1. An economy is a system for coordinating societys productive activities, and economics is the social science...
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1. An economy is a system for coordinating society’s productive activities, and economics is the social science that studies the production, distribution, and consumption of goods and services. The United States has a market economy—an economy in which decisions about production and consumption are made by individual producers and consumers pursuing their own self-interest. The invisible hand harnesses the power of self-interest for the good of society.
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Related Book For
Essentials Of Economics
ISBN: 9781429218290
2nd Edition
Authors: Paul Krugman, Robin Wells, Kathryn Graddy
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