Titlebook: Economics Revision Guide; Jack Harvey Textbook 1994Latest edition Jack Harvey 1994 economics.employment.equilibrium.exchange rates.interna

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https://doi.org/10.1007/978-3-031-06153-0ecause:they are not divisible according to individual preferences; there is non-excludability for ‘free-riders’. . which, although indivisible, can exclude ‘free-riders’ by fees or tolls, e.g. parks, museums, motorways, bridges. These are usually provided free because: collection costs relative to r

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https://doi.org/10.1007/978-3-031-16186-5. Thus, by comparing prices, we can compare the rates at which different goods can be exchanged. Changes in relative prices are the signals which indicate changes in demand or changes in the conditions upon which goods can be produced. These signals are flashed up in the market.

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Frank E. Zachos,Jan Christian HabelAn individual who acts rationally will seek to obtain the maximum total satisfaction from limited resources. To do this, he balances the opportunity cost of various goods against the satisfaction each gives him. Usually the choice takes the form of a bit more of one good against a little bit less of another.

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Giovanni Savarese,Marco FalconiAn individual who acts rationally will seek to obtain the maximum total satisfaction from limited resources. To do this, he balances the opportunity cost of various goods against the satisfaction each gives him. Usually the choice takes the form of a bit more of one good against a little bit less of another.

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https://doi.org/10.1007/978-3-319-72581-9. The classical economists’ classification based on physical characteristics – land, labour, capital and organisation – has weaknesses, e.g. compartments overlap. But modern economists still use the classification to distinguish special characteristics useful for analysis