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Which description about the three significant insights of the economic approach is generally incorrect? Economics is about people doing the best with what they have.
Which description about the three significant insights of the economic approach is generally incorrect? Economics is about "people doing the best with what they have". The market aggregates individual choices to produce collective outcomes that mostly coincide with individual decisions. Properties of equilibrium can be evaluated using the criterion of efficiency. Under some key conditions, the market itself will produce Pareto efficient outcomes
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