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Basic Economics - Walter E. Williams

Economics is not just about goods and services that we enjoy as consumers. It's more fundamentally about productivity -- that is, how the use of land, labor, capital and other inputs that go into producing the volume of output determines a nation's wealth. Decisions about how to use those inputs may be more important than the resources themselves. There are countries, such as Japan and Switzerland, that have far greater wealth than countries -- for example, Uruguay and Venezuela -- that are far richer in natural resources.

via townhall.com

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