ECO 102 Test 1 Study Guide

ECO 102 Test 1 Study Guide - Supply & Demand Law of...

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Economics 102 Test 1 Know the following terms and their practical uses Surplus Shortage Inferior Goods Normal Good Independent Goods Substitute Gods Price Ceiling Price Floor Factors of Production: Land Labor Capital Entrepreneurial Ability Price elasticity of supply Price elasticity of demand > 1 Demand is Elastic = 1 Unitary < 1 Inelastic Positive Economics Normative Economics Economic scarcity Production Possibilities Curve, Opportunity Cost Curve, Alternative Cost Curve In a mathematical problem the denominator is what you are talking about
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Unformatted text preview: Supply & Demand Law of supply Law of demand Determinates of consumer demand Price Equilibrium Quantity Equilibrium Know the Difference between a Market Economy and a Command Economy Definition of Economics Definition of Microeconomics Definition of Macroeconomics Model Maslows Hierarchy Increase in Supply or Demand Increase in Quantity Supplied or Demanded Adam Smith Wants Needs Comparative Advantage Absolute Advantage Specialization Inverse Direct...
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This note was uploaded on 06/06/2011 for the course ECON 102 taught by Professor Dsilvia during the Fall '11 term at Moraine Valley Community College.

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ECO 102 Test 1 Study Guide - Supply & Demand Law of...

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