ECO212+Terms - Chapter 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 TERM...

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Chapter TERM 1 Scarcity 1 Economics 1 Efficiency 1 Equity 1 Opportunity cost 1 Rational People 1 Marginal changes 1 Incentive 1 1 1 Market economy 1 Property rights 1 Market failure 1 externality 1 market power 1 1 productivity 1 inflation 1 business cycle 2 circular-flow diagram 2 production possibilities frontier 2 microeconomics 2 macroeconomics 2 positive statements 2 normative statements 3 absolute advantage 3 comparative advantage 3 imports 3 exports 4 market 4 competitive market 4 quantity demanded 4 law of demand Four principles of individual decision making Principles of how people interact with each other Principles of the workings of the economy as a whole
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4 demand schedule 4 demand curve 4 normal good 4 inferior good 4 substitutes 4 complements 4 quantity supplied 4 law of supply 4 supply schedule 4 supply curve 4 equilibrium 4 equilibrium quantity 4 surplus 4 shortage 4 law of supply and demand 5 elasticity 5 price elasticity of demand 5 total revenue 5 income elasticity of demand 5 cross-price elasticity of demand 5 price elasticity of supply 6 price ceiling 6 price floor 6 tax incidence 7 welfare economics 7 willingness to pay 7 consumer surplus 7 cost 7 producer surplus 7 Efficiency 7 equity 8 deadweight loss 9 world price 9 tariff
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10 externality 10 internalizing the externality 10 Coase theorem 10 transaction costs 10 corrective tax 11 excludability 11 rivalry in consumption 11 private goods 11 public goods 11 common resources 11 free rider 11 cost-benefit anaysis 11 Tradgedy of the Commons 12 budget defecit 12 budget surplus 12 average tax rate 12 marginal tax rate 12 lump-sum tax 12 benefits principle 12 ability to pay principle 12 vertical equity 12 horizontal equity 12 proportional tax 12 regressive tax 12 progressive tax 13 total revenue 13 total cost 13 profit 13 explicit costs 13 implicit costs 13 economic profit 13 accouning profit 13 production function 13 marginal product 13 diminishing marginal product 13 fixed costs 13 variable costs 13 average total cost 13 average fixed cost
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13 average variable cost 13 marginal cost 13 efficient scale 13 economics of scale 13 diseconomics of scale 13 constant returns scale 14 competitive market 14 average revenue 14 marginal revenue 14 sunk cost 15 monopoly 15 natural monopoly 15 price discrimination 16 oligopoly 16 monopolistic competition 16 collusion 16 cartel 16 Nash equilibrium 16 game theory 16 prisoners' dilemma 16 dominant strategy 18 factors of production 18 production function 18 marginal product of labor 18 diminishing marginal product 18 value of the marginal product 18 capital 19 compensating differential 19 human capital 19 union 19 strike 19 efficiency wages 19 discrimination 20 poverty rate 20 poverty line 20 in-kind transfers
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20 life cycle 20 permanent income 20 utilitarianism 20 utility 20 liberalism 20 maximin criterion 20 social insurance 20 libertarianism 20 welfare economics 20 negative income tax 21 budget constraint 21 indifference curve 21 marginal rate of substitution
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This note was uploaded on 05/16/2011 for the course ECON 212 taught by Professor Steave during the Spring '10 term at University of Phoenix.

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ECO212+Terms - Chapter 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 TERM...

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