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Essay text:
We are concerned with the maximisation of personal
benefits. When we make a decision we weigh up the costs and benefits and choose
the option which offers the most benefit. Secondly, there are ?markets that
with varying degrees of efficiency allow the actions of different participants
to function together efficiently.' Thirdly, prices and other market functions
can affect demand and supply, controlling desires and affecting the actions of
consumers. Becker explains that price is not described in money terms but as a
shadow price. For example, muslims cannot drink alcohol.
This approach involves four theorems...
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Common topics in this essay:
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