Economics

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Pre-written Papers:

Title: Economics

Essay Details:

Subject: Miscellaneous

Author: Lillie C

Date: July 27, 2014

Level: University

Grade: A

Length: 3 / 673

Essay text:

I have come to learn that and I never really thought about it until the book mentioned that. And where the authors talk about reducing transaction cost to increase production or output it explains why a store like Wal-Mart would be moving towards self checkout lines versus having a real person there as a cashier to lower labor costs to help the company stay competitive. Even though the first chapter covers what I already knew about free market economics (i.e. Adam Smith's "Invisible Hand" theory.) it is still the very important in the world of economics. Without Smith's idea of economics our economy would cease to exist today...

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