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Lecture Principles of economics (Asia Global Edition) – Chapter 1

Lecture Principles of economics (Asia Global Edition) – Chapter 1
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Chapter 1 – Thinking like an economist. This chapter to show that the Cost-Benefit Principle, deciding whether to take an action by comparing the cost and benefit of the action, is a useful approach for dealing with the inevitable trade-offs that scarcity creates. After discussing several important decision pitfalls, the chapter concludes by describing the Incentive Principle and introducing the concept of economic naturalism.

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