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Economic theory

Modern economics as a field of study is usually thought to have begun with

If scarcity were eliminated,

The market pricing system corrects an excess supply by

Profits and losses play an important role in helping

An income tax is defined as regressive if

Entrepreneurs are

An increase in the demand for a product will cause the

A legal system that provides secure private property rights and unbiased enforcement of contracts

Economists generally oppose government price controls because