A society must make three sorts of decision: what goods to produce, how to produce them, and how to distribute them.
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Q86: A society that is inside its production
Q87: Adam Smith's discussion of the production in
Q88: Whenever two individuals trade with each other,
Q89: Specialization of labor makes sense only if
Q90: Only a market economy must answer the
Q92: Voluntary exchange results in mutual gains.
Q93: In terms of efficiency, any point on
Q94: An economy that is producing inside its
Q95: While specialization and exchange were very important
Q96: If two persons trade, one must gain
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