Chapter 4 - An Overview of Prices
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Last updated 2:16 PM on 12/17/22
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6 Terms
1
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Scarcity
means that we do not have the option to choose whether or not to have an economy in which people compete.
2
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alternative users
Allowed by prices to compete for scarce resources in the marketplace.
3
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Systemic causation
involves more complex reciprocal interactions.
4
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Complex effects
may be a result of either simple causes or complex causes.
5
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Incentives
matter because most people will usually do more for their own benefit than for the benefit of others.
6
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System Rationality
The tendency to personalize causation leads not only to charges that greed causes high prices in market economies, but also to charges that stupidity among bureaucrats is responsible for many things that go wrong in government economic activities.
