chapter1notes - economy should be like. WHAT OUGHT TO BE...

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Economics: social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity. Positive economics focuses on facts and cause and effect relationships. WHAT IS Normative economics, involves economic policy, which incorporates value judgements about what the
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Unformatted text preview: economy should be like. WHAT OUGHT TO BE law of increasing opportunity costs: as the production of a particular good increases, the opportunity cost of producing an additional unit arises....
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