exam 1 review sheet

exam 1 review sheet - determinants of demand normal goods...

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Economics 212 Exam 1 Review Sheet economics economic perspective opportunity cost utility marginal analysis scientific method economic principle other-things-equal assumption macroeconomics aggregate microeconomics positive economics normative economics economizing problem economic resources land labor capital investment entrepreneurial ability factors of production consumer goods capital goods production possibilities curve law of increasing opportunity costs economic growth economic system command system market system private property freedom of enterprise freedom of choice self-interest competition market specialization division of labor medium of exchange barter money consumer sovereignty dollar votes creative destruction “invisible hand” circular flow diagram resource market product market demand demand schedule law of demand diminishing marginal utility income effect substitution effect demand curve
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Unformatted text preview: determinants of demand normal goods inferior goods substitute good complementary good change in demand change in quantity demanded supply supply schedule law of supply supply curve determinants of supply change in supply change in quantity supplied equilibrium price equilibrium quantity surplus shortage price ceiling price floor functional distribution of income personal distribution of income durable goods nondurable goods services plant firm industry sole proprietorship partnership corporation negative externalities positive externalities public goods free-rider problem government purchases transfer payments personal income tax marginal tax rate average tax rate payroll taxes corporate income tax sales and excise taxes property taxes...
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