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Unformatted text preview: free resource or good. Economics, however, is mainly concerned with scarce resources and goods. It is the presence of scarcity that motivates the study of how society allocates resources and goods. One means by which society allocates scarce resources and goods is the market system. The term market refers to any arrangement that allows people to trade with one another. The market system is the name given to the collection of all markets and also refers to the relationships among these markets. The study of the market system, which is the subject of economics, is divided into two main branches or theories; they are macroeconomics and microeconomics ....
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This note was uploaded on 11/18/2011 for the course ECO 1310 taught by Professor Staff during the Fall '10 term at Texas State.
- Fall '10