Economics is the study of how society manages its scarce resources.
Comparative advantage is the ability to produce a good at a lower cost than another producer.
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In a perfect competitive market the firms are price adjusters.
An increase in income causes an increase in demand fornormal goods.
The consumers cost of living is measured by CPI .
The existence of money leads to greater specialization and to a higher standard of living.
Money is the only assets that functions as a store of value.
