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10 key elements_of_economics
- 1. Common Sense Economics What Everyone Should Know About Wealth & Prosperity by James Gwartney, Richard Stroup, and Dwight Lee 10 Key Elements of Economics CommonSenseEconomics.com
- 12. 3. Decisions are made at the margin.
- 15. 4. Trade promotes economic progress.
- 18. 5. Transaction costs are an obstacle to trade.
- 21. 6. Profits direct business toward activities that increase wealth.
- 24. 7. People earn income by helping others.
- 27. 8. Economic progress comes primarily through trade, investment, better ways of doing things, and sound economic institutions.
- 30. 9. The “invisible hand” of market prices directs buyers and sellers toward activities that promote the general welfare.
- 33. 10. Too often long-term consequences, or the secondary effects, of an action are ignored.