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| | == The Study of Economics == | | == The Study of Economics == |
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| − | Each day billions of buying and selling decisions are made in America. Economics consists of studying those decisions. If the price of meat is doubled, will more or less meat be sold? (Less.) We will be analyzing pricing and buying behavior throughout this course. | + | Each day there are billions of buying and selling transactions in the world. Think about how often, each day, someone in your family buys or sells something. Economics tries to understand those transactions, and what improvements are possible. |
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| − | Economics is basic to our freedom, and is very influential in determining who we elect. Countries that lack economic freedom often lack religious freedom. If we lack rights in deciding what career to go into, then we will lack rights of worship also.
| + | Most American families buy meat several times a week. If the price of meat is doubled, will more or less meat be sold? (Less.) We will be analyzing that type of change in purchases based on a change in price. |
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| | How we buy and sell things is almost as important as which goods we choose. Since nearly the beginning of the world, something called “[[money]]” has been the medium for buying and selling [[goods]] and [[services]]. The “money” itself has only the value that people assign to it. It can be made of a worthless material, such as green paper. | | How we buy and sell things is almost as important as which goods we choose. Since nearly the beginning of the world, something called “[[money]]” has been the medium for buying and selling [[goods]] and [[services]]. The “money” itself has only the value that people assign to it. It can be made of a worthless material, such as green paper. |
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| | Freedom depends on the free exchange of money. Communism and other totalitarian systems consist of government control over how money is earned, saved and spent. Loss of this freedom inevitably results in the loss of freedoms of religion and speech too. | | Freedom depends on the free exchange of money. Communism and other totalitarian systems consist of government control over how money is earned, saved and spent. Loss of this freedom inevitably results in the loss of freedoms of religion and speech too. |
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| | + | Economics is basic to our freedom, and is very influential in determining whom we elect. Countries that lack economic freedom often lack religious freedom. If we lack rights in deciding what career to go into, then we will lack rights of worship also. |
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| | ==More Definitions== | | ==More Definitions== |