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Economics Explained

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Economics

Adam Smith and the Invisible Hand Theory – Explained

What drives the economy? According to economic philosopher Adam Smith, it’s you! All of the individual choices we make about what we (and corporations) buy

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Economics

Scarcity Explained – Basic Economics

Scarcity in economics refers to limitation, specifically the limitation of supplies, raw materials, components, and goods. There is only so much land, so much labor,

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Economics

Adam Smith – The Grandfather of Economics

Born in 1723 in Kirkcaldy Scotland, Smith is widely recognized as the founding father of economics at an early age in Scotland, He learned Latin

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Economics

Gross Domestic Product (GDP) – Explained

GDP or gross domestic product is a measure of the total market value of all land goods and services produced within  an economy’s borders within

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