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Ten Principles of Economics - Part 51

Ten Principles of Economics - Part 51. Economics is the study of how society manages its scarce resources. In most societies, resources are allocated not by a single central planner but through the combined actions of millions of households and firms. Economists therefore study how people make decisions: how much they work, what they buy, how much they save, and how they invest their savings. Economists also study how people interact with one another. | CHAPTER 23 MEASURING THE COST OF LIVING 517 names price-taker Mary Ann Latter squints at a sale sign above an ivory shell blouse. Save 45 -60 when you take an additional 30 off permanently reduced merchandise. Markdown taken at register the sign says. Confused Ms. Latter asks a clerk to scan the item. There is a pause. It s 30 percent off she says just before the lunch-hour rush. I know Ms. Latter says but can you scan it just to make sure Under her breath she mumbles So helpful. Downstairs in the jewelry department Ms. Latter tries to price the one 18-inch silver necklace left but there is no tag. Do I have to look it up now moans the employee behind the counter. Ms. Latter watches her wait on several customers then asks again Could you find it The harried saleswoman throws on the counter a thick notebook with a dizzying array of jewelry sketches. Ms. Latter finally locates a silver weave that looks about right. When the exact item can t be found price-takers must substitute. That can be difficult. Consider a haircut If the stylist leaves his fill-in must have about the same experience a newer stylist for example might charge less. This frigid winter afternoon Ms. Latter needs to substitute a coat because clothing items rarely remain on the racks for more than a couple months. It must be a lightweight swing coat of less than half wool. After digging through heavy winter wear trying to locate tags in three departments on two floors she gives up. It is off season anyway so she will have to wait months to choose a substitute. Making it harder for price detectives to grasp the true cost of living is that the master list of 207 categories they price called the market basket is updated only once every ten years. Cellular phones Too new to be priced because they don t fit into any of the categories set up in the 1980s. They probably will be included when the new categories arrive next year . Some changes within these categories are made every five years. So within new .