Examples of economic way of thinking

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Give two examples of economic way of thinking and illustrate how the economic way of thinking applies to your examples?

How does the circular flow diagram work?

Adam Smith is considered to be the father of Economics Which famous book did he write? What is the mechanism at work under the notion of "invisible hand?"

Who is John Maynard Keynes? What was his main contribution to Economics? Which famous book did he write?

Define the law of increasing cost and give examples from real life situations. No two examples given in class should be the same.

Reference no: EM131000127

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