shoe sales in the United States. It would certainly help people like myself who are disabled and find it very difficult to get work. The coordination of)Tj ET BT 90.125 307.5 TD (knowledge within the organization is a big a problem as it is in the economy. It should hardly be surprising that people who specialize in one)Tj ET BT 90.125 85.75 TD (phase can do that phase better than others. 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (17)Tj ET BT 90.125 709.25 TD (he wishes. )Tj ET BT 90.125 584.5 TD (With an interest rate of 5% being available in the economy as a whole, it would not pay)Tj ET BT 90.125 570.75 TD (you to bid more than $9,523.81 for a $10,000 bond that matures a year from now. There may be time delays in receiving benefits. When building a)Tj ET BT 90.125 487.5 TD (beer brewery, construction costs are about one-third less per barrel of beer when the)Tj ET BT 90.125 473.75 TD (brewery\325s capacity is 4.5 million barrels per year than when its capacity is 1.5 million)Tj ET BT 90.125 459.75 TD (barrels. When you can\325t buy)Tj ET BT 90.125 418.25 TD (anything with money, it becomes just useless pieces of paper or useless metal disks. Like now, for instance.\))Tj ET BT /F2 12 Tf 90.125 127.25 TD (Running a restaurant or a manufacturing company. This is what economists call \322economies of scale.\323)Tj ET BT 90.125 362.75 TD (But, there comes a point, in every industry, beyond which the cost of producing a unit of)Tj ET BT 90.125 349 TD (output no longer declines as the amount of production increases. Among other things, this means that people)Tj ET BT 90.125 113.5 TD (who saved money in the \32460s had four-fifths of its value silently stolen from them over)Tj ET BT 90.125 99.5 TD (the next three decades. He can sell the land six months later and go live in the Bahamas if)Tj ET endstream endobj 57 0 obj 3592 endobj 55 0 obj << /Type /Page /Parent 46 0 R /Resources << /Font << /F1 6 0 R /F2 7 0 R >> /ProcSet 2 0 R >> /Contents 56 0 R >> endobj 59 0 obj << /Length 60 0 R >> stream It could do this because it kept its costs lower and the resulting)Tj ET BT 90.125 529 TD (lower prices attracted vast numbers of customers. This all added up to fewer)Tj ET BT 90.125 362.75 TD (trips to the grocery store with larger purchases each time. )Tj ET BT /F2 12 Tf 90.125 501.5 TD (Money & the Banking System)Tj ET BT 90.125 473.75 TD (The Role of Money)Tj ET BT /F1 12 Tf 90.125 446 TD (Everyone wants money, but there have been particular times in particular countries when)Tj ET BT 90.125 432 TD (no one wanted money, because they considered it worthless. )Tj ET BT /F2 12 Tf 90.125 127.25 TD (Predatory Pricing)Tj ET BT /F1 12 Tf 90.125 113.5 TD (A popular fallacy that has become part of the tradition of anti-trust law is Predatory)Tj ET BT 90.125 99.5 TD (Pricing. )Tj ET BT 90.125 265.75 TD (International trade is necessary for many countries to achieve economies of scale that will)Tj ET BT 90.125 252 TD (enable them to sell at competitive prices. )Tj ET BT /F2 12 Tf 90.125 653.75 TD (Winners & Losers)Tj ET BT /F1 12 Tf 90.125 626 TD (Whatever the merits or demerits of various political proposal, what must be kept in mind)Tj ET BT 90.125 612.25 TD (when evaluating them is that the good fortunes and misfortunes of different sectors of the)Tj ET BT 90.125 598.5 TD (economy may be closely related as cause and effect - and that preventing bad effects)Tj ET BT 90.125 584.5 TD (may prevent good effects. A high rate of return provides incentives for people to save and invest)Tj ET BT 90.125 321.25 TD (more than they would at a lower rate of return. By and large, those with guarantees receive)Tj ET BT 90.125 473.75 TD (less money than those who take their chances. )Tj ET BT 90.125 543 TD (McDonald\325s not only has to meet the standards set by the government, it has to meet the)Tj ET BT 90.125 529 TD (standards set by the competition of Wendy\325s and Burger King. )Tj ET BT 90.125 349 TD (Some people consider it a valid criticism of corporations that they are \322just in business to)Tj ET BT 90.125 335 TD (make profits.\323 By this kind of reasoning, workers are just working to earn their pay. The German government had, in)Tj ET BT 90.125 321.25 TD (effect, stolen virtually everything they owned by the simple process of keeping more than)Tj ET BT 90.125 307.5 TD (1700 printing presses running day and night, printing money. For instance, how many Third World children could be)Tj ET BT 90.125 168.75 TD (vaccinated against fatal diseases with the money that is spent saving Mono Lake or)Tj ET BT 90.125 155 TD (preserving a historic building? )Tj ET BT 90.125 556.75 TD (Neither the speculator nor the farmer knows what the prices will be when the crop is)Tj ET BT 90.125 543 TD (harvested. Refrigerators and freezers now made it possible to)Tj ET BT 90.125 376.75 TD (stock up on