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    Author(s): L.D. Godsey; D. Evan Mercer; Robert K. Grala; Stephen C. Grado; Janaki R.R. Alavalapati
    Date: 2009
    Source: In: H.E. Garrett (ed.), North American Agroforestry: an Integrated Science and Practice 2nd Edition. American. Society of Agronomy. Madison, WI. Pp. 315-337.
    Publication Series: Scientific Journal (JRNL)
    PDF: View PDF  (799.33 KB)

    Description

    Essentially every living thing on Earth has applied the basic concepts of economics. That is, every living thing has had to use a limited set of resources to meet a minimum set of needs or wants. Although the study of economics is often confused with the study of markets or finance, economics is simply a social science that studies the choices people make. As a social science, economics is the study of human motivations. Or, as Landsburg (1993) put it, “most of economics can be summarized in four words: ‘People respond to incentives’.” Those incentives reflect the value of the trade-offs made between a limited set of resources and an unlimited set of wants, needs, and desires.

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    • This article was written and prepared by U.S. Government employees on official time, and is therefore in the public domain.

    Citation

    Godsey L.D., D.E. Mercer, R.K. Grala, S.C. Grado and J.R.R. Alavalapati. (2009) Agroforestry Economics and Policy. In: H.E. Garrett (ed.), North American Agroforestry: an Integrated Science and Practice 2nd Edition. American. Society of Agronomy. Madison, WI. Pp. 315-337.

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