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Basic Preliminaries - Coggle Diagram
Basic Preliminaries
Economic System
Societies or governments organize and distribute available resources, services, and goods across a geographic region or country.
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Government
The system or group of people governing an organized community, generally a state.
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Political Institutions
The organizations in a government that create, enforce, and apply laws.
Positive Economics
The branch of economics that concerns the description, quantification and explanation of economic phenomena
Normative Economics
Economics whose objective is fairness or what the outcome of the economy or goals of public policy ought to be.
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