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    People Face Trade Offs

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    Daneyal Mirza'
    The document describes interactions between different economic agents. It shows how the invisible hand influences market power, externalities, and the market to act in their own self-interest through bribery. The government then enters and regulates the market by punishing the invisible hand, empowering the market, and internalizing externalities. This leads to improved market outcomes. The document also contrasts a productive and unproductive worker, showing how work ethic impacts living standards. It concludes that a country's standard of living depends on its production ability.

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    People Face Trade Offs

    Uploaded by

    Daneyal Mirza'
    67 views2 pages
    The document describes interactions between different economic agents. It shows how the invisible hand influences market power, externalities, and the market to act in their own self-interest through bribery. The government then enters and regulates the market by punishing the invisible hand, empowering the market, and internalizing externalities. This leads to improved market outcomes. The document also contrasts a productive and unproductive worker, showing how work ethic impacts living standards. It concludes that a country's standard of living depends on its production ability.

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    People face trade offs

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    The document describes interactions between different economic agents. It shows how the invisible hand influences market power, externalities, and the market to act in their own self-interest through bribery. The government then enters and regulates the market by punishing the invisible hand, empowering the market, and internalizing externalities. This leads to improved market outcomes. The document also contrasts a productive and unproductive worker, showing how work ethic impacts living standards. It concludes that a country's standard of living depends on its production ability.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    67 views2 pages

    People Face Trade Offs

    Uploaded by

    Daneyal Mirza'
    The document describes interactions between different economic agents. It shows how the invisible hand influences market power, externalities, and the market to act in their own self-interest through bribery. The government then enters and regulates the market by punishing the invisible hand, empowering the market, and internalizing externalities. This leads to improved market outcomes. The document also contrasts a productive and unproductive worker, showing how work ethic impacts living standards. It concludes that a country's standard of living depends on its production ability.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    of 2

    c Ê

    
      
    ~Ê Ã Uff!! Exams are so near, I have to cram two big books ..Damn... Its hell off a task for
    my poor little mind.
    ~Ê Ã hey! Do u know.. What do I have here?? ( hiding expression )
    ~Ê Ã  huh as if I care! ( tired n exhausted )
    ~Ê Ã  movie tickets for ur girls movie ͙ urur... ur.angelinajolie!!
    ~Ê Ã (excitedly) no way!! Really!! Butbutbut ͙ I need to study man ͙. Though even I study
    now ill be haunted by my lovely Angelina! What should I do?? Exams!!... Or my ever green
    Angelina!

    º 
     that͛s it!! We should always remember that there is no such thing as free lunch͙ to get one
    thing we like... We must give up another thing we need.. In this case his so called ever green Angelina!!
    Thus making decisions require trading off one goal to another.

     Ê   
     
     
    ~Ê ÿ ñ (asking a shopkeeper) what the price of sugar sir ?
    ~Ê    its 80 rs per kg
    ~Ê ÿ okay(itha smile) ..(Talking to him) damn its way too expensive! (Talking to him)
    hmmm..ohhh leave the sugar ! cuz it leads to diabetes..
    ~Ê   okaysir!
    ~Ê ( people talking to each another that ͙ u kno the price of sugar has gone don by 5 rs its
    75 rs per kg )
    ~Ê ÿ ( talks to himself ) hmmm .. 75 per kg ͙ ahh.. I should take it ͙ hmm nahh ! I surely
    don͛t want to die of a sugar disease )
    ~Ê ( people talking again /͙ u must be mistaken .. the real authentic price is no 60 rs per kg )
    ~Ê ÿ wat!! Really!Then do hell with the diabetes..im not dying before taking sugar this
    cheap ( talking to shopkeeper )can I have sum sugar 60 rs sugar these guys were talking
    about ?? plzzzzzzzzzzzz!!

    º 
     did u see?? how this common man got influenced by incentives! The different responses
    he gave.. Were all bcuz of different incentives offered to him. So people do respond to incentives!
    ] ÊV 
      
       
    
     
    ~Ê ( three people on stage . market , externality and market poer )
    ~Ê (invisible hand enters .. take bribe from market poer and say m
    
        
        
    ~Ê ( den invisible hand goes to externality ) and says 
    
      
         
    ~Ê ( den invisible hand goes to market and says ͞ and      

     
    slaps the market ) market man adds a card saying ͞ failure ͞ !!
    ~Ê ( invisible hands says to marketm   
         
    
       
    ~Ê ( suddenly government enters .. and saysm  
    mslaps the invisible hand
    makes it run aay.. and give the market poer a card saying ..     
    
       m  
    ~Ê ( and give externality a card saying ..          m   
     
    ~Ê Œnd snatches the card of failure from market and makes it smile m
     
      

    º 
     so it concludes that government can sometimes surely improve market outcomes!!
    6 ʌ 
     
        
    
    
    
             
    ~Ê ( to orkers orking .. named ͙ productive Œussie orker and un productive paki orker
    and den      
     
    ~Ê Œu knowI ve made 3 air conditioners today !!
    ~Ê  hmmm͙. Yawning ͙ hmm.. I barely made a single fan ..hope it works fine !!
    ~Ê Œhaha ..that was expected ov u !! sleepy fellow !!
    ~Ê  I better go home n sleep ͙( ignoring the aussie !)
    ~Ê ( anaussie man took the ac home and is enjoying it cold air n saying ͞   
    
              
    ~Ê ( an paki took the fan home .. n it stopped hile orking !.. n he says   
          
            !

    º 
     ëAëA ! .. u can clearly see.. Sluggish workers leads to sluggish living standard and fast
    and pacy workers lead to up to the mark standard of living !so it proves that A country͛s standard of
    living depends on its ability to produce goods and services.

    Script by :DaneyalMirza =) CheeRxXxX !!

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