Econmidtermreview

Econmidtermreview - TermsIdontknow 15:31 Supply and Demand aparticularresource, bestalternativeus

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Terms I don’t know 15:31 Supply and Demand -- A good exhibits diminishing marginal returns if after adding a certain amount of  a particular resource, adding more would decrease the amount of output. -- The opportunity cost the cost associated with forgoing that resource in it next  best alternative use. --Scarcity It states that society has insufficient productive resources to fulfill all  human wants and needs. -- Elasticity of Supply The percentage change in quantity supplied for a one  percent change in price Consumer Behavior --griffin good—demand increases with price --the marginal utility of a good or service is the utility gained (or lost) from an  increase (or decrease) in the consumption of that good or service --In economics, the marginal rate of substitution is the rate at which a consumer  is ready to give up one good in exchange for another good while maintaining the  same level of satisfaction. --Indifference Curve A line that joins all alternative bundles of goods from which  the individual derives equal levels of utility --Perfect Complements Two goods such that that if the price of one rises, 
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This note was uploaded on 01/24/2011 for the course ECON 114 taught by Professor Stevenberry during the Winter '10 term at Yale.

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Econmidtermreview - TermsIdontknow 15:31 Supply and Demand aparticularresource, bestalternativeus

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