Economics Notes 5: Supply and Demand
Law of Supply: If all other variables remain static (All other things stay the same), when the price of a product
rises, the quantity supplied will increase.
Quantity Supplied: The amount of a product that is being pro
ECON Notes 02: Marginal Analysis
Production possibilities curve (PPC): shows all combinations of 2 products that you can produce.
The x-axis indicates the amount of product A you can have, and the y-axis shows how much of
product B you can have.
Economics Notes 6: Business
Limited Liability: Should your business fail miserably, your debts can be minimized by declared
bankruptcy; You must sell all capital goods and pay off as much of the debts as possible, but the
bank must be satisfied with that