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Introduction to Economics

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Issue:

Miscellaneous

 

Written by:

James N

 

Date added:

May 30, 2012

 

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Grade:

A

 

No of pages / words:

2 / 310

 

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6516 times

 

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This term is often used to differentiate between comparative advantage Phil can produce one financial statement while Francis can produce 3 statements. Phil can answer 10 phone calls while Francis can answer 12. Francis has the absolute advantage over Phil. Self Sufficient people under a market system guided by the prices of products and resources make better decisions...
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If it is sensible for a person to produce the product for which he has an advantage, it is a lower opportunity cost than another person. Self Sufficient people are able to provide for oneself without the help of others; able to provide for your own needs independent, having undue confidence, and smug...
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General issues of this essay:
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