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Macro Economics
Macro Economics
Macro Economics
Econ 1
Lecture Januar 13, 2014
- Buyers who cannot buy have a buyer value of less than or equal to the seller cost of
their seller.
- Efficiency:
the largest profit possible for everyone in a market.
If efficient, one cant rearrange trades to make someone better off without making
someone else worse off.
- Adam Smith:
The Wealth of Nations
Individuals promote only their own interest, but in doing so they promote the public
interest.