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Council for Economic Education

Council for Economic Education

Business Economics | Introduction to Basic Economics Economics For Teachers | Economics For Students | Teaching Economics | RFE The Stock Market Game My Education Blog Georgia Council on Economic Education Καλώς ήρθατε στην Ε.Ο.Ε.Δ.Ε. ΕΝΩΣΗ ΟΙΚΟΝΟΜΟΛΟΓΩΝ ΕΚΠΑΙΔΕΥΤΙΚΩΝ Δ.Ε. ΜΑΚΕΔΟΝΙΑΣ - ΘΡΑΚΗΣ Textbook Economics: If all the countries in the world are in debt, where did all the money go?, Political News by Terence White, Politics On Toast The answer is simple. To master this concept however, we must look at human nature’s gift of rationality. We must remember that consumers are more cautious around high prices, whether prices have risen because of taxes, inflation or even interest rates when taking out loans. This is because consumers both a) want more for less, and b) don’t like getting ripped off. Friedrich Augustus Hayek identified a fundamental point with interest rates. Where lower interest rates mean lower prices, consumers may jump the gun and purchase loans and credit irrationally. The next place to look would be at less industrialised nations, economies requesting bailouts, and Less Economically Developed Countries (LEDC’s). This part of the answer is similar to a spoilt child who gets his five pounds weekly pocket money without fail. The incentives for the UK, France, Germany and so on to bail out the nations mentioned earlier are understandable. Another area of study in this arena is the Third World.

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Economy of Greece A developed country, the economy of Greece mainly revolves around the service sector (80.6%) and industry (16%), while agriculture made up an estimated 3.4% of the national economic output in 2012.[4] Important Greek industries include tourism and shipping. The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 15.17% of global deadweight tonnage as of 1 January 2013.[31] With 15.5 million international tourist arrivals in 2012, Greece was the seventh most visited country in the European Union and sixteenth in the world.[32] The country is also a significant agricultural producer within the EU. Greece is classified as an advanced,[38] high-income economy,[39] and was a founding member of the Organisation for Economic Co-operation and Development (OECD) and the Organization of the Black Sea Economic Cooperation (BSEC). History[edit] Strengths and weaknesses[edit] GDP growth rates of the Greek economy between 1961 and 2010. Eurozone entry[edit]