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Feb 5 2011, 10:32 AM EST
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Change: Moved by Feb 5 2011, 10:32 AM EST
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Aug 12 2010, 12:30 PM EDT
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Change: and "On the next day of trading what is done with the excess coal? Will the price of coal be deflated due to excess supply over demand?demand?"OK, skip forward 7 days. The economy has been restored, the
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Jul 17 2010, 8:24 PM EDT
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Change: Moved by Jul 17 2010, 8:24 PM EDT
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Jun 28 2010, 5:31 AM EDT
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Change: As a people, we require the support of many others to survive and live the way we do (and have done for thousands of years),
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Jun 19 2010, 7:11 PM EDT
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Change: miners opted for the first bullet pointpoint. The community went slightly hungry, but recovered. They then expanded the farmland, increasing the potential amount of food available to 300. However, the amount of farmers available means only 250 can be harvested each day.
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Jun 19 2010, 7:09 PM EDT
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Change: Store half of the coal thus fixing it at the rate of 2:1. 100 food / 50 coal = 2.00 exchange rate. The farmers won't
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Jun 19 2010, 6:56 PM EDT
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Change: Thankfully for you local economies are by far the easiest to manage. The next section is when things start getting rough so please take time reading it and don't be afraid to read sentences multiple times to make sure you understand.The fundamental principle of economics
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Jun 19 2010, 6:52 PM EDT
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Change: There will always be a limited supply; there will always be an infinite demand. All leaders must realise this as they attempt to satisfy the infinite demands of their people.Par example; returning to Average Town each citizen needs 2
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Jun 17 2010, 1:35 PM EDT
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Change: and an averaged size coal reserve. Each day they produce 100 coal units and 200 food units. Each person needs 2 food and 1 coal each day to survive.The town can be described as autarkic.autarkic, which means it is entirely self-sufficient.
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Jun 17 2010, 11:35 AM EDT
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Change: They have a medium sized farm, an averaged size population of 100 people and an averaged size coal reserve. Each day they produce 100 coal units and 200 food units. Each person needs 2 food and 1 coal each day to survive.The town can be described as autarkic.
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Jun 17 2010, 11:27 AM EDT
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Change: fertile land and become farmers. Economics comes into play on several levels here.Local EconomicsLocal economics is economics on a strictly local scale. In other words trade and commerce within one 'state' without any foreign interference.
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Jun 16 2010, 5:22 PM EDT
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Change: some may live near areas of fertile land and become farmers. Economics comes into play on several levels here. MicroeconomicsLocal EconomicsLocal economics is economics on a strictly local scale.
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Jun 16 2010, 5:01 PM EDT
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Change: As stated earlier Economics was one of the oldest sciences for a reason; it was fundamental. As long as there are 2 people on Earth
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Jun 16 2010, 4:13 PM EDT
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Change: Created by Jun 16 2010, 4:13 PM EDT for: no reason given
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