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In economics terms what is autarky. Please explain it in more than 150 words.
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- According to Richard Thaler, economics is the sum of two parts. One is Optimization. What is the other part?classify the following as microeconomics or macroeconomics and provide a justification for your choice. (a)The impact of an increase in the price of computer chips on the market for personal computers.Why is "choice" an important concept in Microeconomics?