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Increase in overall level of price
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When the market does not allocate resources efficiently
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Impact of an action on a bystander
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Limited resources, Unlimited Wants
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Self-interested market participants unknowingly maximize society's welfare
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Household and firms determine the allocation of resources
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Ability to substantially influence market price
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Getting the most from scarce resources
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Study of how society manages its scarce resources
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Amount of goods and services produced per hour by a worker
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Whatever is given up to get something else
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Distributing output "fairly" among society's members
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