Describe the difference between general and specific knowledge and how specific knowledge supports the use of decentralized decision-making.
September 3, 2020
The owner of a small chain of gasoline station in a large Midwestern town read an article in a trade publication stating that the own-price
September 3, 2020

Using the guideposts to economic thinking, explain how the market system efficiently performs the functions of communication, cordination, and motivation in the distribution of resources to consumers

Communication; the acquisition of information, like the case of any other good, is costly.Co-ordination; Incentive matters and affects choices in predictable ways.Motivation; Economic thinking is…

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