perishable items like meat and dairy products. Others cut back, while)Tj ET BT 90.125 265.75 TD (others stop entirely and/or switch to another fruit. )Tj ET BT 90.125 279.75 TD (For most of its history, the United States has been a debtor nation\321and has likewise had)Tj ET BT 90.125 265.75 TD (the highest standard of living in the world. who merely collected rent from the actual tillers of the soil without … US Steel)Tj ET BT 90.125 515.25 TD (stock went from 261 3/4 to 21 1/4 and GE fell from 396 1/4 to 70 1/4. With half the)Tj ET BT 90.125 515.25 TD (country\325s resources being used to produce military equipment and supplies, civilian)Tj ET BT 90.125 501.5 TD (goods will become scarcer just as money becomes more plentiful. The greatly)Tj ET BT 90.125 168.75 TD (reduced money supply of 1932 was incapable of buying the amount of output that had)Tj ET BT 90.125 155 TD (been produced during the boom years that ended in 1929. Vol. But their)Tj ET BT 90.125 321.25 TD (payments to Microsoft and other American companies for their services are not counted)Tj ET BT 90.125 307.5 TD (in the international balance of trade, since trade includes only goods. Supports people who fulfil socially beneficial tasks. )Tj ET BT 90.125 501.5 TD (It means artificially keeping prices higher than they would be in the absence of)Tj ET BT 90.125 487.5 TD (government intervention, so that companies with higher costs of doing business can)Tj ET BT 90.125 473.75 TD (survive. Part of the value of his wealth today consists of the value of food that has not)Tj ET BT 90.125 695.5 TD (yet been grown \320 and which will be eaten by children who have not yet been born. )Tj ET BT 90.125 390.5 TD (In a price coordinated economic system that shares its resources, those who want to use)Tj ET BT 90.125 376.75 TD (wood to produce furniture, for example, must bid against those who want to use it to)Tj ET BT 90.125 362.75 TD (produce houses, paper or baseball bats. )Tj ET endstream endobj 86 0 obj 3588 endobj 83 0 obj << /Type /Page /Parent 84 0 R /Resources << /Font << /F1 6 0 R >> /ProcSet 2 0 R >> /Contents 85 0 R >> endobj 88 0 obj << /Length 89 0 R >> stream )Tj ET BT 90.125 349 TD (The fallacy of composition is not peculiar to economics. ― Thomas Sowell, Basic Economics: A Citizen's Guide to the Economy. 2 ISSN 1239-2685 . 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (42)Tj ET BT 90.125 709.25 TD (Brand names are not guarantees. )Tj ET BT 90.125 362.75 TD (But, from the standpoint of the national economy as a whole, money is not wealth. A hotel)Tj ET BT 90.125 640 TD (with a Hyatt Regency sign out front is likely to charge you more for the same size and)Tj ET BT 90.125 626 TD (quality of room, and accompanying service, than you would pay for the same things in)Tj ET BT 90.125 612.25 TD (some locally\321run independent hotel if you knew where to look. Modern banks do more than)Tj ET BT 90.125 390.5 TD (simply transfer cash. Once they had established a vault, or)Tj ET BT 90.125 321.25 TD (other secure storage place, other people often stored their own gold with the goldsmith,)Tj ET BT 90.125 307.5 TD (rather than take on the cost of creating their own secure storage facility. Opponents of free trade try to)Tj ET BT 90.125 141 TD (depict it as harmful and to appeal to a sense of \322us\323 against \322them\323 as if other countries)Tj ET BT 90.125 127.25 TD (are in some way making Americans worse off by selling them things that they want to)Tj ET BT 90.125 113.5 TD (buy. )Tj ET BT 90.125 265.75 TD (During the era before the First World War, when Germany had colonies in Africa, only 4)Tj ET BT 90.125 252 TD (of its 22 enterprises with cocoa plantations there paid dividends, as did only 8 of 58)Tj ET BT 90.125 238 TD (rubber plantations and only 3 out of 49 diamond mining companies. However, as stated previously, due to the excessive real estimate investment, the economy of Dubai deteriorated in 2008 (Brach and Loewe, 2010). )Tj ET BT 90.125 667.75 TD (Property rights matter economically because of the incentives they create and the)Tj ET BT 90.125 653.75 TD (consequences of those incentives for people\325s behavior. In 1953 he became the first to use the phrase "basic income." )Tj ET BT 90.125 238 TD (A government agency, however, faces no such pressure. )Tj ET BT 90.125 653.75 TD (During WWII, for example, American production of automobiles stopped, so that)Tj ET BT 90.125 640 TD (factories which normally produced cars could instead produce tanks, planes and other)Tj ET BT 90.125 626 TD (military equipment. It is a way of depriving governments of the power to)Tj ET BT 90.125 265.75 TD (expand the money supply to inflationary levels. )Tj ET BT 90.125 404.5 TD (Those businesses, which have the greatest amount of knowledge and come closest to the)Tj ET BT 90.125 390.5 TD (optimal size of inventory, will