Study guide for weeks 1-3 Economics
Study guide for weeks 1-3 Economics Eco 280
Popular in Introduction to Economics
Popular in Economics
This 1 page Study Guide was uploaded by Haley Morse on Friday September 16, 2016. The Study Guide belongs to Eco 280 at Northern Arizona University taught by Andrew Parkes in Fall 2016. Since its upload, it has received 28 views. For similar materials see Introduction to Economics in Economics at Northern Arizona University.
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Date Created: 09/16/16
1 Define Demand 2 Define Ceteris Paribus 3 What is the Law of Demand? 4 What is market demand 5 What shifts a demand curve? 6 What is the difference between normal goods and inferior goods? 7 Define P-P-PINTS 8 Define P-P-PESTS 9 What is the law of supply? 10 What is market supply? 11 What happens when prices change? 12 What causes a shift in a supply curve? 13 Define market 14 Define equilibrium 15 Define Surplus 16 Define Shortage 17 What do price floors and price ceilings accomplish? 18 What are the 3 fundamental economic questions? 19 Define Scarcity 20 Define Economics 21 What is an example of implicit (opportunity) costs? 22 What is an example of Explicit costs? 23 What does scarcity do? 24 How do we allocate resources? 25 What are the 4 types of resources? How do they get paid?
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