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What is the number 1 economic lesson?

Updated: 8/18/2019
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9y ago

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Very unspecific question, it really depends on your perception of a lesson and how much value you place on it. Someone may have their own 'favorite' lesson and others may not like it as much.

In Economics cash is king, and ultimately the goal in the monetary world is to buy low and sell high.

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9y ago
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9y ago

'Cut your coat according to your cloth'. The whole world of economics is centered around this basic concept. The basic idea to stay within one's means is applicable to both individuals vis a vis to the state. If an individual or the state go beyond budgetary limits, the alternatives left are loans or extra money,leading to scenario gradually going out of control.

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