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Straus and Werner (1943)pointed out that children learn in their own individual ways.List the three important concepts developed from their idea that continues to influence the field to this day.
Self-Interest
is the motivation by individual personal gain as the driving force behind economic decisions and actions.
Market System
In this economic framework, decisions related to investment, production, and distribution are governed by supply and demand forces, and the cost of goods and services is dictated by an unrestricted pricing mechanism.
Market System
An economic system where decisions regarding investment, production, and distribution are based on supply and demand, with prices being determined by free competition among private businesses.
Economic Power
The capability of entities like countries, corporations, or individuals to influence or control market conditions, including prices, supply, and demand.
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