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

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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
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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...
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