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The Complete Idiot's Guide to Economics, 2nd Edition by Tom Gorman

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Chapter 1
Who Gets What, and How?
In This Chapter
• Why economics matters
• How societies make decisions
• Major economic theories
Let’s face it: if there’s one fundamental principle guiding life on Earth, it’s scarcity. There simply aren’t enough beachfront houses, luxury cars, and seats at the theater for everyone who wants one! And, on a more serious note, there’s not enough food, clothing, and medical care for everyone who needs it.
The entire discipline of economics—and all economic activity—arises from a scarcity of goods and services in comparison to human wants and needs. If there is not enough of something for everyone who wants or needs it, society faces a serious problem: how do we decide who gets that something and who goes ...

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