Part 1

Transcriber’s Note: Italics are enclosed in underscores. Additional notes will be found near the end of this ebook.

The Basic Facts of Economics

A COMMON-SENSE PRIMER FOR ADVANCED STUDENTS

By LOUIS F. POST

Author’s Edition

WASHINGTON, D. C. 2513 TWELFTH STREET, N. W. 1927

Price Fifty Cents

Copyright, 1927, by LOUIS F. POST

PRESS OF COLUMBIAN PRINTING CO., INC.

BINDING BY GEO. A. SIMONDS & CO. WASHINGTON, D. C.

Accurate Observation and Clarity of Thought are the Prime Requisites of Economic Study

PUBLICATION COMMITTEE

ANDREW P. CANNING, Chairman, Chicago, Ill.

JAMES H. BARRY, San Francisco, Calif.

GEORGE A. BRIGGS, Los Angeles, Calif.

MRS. EDWARD O. BROWN, Chicago, Ill.

EDMUND VANCE COOKE, Cleveland, Ohio.

STOUGHTON COOLEY, Los Angeles, Calif.

OTTO CULLMAN, Chicago, Ill.

MRS. ANNA GEORGE DE MILLE, New York City.

JAMES H. DILLARD, Charlottesville, Va.

ROBERT E. GRAVES, Chicago, Ill.

ANGELINE LOESCH GRAVES, Chicago, Ill.

WILLIAM C. HARLLEE, Washington, D. C.

LEWIS J. JOHNSON, Cambridge, Mass.

FENTON LAWSON, Cincinnati, Ohio.

WILEY WRIGHT MILLS, Chicago, Ill.

C. L. MOULTON, Glen Ellyn, Ill.