ECO 101 Test 1 Study Guide

ECO 101 Test 1 Study Guide - normal good inferior goods...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 101 - Test 1 Study Guide Regressive tax progressive tax flat tax marginal tax rate price floors price ceilings black-market surplus shortage specialization of labor comparative advantage supply and demand human capital physical capital factors of production production possibilities curve absolute advantage opportunity cost goods services land labor capital entrepreneurial ability intangible sunk costs determinants of supply determinants of demand
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: normal good inferior goods Adam Smith caveat emptor ceteris paribus laissez-faire scarcity shortage ad valorem market clearing price command system market system Marx's labor system macro economics micro economics a contract law of supply law of demand rational self interest price equilibrium quantity equilibrium economics positive economics normative economics...
View Full Document

This note was uploaded on 06/06/2011 for the course ECON 101 taught by Professor Dsliva during the Fall '11 term at Moraine Valley Community College.

Page1 / 2

ECO 101 Test 1 Study Guide - normal good inferior goods...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online