• Card 14 / 25: Does economics assume that people act in isolation from the rest of society?

    Answer:
    No, the point of studying Robinson Crusoe is simply to keep the analysis as simple as possible for the student. In the next part of the book, we will explain the operation of a market economy, which is composed of many people. However, the same principles that apply to Crusoe also apply to individuals in a market—the presence of other people is simply another feature of the environment, as it were.

  • Keyboard Shortcuts

    Previous Card ← Previous Card Button
    Next Card → Next Card Button
    Flip Card Space-Bar
<< First < Previous Next > Last >>

Get Jobilize Job Search Mobile App in your pocket Now!

Get it on Google Play Download on the App Store Now
Interactive Question Test Home Page
https://www.jobilize.com/economy-foundations-test-by-dr-robert-murphy-mises-institute

Economy Foundations

Access: Public Peer Review

Attribution:  Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
Flash Cards plugin by Curtis Blackwell github.com/curtisblackwell/flash_cards
Google Play and the Google Play logo are trademarks of Google Inc.
Ask
Copy and paste the following HTML code into your website or blog.
<iframe src="https://www.jobilize.com/embed/economy-foundations-test-by-dr-robert-murphy-mises-institute" width="600" height="600" frameborder="0" marginwidth="0" marginheight="0" scrolling="yes" style="border:1px solid #CCC; border-width:1px 1px 0; margin-bottom:5px" allowfullscreen webkitallowfullscreen mozallowfullscreen> </iframe>