The Everyday Economist
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- We define (micro)economics to be the social science that studies
the allocation of scarce resources to competing ends.
- Stripped of the technical jargon, what do we have? People acting
for their own purposes, and sometimes coming into conflict because
different people need the same thing and there's not enough.
- We decide who gets what through prices and wages.
- Supply and demand doesn't explain everything, but goals and
constraints explain a lot more than simple supply and demand can.
- Much everyday behavior can be explained using economic ideas.
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