Tag: Macroeconomics
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Foundations of Economics: The Law of Scarcity Most of the basic laws of economics focus on ways to efficiently build wealth and prosperity over time. But there are important financial concepts that turn this problem in the other direction, instead choosing to focus on the effects that a lack of available resources can have on…
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Economics: The Study of how society deals with scarcity. Here is a brief article on the introductory components of any economy with a macroeconomic slant. In the economy we expect to find these four components: resource endowment, technology, preference, institutions. Some key terms that you should be aware of include:
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