PHL 221 CRITICAL THINKING
SECOND MIDTERM STUDY GUIDE
Part 2

What is economics? Why are efficiency gains such an important part of economics? What point is Bastiat trying to make in his "Petition of the Candlestick Makers?" What argument type is he employing? Why are some of the reasons imported goods are often cheaper than domestically produced goods?

What is the broken window fallacy? What are some of the "unseen" effects of government policies?

What does economist Joseph Schumpeter mean by "creative destruction"? Why is it a crucial and inherent part of economic progress? According to information presented in class, does automation destroy jobs and put a damper on the economy? Why or why not? What is UBI and how is it related to robotics?

Why are large corporations and chain stores often more efficient than small, local ones? How can local stores still compete?