econ study guide 1 - Know which way the graph moves...

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Things you should know: Scarcity What opportunity cost is/how to calc. Market failure Negative/positive externalities Growth rate of money Circular flow diagram Production—inefficient/efficient Trade-offs All about trade Absolute advantage Equality vs. efficiency Graph stuff: Production possibility frontier Comparative advantage/how to calculate Increase/decrease in demand/supply
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Unformatted text preview: Know which way the graph moves Equilibrium prices and quantity Price ceiling/floors Market for labor How to cal. Labor stats (from the homework) Elastic/inelastic Hints he gave in class: The $8,000 tax credit went to the buyers, therefore it effected the DEMAND curve (tax credits effect the demand curve) Demand=buyers Supply=sellers...
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This note was uploaded on 10/25/2010 for the course ECON 2105 taught by Professor Rudbeck during the Spring '08 term at University of Georgia Athens.

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econ study guide 1 - Know which way the graph moves...

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