
Economics
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Scarcity
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Standard of living
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Unlimited wants but limited resources
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Opportunity Cost
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Consumers, producers, workers, savers, investors respond to incentives for allocation
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Incentives, both positive and negative incentives affect people’s choices and behavior
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Economics Growth, Open markets, Rule of Law, Property Rights, Entrepreneurship
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Marginal decision making
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Marginal benefit > marginal cost better off
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Allocation mechanisms
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Distribute goods and services by prices, command, majority rule, contests, force,
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Gains from voluntary trade
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Voluntarily exchange goods and services expect to be better off after the exchange
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Free trade increases worldwide material standards of living
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Markets
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Role of competition
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The price system
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Role of government:
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Public choice
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Income and productivity
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Investment
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Unemployment
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Profit and the entrepreneur
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Costs and benefits of government programs
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Role of money
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Role of interest rates
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Unemployment and inflation
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Monetary and fiscal policy
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Gains from voluntary trade
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Specialization and trade