Password 4 Chapter 17 Economics: What is it all about

Economics may be confusing, but it's about everyday choices, discussing who gets what and how people use limited resources.

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Economics includes decisions made by individuals and groups about spending money, time, and resources.

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What makes economy includes both individualas and collective.

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What we want or need is the intention, while money, time and skills are resources.

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In economy, the so-called CBA means consequence beefits approach.

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The cost of buying / doing something includes simply the price paid.

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In the case of government using the CBA analysis, environmental cost and labors are the only two factors to be considered

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Spending decisions are the exclusive feature of the government's role in economy.

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In economy, bartering takes a long time, but money makes trading faster and easier.

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Our individual values make us judge government actions differently.

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