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The fundamental market relationship is a trading relationship: people exchanging services on mutually agreeable terms.
A resource is anything that can be put to use. Resources are always a function human appraisal, and human creativity determines what becomes a resource instead of remaining a thing.
Whenever we act, our actions have a cost. Another way to say this is that our choices have costs and those costs are unavoidable.
An institution is a framework for interacting. Norms, laws, and customs evolve to help people know what to expect from each other.
Our values are what we aim at, and judge to be worth aiming at. Economics, entrepreneurship, and ethics are each about the study of value.
