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Midterm_Review_�_Econ_203 - Midterm Review Econ 203...

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Midterm Review – Econ 203 20/02/2008 23:59:00 Output: function of land capital, labor, entrepreneurship, input) Budget line from attainable to unattainable what will happen What is efficiency: you get higher output and better quality Get it through: Specialization, division of labor, skill worker Normal and inferior goods: relationship between income and these goods Production possibilities curve
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