Chapter 3 introduces markets and provides an overview of the supply and demand model. It begins by comparing central planning and the market as alternative methods of allocating resources Chapter 3-Supply and Demand: An Introduction Slide 3

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Grammar is the structural system of a language. The grammar of English is organized into five ranks: the sentence, the clause, the phrase, the word and the morpheme. Each rank is composed of one or more than one grammatical unit of the immediate lower unit. A full sentence can generally be segmented rank by rank down to its smallest constituents---the morphemes

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