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Economics Made Simple: How money, trade and markets really work by Madsen Pirie

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Overview

ECONOMIC ACTIVITY IS ABOUT choices, about how time and resources are to be allocated. As individuals we do this in our personal lives, and as citizens we do it collectively through our governments. In both areas we try to do the best we can, knowing that our knowledge is imperfect. No one can ever know all of the facts which might be relevant to an economic decision, and no one can know how the future might turn out. We act with the limited information available to us, and we interact with others who are similarly placed.

We choose to allocate our time and resources in ways that will better our condition, and we try to pick the ways that will do it most effectively. We do so in the knowledge that when we make a choice, it is usually ...

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