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5 Cards in this Set

  • Front
  • Back
What is economics?
a social science that studies production and trade
Explain Spontaneous Order
product of human action but not human design
Define Theory
Set of principles that tell us the way things relate to each other.
What are the 4 starting points of economics?
1. scarcity
2. unlimited human wants
3. methodological individualism
4. rational choice
What is the Exchange of Equivalents Theory
People will exchange goods if they both value the goods equally.