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ECO 304K - Definitions - Midterm 1

ECO 304K - Definitions - Midterm 1 - Definitions for First...

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Definitions for First Midterm Economics 304K: Principles of Microeconomics Prof. Meg Ledyard You are responsible for knowing the definitions below. The definitions from the text are fine. There will NOT be a separate definitions section this semester, however, you may be required to define words as a part of another question. Absolute advantage : the ability to produce more of a good in a given amount of time. Comparative advantage : The ability to produce a good with a lower opportunity cost Opportunity cost : How much of one good you have to give up in order to produce one unit of the other good. Quantity demanded: the amount of a good that a buyer is willing and able to purchase at a given price. Demand : A graph of the relationship between price and quantity demanded. Quantity supplied: the amount of a good that sellers are willing and able to sell at a given price. Supply: A graph of the relationship between price an quantity supplied.
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