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Chapter 2: The One Lesson of Business Chapter 3: Benefits, Costs, and Decisions What is the important concept(s), method(s), term(s), and/or any other thing in

Chapter 2: The One Lesson of Business

Chapter 3: Benefits, Costs, and Decisions

What is the important concept(s), method(s), term(s), and/or any other thing in the above chapter?

Also, discuss on the following questions:

According to Interland (2009) the art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists of tracing the consequences of that policy not merely for one group but for all groups.

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