TACN1

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Economics

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The study of how people choose to use resources in the most efficient way

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Economics

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The study of production and consumption of goods and the transfer of wealth to produce and obtain goods

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Economics

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Explains how people interact within markets to get what they want

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Resources

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Incude:

• - Natural resources

• - Human resources: Talent, labor, manpower,...

• - Human made resources: buildings, roads, vehicles, machinery, equipment,...

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Well-being

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The satisfaction people gain from products and services they choose to consume, from their time spent on leisure with family and community, as well as from security provided by effective governments

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Main branches of economics

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• - Microeconomics: focuses on the actions of individuals and industries, like the dynamics between the buyers and sellers. borrowers and lenders

• - Macroeconomics: analyzes the economic activity of an entire country or the international market place

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Economists

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people who study economics

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Economists seek to

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Answer important questions about how people, industries, and countries can:

• + Maximize their productivity

• + Create wealth

• + Maintain financial stability

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Theory of A.Smith

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Government should not restrict in markets because they could regulate themselves

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Marxism

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laborers should own anf control the means of production