More useful, more practical, and more informative, these study aids are the best review books and textbook companions available.
Perfect for undergraduate and graduate studies.Here in this highly useful reference is the finest overview of economics currently available, with hundreds of economics problems that cover everything from fundamental economic concepts to the capitalist economy and business cycles.
Each problem is clearly solved with step-by-step detailed solutions.
DETAILS - The PROBLEM SOLVERS are unique - the ultimate in study guides.- They are ideal for helping students cope with the toughest subjects.- They greatly simplify study and learning tasks.- They enable students to come to grips with difficult problems by showing them the way, step-by-step, toward solving problems.
Diseconomics of ScaleProduction Methods and Input Combination DecisionsProduction Possibilities CurveShort Answer Questions for ReviewChapter 23: Wage DeterminationWages and Labor Market EquilibriumWages and Labor ProductivityThe Minimum WageWage DifferentialsSupply Curve of LaborThe UnionShort Answer Questions for ReviewChapter 24: Pricing of Factor Inputs: Land and Other ResourcesDemand for Factors: A Derived DemandTransfer Earnings, Rent and CostsFactor Pricing and EfficiencyProfits and the Role of Taking RisksDecisionsLiquidity of an AssetShort Answer Questions for ReviewChapter 25: Theory of Comparative AdvantageBasic Concepts of International TradeComparative AdvantageShort Answer Questions for ReviewChapter 26: Protective Tariffs, Quotas, and Free TradeRationale for ProtectionTariffs and QuotasRegional Economic IntegrationFree TradeShort Answer Questions for ReviewChapter 27: Balance of PaymentsDefinition and Basic ConceptsDepreciation vs.
Despite the publication of hundreds of textbooks in this field, each one intended to provide an improvement over previous textbooks, students of economics continue to remain perplexed as a result of numerous subject areas that must be remembered and correlated when solving problems.
Various interpretations of economics terms also contribute to the difficulties of mastering the subject.In a study of economics, REA found the following basic reasons underlying the inherent difficulties of economics:No systematic rules of analysis were ever developed to follow in a step-by-step manner to solve typically encountered problems.
This results from numerous different conditions and principles involved in a problem that leads to many possible different solution methods.
To prescribe a set of rules for each of the possible variations would involve an enormous number of additional steps, making this task more burdensome than solving the problem directly due to the expectation of much trial and error.Current textbooks normally explain a given principle in a few pages written by an economics professional who has insight into the subject matter not shared by others.
Explanations then are often not sufficiently detailed or extensive enough to make the reader aware of the wide range of applications and different aspects of the principle being studied.
The numerous possible variations of principles and their applications are usually not discussed, and it is left to the reader to discover this while doing exercises.
Accordingly, the average student is expected to rediscover that which has long been established and practiced, but not always published or adequately explained.The examples typically following the explanation of a topic are too few in number and too simple to enable the student to obtain a thorough grasp of the involved principles.
The explanations do not provide sufficient basis to solve problems that may be assigned for homework or given on examinations.Poorly solved examples such as these can be presented in abbreviated form which leaves out much explanatory material between steps, and as a result requires the reader to figure out the missing information.
Such practice only strengthens understanding by simplifying and organizing economics processes.Students can learn the subject only by doing the exercises themselves and reviewing them in class, obtaining experience in applying the principles with their different ramifications.In doing the exercises by themselves, students find that they are required to devote considerable more time to economics than to other subjects, because they are uncertain with regard to the selection and application of the theorems and principles involved.
It is also often necessary for students to discover those "tricks" not revealed in their texts (or review books) that make it possible to solve problems easily.
Students must usually resort to methods of trial and error to discover these "tricks," therefore finding out that they may sometimes spend several hours to solve a single problem.When reviewing the exercises in classrooms, instructors usually request students to take turns in writing solutions on the boards and explaining them to the class.
Students often find it difficult to explain in a manner that holds the interest of the class, and enables the remaining students to follow the material written on the boards.
The remaining students in the class are thus too occupied with copying the material off the boards to follow the professor's explanations.This book is intended to aid students in economics overcome the difficulties described by supplying detailed illustrations of the solution methods that are usually not apparent to students.
Solution methods are illustrated by problems that have been selected from those most often assigned for class work and given on examinations.
The problems are illustrated with detailed, step-by-step explanations, to save the students large amounts of time that is often needed to fill in the gaps that are usually found between steps of illustrations in textbooks or review/outline books.The staff of REA considers economics a subject that is best learned by allowing students to view the methods of analysis and solution techniques.
This learning approach is similar to that practiced in various scientific laboratories, particularly in the medical fields.In using this book, students may review and study the illustrated problems at their own pace; students are not limited to the time such problems receive in the classroom.When students want to look up a particular type of problem and solution, they can readily locate it in the book by referring to the index that has been extensively prepared.