have their profit prospects enhanced. Money for nothing. It is the hope for profits and the threat of losses that force a)Tj ET BT 90.125 626 TD (business owner in a capitalist economy to produce at the lowest cost and sell what the)Tj ET BT 90.125 612.25 TD (customers are willing to pay for it. )Tj ET BT 90.125 196.5 TD (Henry Ford continued producing the same standard model car year after year, all painted)Tj ET BT 90.125 182.75 TD (black. We encourage and welcome qualified applicants regardless of disability, sexual orientation, gender identity/expression, age, religion, and ethnicity” (2017 ORAOHRA, as amended and RA 10524). A country\325s total output consists of both goods and services\321houses and)Tj ET BT 90.125 432 TD (haircuts, sausage and surgery\321but the international trade balance consists only of)Tj ET BT 90.125 418.25 TD (physical goods that move. )Tj ET BT /F2 12 Tf 90.125 182.75 TD (The High-Wage Fallacy)Tj ET BT /F1 12 Tf 90.125 168.75 TD (In a prosperous country such as the United States, a fallacy that sounds very plausible is)Tj ET BT 90.125 155 TD (that American goods cannot compete with goods produced by low-wage workers in)Tj ET BT 90.125 141 TD (poorer countries. )Tj ET endstream endobj 15 0 obj 3944 endobj 13 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F1 6 0 R /F2 7 0 R >> /ProcSet 2 0 R >> /Contents 14 0 R >> endobj 17 0 obj << /Length 18 0 R >> stream These)Tj ET BT 90.125 168.75 TD (reasons may be due to climate, geography, or the mixture of skills in their respective)Tj ET BT 90.125 155 TD (populations. )Tj ET BT 90.125 349 TD (Some people might become alarmed if they were told that the bank in which they keep)Tj ET BT 90.125 335 TD (their life\325s savings was going deeper and deeper into debt every year. )Tj ET BT 90.125 168.75 TD (Under stringent rent control and tenants rights laws in Hong Kong, landlords were known)Tj ET BT 90.125 155 TD (to sneak into their own buildings late at night and vandalize the premises, in order to)Tj ET BT 90.125 141 TD (make them less attractive or even unlivable, so that tenants would move out and the)Tj ET BT 90.125 127.25 TD (empty building could then be torn down legally, to be replaced by something more)Tj ET BT 90.125 113.5 TD (lucrative as commercial or industrial property. One of the ways of dealing with)Tj ET BT 90.125 265.75 TD (this uncertainty is to prepare alternative courses of action. The citizen’s income would replace all benefits except disability and housing benefit. Only, this is never done in a vacuum. The piano dealer must)Tj ET BT 90.125 252 TD (charge a higher percentage markup on the sale of each piano than a supermarket charges)Tj ET BT 90.125 238 TD (on each loaf of bread, if the piano maker is to make the same annual percentage rate of)Tj ET BT 90.125 224.25 TD (return on a $10,000.00 investment. They will now put there money in other high rate of profit opportunities)Tj ET BT 90.125 432 TD (until those, too come back to reality)Tj ET BT 90.125 404.5 TD (Let\325s say there was a monopoly in the production of cranberry juice. )Tj ET BT 90.125 127.25 TD (Brand Names)Tj ET 90 125.75 65.75 0.5 re f BT 90.125 99.5 TD (Brand names are another way of economizing on scarce knowledge. )Tj ET BT 90.125 376.75 TD (Return on Investment & Return on Sales)Tj ET BT /F1 12 Tf 90.125 349 TD (A store that sells pianos undoubtedly makes a higher percentage profit on each sale than a)Tj ET BT 90.125 335 TD (supermarket makes selling bread. Reduces need for the governments controversial current tests and sanctions related to evidence of work-search activity. 0.25 w BT /F1 12 Tf 510.125 39 TD 0 Tc 0 Tw (45)Tj ET BT 90.125 709.25 TD (they can avoid losses by getting government subsidies, tariffs and restrictions against)Tj ET BT 90.125 695.5 TD (imports, or domestic laws that stifle competition in various agricultural products, they)Tj ET BT 90.125 681.5 TD (will do so. Both countries gained for the same reasons that countries)Tj ET BT 90.125 473.75 TD (have gained from international trade for centuries\321absolute advantage and comparative)Tj ET BT 90.125 459.75 TD (advantage. The problem with higher income taxes is that it could lead to disincentives to work. )Tj ET BT 90.125 598.5 TD (A prosperous country usually has a greater abundance of capital and, because of supply)Tj ET BT 90.125 584.5 TD (and demand, capital tends to be cheaper than in poorer countries where capital is scarcer)Tj ET BT 90.125 570.75 TD (and earns a correspondingly higher rate of return. International trade is not a contest, despite talk about who \322wins\323 or)Tj ET BT 90.125 598.5 TD (\322loses\323 in this trade. The answer is Supply and Demand. 432 Likes, 4 Comments - George Mason University | GMU (@georgemasonu) on Instagram: “"As a freshman at Mason, I had difficulties being on my own for the first time.