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Using Economic Reasoning to Solve Mysteries

Using Economic Reasoning to Solve Mysteries. Economics in Action. Lesson 3. Economic Reasoning. Choice Scarcity Utility-maximizing Think like an economist. The Guide to Economic Thinking. People choose People’s choices involve costs People respond to incentives in predictable ways

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Using Economic Reasoning to Solve Mysteries

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  1. Using Economic Reasoning to Solve Mysteries

  2. Economics in Action Lesson 3

  3. Economic Reasoning • Choice • Scarcity • Utility-maximizing • Think like an economist

  4. The Guide to Economic Thinking • People choose • People’s choices involve costs • People respond to incentives in predictable ways • People create economic systems that influence individual choices and incentives • People gain when they trade voluntarily, and • People’s choices have consequences that lie in the future.

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