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Lecture_02 - 2012 Sep 17

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Paul Cohen

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September 17, 2012 Economics Positive empirical statements can be evaluated as true or false by checking facts Normative statements about what you believe should be involved value judgments – cannot be evaluated a true or false by checking facts To choose policies always weigh benefits against opportunity costs Opportunity costs give up divided by getting Comparative advantage is the ability to produce at a lower opportunity cost Absolute advantage is the ability to produce at a lower cost Trade allows for individuals better off when each trader is specializing in production for service with comparative advantage Even if one indivi
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