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1 define economics explain - why are economic theories and

1. Define Economics. Explain - Why are economic theories and principles imprecise? Shouldn't they apply to everyone?

2. Do you agree with this statement? "The government should have no place in a capitalistic market system."

3. What are the characteristics of the market system?

4. Define the law of demand and explain why the other-things-equal assumption is critical to it.

5. Give reason: Why demand increase?

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