Chapter 2 - Chapter2 19:44

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Chapter 2 19:44 Economics : The study of how society chooses to employ resources to produce  Macroeconomics : The part of economics study that looks at the operation of a  nations economy as a whole Microeconomics : The part of economics study that looks at the behavior of  people and organizations in particular markets Resource Development : The study of how to increase resources and to create  the conditions that will make better use of those resources Invisible Hand : Describes the process that turns self-directed gain into social  and economic benefits for all Capitalism : An economic system in which all or most of the factors of production  and distribution are privately owned and operated for profit. Under free-market capitalism people have 4 basic rights : 1 . The right to own private property 2.  The right to own a business and keep all the profits 3 . The right to freedom of competition 4.  The right to freedom of choice Supply
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Chapter 2 - Chapter2 19:44

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