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

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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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This note was uploaded on 02/25/2010 for the course MAT 443 taught by Professor Roberts during the Winter '10 term at Arizona.

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