Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.

The three problems of economic organization:
What is how produced for whom

There ain't no such thing as a free lunch.

Productivity isn't everything, but in the long run it is almost everything. A country's ability to improve its living standards over time depends almost entirely on its ability to raise its output per worker. (Paul Krugman http://web.mit.edu/krugman/www/ or new http://www.wws.princeton.edu/~pkrugman/)

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