Question:

Which of the following principles underlie the economics of individual choices?

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There are gains from trade.

Markets move toward equilibrium.

People usually exploit opportunities to make themselves better off.

Resources should be used as efficiently as possible to achieve society's goals.

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2 ANSWERS


  1. Resources should be used as efficiently as possible to achieve society's goals.

    This premise suggests consumer influence in the satisfaction of desires.  Basic survival will only utilize necessary resources.


  2. Markets move toward equilibrium.

    Market in this context consists of individual decisions which are choices.

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