Buy term paper

1.Use your own words to summarize the main idea of the broken window fallacy.
The author masterfully explained the fallacy of the broken window within the chapter two. The situation is quite ordinary. A young hoodlum broke the shop window with the brick and the shop keeper, who failed to catch him, got to pay 50 dollars to glazier for the new window.
The first thing that the reader takes into consideration is that it creates new employment, for the glazier, who will provide the putting of the new glass into the window. But this comes just from the first look, as in fact, there is no new employment created. The shopkeeper actually had different plans for the 50 dollars, for example some new clothing or any other attribute that demonstrates his material status. It turns out that that there is no actual employment creation, as those who would provide for the shop keeper realization of his plans for the money, are left without any work. That is why we can’t speak about any job creation as glazier had the job to make the window, hence tailor or some other craftsmen lost their chance to earn the money the shop keeper planned to spend on the some kind of status thing. That is why the author considers that it does not create any employment and it is essential that none would disagree.

2. Choose three of the economic terms described and defined in the PowerPoint Presentation (starting on slide 18) that you believe have particular application to the chapters. What are they? Describe how each term relates to the chapter.
There were chosen three of the following terms and I consider that they have close connection to the previously described story from Chapter Two. They are:
– Resource
– Cost
– Production
It would be essential to begin with production as it has the most close relation to the story described the chapter two. Production is the center of this story. Show owner sells certain production and the glazier also provides certain production, he put the glass, which young hoodlum broke. And potential provider of certain good, which shop keeper planned to spend money. Every participant of this story except the hoodlum and the mob is a provider of certain service. That is why this term is fully realized within the pages of chapter two.buy term paper
The second important term is Cost. Actually the payment shop keeper has to provide glazier for the service is the cost – 50 dollars actually. These 50 dollars are also very important in this story as the shop keeper planned to spend them on something else than on the glass window. That is why cost is also very important meaning in the story described. The cost is what shop keeper got to sacrifice in order to get the window glass back.
And the last one is resource. The window glass is actually the resource and one of the core participants on the story described in the Chapter two and then put back by glazier becoming the production of the certain service. The resource is also very important meaning for this story as it perfectly illustrates the absence of the employment creation. If the young hoodlum did not broke the window glass then the shop keeper would spend his money on something else
3. Which one of the five “big ideas” referred to in the presentation is represented by the broken window fallacy? Explain.

Speaking about the 5 big ideas (What? How? When? Where? Who?) and their relation to the broken window fallacy I consider that only two of them have close relation to the subject touched in the story.
The first one is What? Window Glass is the right answer. Actually if we do not speak about supposed thing the shop keeper would like to spend his money then the Window Glass is the only good and service that answers the question and actually plays the core role in the story. Window glass is the thing provided by glazier, the thing shop keeper has to spend money he saved and the thing young hoodlum broke. Despite such a close connection. Only the first thing, production of the glazier, has close relation to the five big ideas and actually economy. Hence it would be essential to make a focus on the fact that the window glass is the core thing in this story.
The second question is How? It directly deals with the service the glazier provides, actually putting in the glass instead of the broken one. I have never heard about the machine put of the glasses in the window and referring to the date the book was released I think that it was made manually by glazier himself and cost the shop keeper 50 dollars he wanted to spend on the personal needs or some kind of the status thing. That is why I think that this item closely relates to the working process provided by glazier and how he made the job and got 50 dollars for his work.
4. Give a current example of Henry Hazlitt’s ideas. What lessons can be learned?
Speaking about the Henry Hazlitt’s ideas I think that he perfectly realized the fallacy of the new employment creation. His ideas could be perfectly applied in the contemporary world, especially in the sphere of the small business, where extraordinary needs could happen very often. Some kind of equipment could be broken and even the “help” of the young hoodlum is not necessary and the money saved or kept for something to please yourself or for a holiday are spend on buying new equipment and/ or repairing the old one if it is possible. Instead being new clothing or spending your holiday somewhere abroad you give you money to the technical support. The lesson learned from this story is not something that seem real from the first look could be real in fact. Precise analysis of this situation from the economical point of view perfectly explains how does it work. I think that despite the past years this economical; situation is till acute and such things could be happen almost every day in our life. The lesson learned from this situation teaches us to look deeper in the set situation. Understanding the role of the each participant and look deeper than just on the surface, all this is very important. I think that the situation described in the Chapter Two could teach us primary economical thinking and develop analytical skills, which are really important.

 
References
Hazlitt Henry. Economics in One Lesson. Harper and Brothers Publishers: New York and London, 1946