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  • Home
  • Sections
    • Introduction
    • Part 1: Key Concepts
    • Part 2: Progress
    • Part 3: Understanding Trade
    • Part 4: Trust, Agency, and Bystanders
    • Part 5: Management of a Commercial Society
    • Part 6: Personal and Business Finance
    • Part 7: Innovation and Entrepreneurship
  • Table of Contents
  • Glossary
  • Media Resources
  • Errata
  • About

Part 1: Key Concepts

5 | Trade

The fundamental market relationship is a trading relationship: people exchanging services on mutually agreeable terms. 

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6 | Resources

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. 

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7 | Cost

Whenever we act, our actions have a cost. Another way to say this is that our choices have costs and those costs are unavoidable. 

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8 | Institutions

An institution is a framework for interacting. Norms, laws, and customs evolve to help people know what to expect from each other.

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9 | Value

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. 

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Sections

  • Introduction
  • Part 1: Key Concepts
    • 5 | Trade
    • 6 | Resources
    • 7 | Cost
    • 8 | Institutions
    • 9 | Value
  • Part 2: Progress
  • Part 3: Understanding Trade
  • Part 4: Trust, Agency, and Bystanders
  • Part 5: Management of a Commercial Society
  • Part 6: Personal and Business Finance
  • Part 7: Innovation and Entrepreneurship
Commercial Society | Home

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