What is Scarcity of Resources?
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\ Children's Literature\ - Marilyn Courtot\ According to Cohen, economics is not just dollars and cents; "economics measures what people will do as they make choices on how to use resources." There are goods—tangible items like food, TV sets, and cars, and services like those provided by a waitress, a TV repair person, or a mechanic. In the past, people traded one thing for another. Later, money was created and given a value. One interesting fact Cohen tells is that there are two systems of exchange: traditional markets where sellers compete and prices sort themselves out and command markets where the government controls the flow of goods and services. What is involved in the cycle of creating a product reveals that labor is one of the most expensive parts of production. There is an explanation of gross domestic product and what impacts it. "Fact Boxes" offer tidbits such as "to cure a recession, economists change the money supply—increasing its availability." Cohen explains microeconomics and macroeconomics. Charts and graphs help to explain further some of the concepts. Some kids may be surprised to learn that one in four U. S. children now lives below the poverty line. How can these economic inequities be resolved, and how can we wisely use our resources to the benefit of all? The author provides thoughts to ponder in this most challenging book of the "Economics in Action" series. Reviewer: Marilyn Courtot\ \
