Microeconomics Exam Study Guide
Scarcity- the limited nature of societys resources
Economics- the study of how society manages its scarce resources
Efficiency- the property of society getting the most it can from its scarce resources
Microeconomics Final Exam Study Guide
Tax Incidence- the manner in which the burden of a tax is shared among participants in a market
Welfare Economics- the study of how the allocation of resources affects economic well-being
Willingness To Pay(WTP)
Introduction: The Ordinary
Business of Life
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ANY GIVEN SUNDAY
Delivering the goods: the market economy in action.
TS SUNDAY AFTERNOON IN THE
spring of 2014, and Route 1 in central New Jersey is a busy place.