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How are individual makes choices?
Fundamental principles behind the individual choices are as follows:
1. Resources are scarce.
2. The real cost of anything is what you should give up to get this
Opportunity cost
This is all about what you have to forgo to acquire your choice.
3. "How much", this is a decision at the margin.
Trade-offs
Marginal decisions and marginal analysis
4. People generally take advantage of opportunities to make them better off.
Incentives
what does phillip curve signify? how do you reconcile the difference in the shap of the curve in the short run and the long run?
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I will need to upload a file as the questions are bit too long to type
#question.distinguish between economic growth and economic development.
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