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5 Cards in this Set
- Front
- Back
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What is economics?
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a social science that studies production and trade
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Explain Spontaneous Order
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product of human action but not human design
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Define Theory
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Set of principles that tell us the way things relate to each other.
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What are the 4 starting points of economics?
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1. scarcity
2. unlimited human wants 3. methodological individualism 4. rational choice |
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What is the Exchange of Equivalents Theory
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People will exchange goods if they both value the goods equally.
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