Document Type


Publication Date

Fall 9-20-2018

Persistent Identifier


Basic economics tells us trade with others benefits all. That is the basis for us being economists and you being a barber, banker, manager, or oil man. We all specialize according to our talents, work preferences, and available resources. We then work hard and trade the goods and services we produce. Specializing, rather than producing our own food, our own clothes and our own houses, allows us to become much more efficient producers. That added efficiency results in much higher total output, lower prices and higher incomes.

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Business Commons



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