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Economics
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Personal finance skills have the most significant impact on an individual’s:

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Joshua Stredder
Joshua StredderLv10
17 Mar 2021

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Related questions

The ________ effect focuses on the influence of the group majority on an individual’s judgment.

Suppose that there is a rural community with a lake, where everyone’s economic activity is fishing. Everyone in that community has more or less the same fishing equipment (boats, rods, etc.), the same fishing skills (knowledge about fishing), and the same luck catching the fish. All of the individual’s well-being depends on the quantity of fish they catch from the lake and then sell on the city. The price at which the fish is sold is not controlled by the fishermen but rather determined by the market. In this context, the only way in which a single fisherman could out-compete another fisherman would be by fishing for longer hours and catching a larger quantity of fish. If the incentive for an individual fisherman is to fish larger quantities, then at some point the rate of reproduction of the fish is smaller than the rate of fishing, potentially depleting them.

Explain the problem with the incentive to out-compete other fishermen by continuing to fish more and more.

What evidence could indicate the problem you observed in 1?

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Indicate the possible solution for the problem listed on 1. What could you suggest? What is your solution, based on a reasonable argument?

What are the implications and outcomes of your argument? Did you choose the right argument? If yes/no why?

Today the United States has unemployed people who began as cyclically unemployed during the recession but have since become structurally unemployed because their skills have become obsolete. How important is the idea of remaining up-to-date on training and skills in the workforce? Is there a certain industry that requires skills to be current?

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