![]() ![]() ![]() ![]() Productivity – the effectiveness of effort as measured at the rate at which inputs are turned into outputs.Scarcity – the wants of everyone add up to more than what exists without scarcity, there would be no need for economics.Economics – the study of the use of scarce resources which have alternative uses.Economy – a system for the production and distribution of the goods and services we use in everyday life.“The fundamental principles of economics are not hard to understand, but they are easy to forget, especially amid the heady rhetoric of politics and the media.” In Chapter 1 of Basic Economics, Thomas Sowell introduces the concept of economics, scarcity, and productivity: Basic Economics on Amazon Chapter 1: What is Economics? ![]()
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