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| The study of how society manages its scarce resources. |
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| The limited nature of society's resources. |
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| The cost of something is what you give up to get it. |
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| Rational people think on the margin. |
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| People respond to incentives. |
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| Trade can make everyone better off. |
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| Markets are usually a good way to organize economic activity. |
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| Government can sometimes improve market outcomes. |
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| A country's standard of living depends on its ability to produce goods and services. |
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| Prices rise when the government prints too much money. |
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| Society faces a shortrun tradeoff between inflation and unemployment |
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| What is given up to obtain something. |
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