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USM / Economics / ECON 201 / Define disutility.

Define disutility.

Define disutility.

Description

.lst-kix_m8vhc6ubett8-1 > li:before{content:"" counter(lst-ctn-kix_m8vhc6ubett8-1,lower-latin) ". "}.lst-kix_m8vhc6ubett8-3 > li:before{content:"" counter(lst-ctn-kix_m8vhc6ubett8-3,decimal) ". "}.lst-kix_m8vhc6ubett8-2 > li:before{content:"" counter(lst-ctn-kix_m8vhc6ubett8-2,lower-roman) ". "}ol.lst-kix_kmzy7dgfdrob-0.start{counter-reset:lst-ctn-kix_kmzy7dgfdrob-0 0}.lst-kix_m8vhc6ubett8-5 > li:before{content:"" counter(lst-ctn-kix_m8vhc6ubett8-5,lower-roman) ". "}.lst-kix_kmzy7dgfdrob-2 > li{counter-increment:lst-ctn-kix_kmzy7dgfdrob-2}.lst-kix_m8vhc6ubett8-4 > li:before{content:"" counter(lst-ctn-kix_m8vhc6ubett8-4,lower-latin) ". "}.lst-kix_m8vhc6ubett8-7 > li:before{content:"" counter(lst-ctn-kix_m8vhc6ubett8-7,lower-latin) ". "}ol.lst-kix_m8vhc6ubett8-0.start{counter-reset:lst-ctn-kix_m8vhc6ubett8-0 0}.lst-kix_m8vhc6ubett8-6 > li:before{content:"" counter(lst-ctn-kix_m8vhc6ubett8-6,decimal) ". "}.lst-kix_lqobxxqmibmq-8 > li{counter-increment:lst-ctn-kix_lqobxxqmibmq-8}.lst-kix_m8vhc6ubett8-1 > li{counter-increment:lst-ctn-kix_m8vhc6ubett8-1}ol.lst-kix_twn727vngqfm-8.start{counter-reset:lst-ctn-kix_twn727vngqfm-8 0}.lst-kix_m8vhc6ubett8-8 > li:before{content:"" counter(lst-ctn-kix_m8vhc6ubett8-8,lower-roman) ". "}.lst-kix_3gb4k791jwx3-1 > li:before{content:"➢ "}.lst-kix_3gb4k791jwx3-2 > li:before{content:"■ "}ol.lst-kix_twn727vngqfm-2.start{counter-reset:lst-ctn-kix_twn727vngqfm-2 0}.lst-kix_3gb4k791jwx3-5 > li:before{content:"➢ "}.lst-kix_3gb4k791jwx3-3 > li:before{content:"● "}.lst-kix_3gb4k791jwx3-4 > li:before{content:"◆ "}ol.lst-kix_kmzy7dgfdrob-5.start{counter-reset:lst-ctn-kix_kmzy7dgfdrob-5 0}.lst-kix_h98kslctrfbw-1 > li:before{content:"➢ "}ol.lst-kix_twn727vngqfm-5{list-style-type:none}ol.lst-kix_twn727vngqfm-6{list-style-type:none}.lst-kix_h98kslctrfbw-2 > li:before{content:"■ "}ol.lst-kix_twn727vngqfm-7{list-style-type:none}.lst-kix_kmzy7dgfdrob-0 > li{counter-increment:lst-ctn-kix_kmzy7dgfdrob-0}ol.lst-kix_twn727vngqfm-8{list-style-type:none}ol.lst-kix_twn727vngqfm-1{list-style-type:none}.lst-kix_3gb4k791jwx3-6 > li:before{content:"■ "}ol.lst-kix_twn727vngqfm-2{list-style-type:none}ol.lst-kix_twn727vngqfm-3{list-style-type:none}ol.lst-kix_twn727vngqfm-4{list-style-type:none}.lst-kix_3gb4k791jwx3-7 > li:before{content:"● "}.lst-kix_3gb4k791jwx3-8 > li:before{content:"◆ "}.lst-kix_h98kslctrfbw-0 > li:before{content:"❖ "}ol.lst-kix_twn727vngqfm-0{list-style-type:none}ol.lst-kix_lqobxxqmibmq-0{list-style-type:none}.lst-kix_uwohxpn2wpmq-5 > li:before{content:"➢ "}.lst-kix_h98kslctrfbw-6 > li:before{content:"■ "}.lst-kix_h98kslctrfbw-7 > li:before{content:"● "}ol.lst-kix_lqobxxqmibmq-1{list-style-type:none}ol.lst-kix_lqobxxqmibmq-4{list-style-type:none}.lst-kix_uwohxpn2wpmq-3 > li:before{content:"● "}.lst-kix_uwohxpn2wpmq-7 > li:before{content:"● "}.lst-kix_h98kslctrfbw-5 > li:before{content:"➢ "}ol.lst-kix_lqobxxqmibmq-5{list-style-type:none}ol.lst-kix_lqobxxqmibmq-2{list-style-type:none}.lst-kix_uwohxpn2wpmq-2 > li:before{content:"■ "}.lst-kix_uwohxpn2wpmq-6 > li:before{content:"■ "}ol.lst-kix_lqobxxqmibmq-3{list-style-type:none}.lst-kix_h98kslctrfbw-3 > li:before{content:"● "}.lst-kix_h98kslctrfbw-4 > li:before{content:"◆ "}.lst-kix_m8vhc6ubett8-5 > li{counter-increment:lst-ctn-kix_m8vhc6ubett8-5}.lst-kix_uwohxpn2wpmq-4 > li:before{content:"◆ "}.lst-kix_aawpvbwzx52j-5 > li:before{content:"■ "}.lst-kix_aawpvbwzx52j-6 > li:before{content:"● "}ol.lst-kix_kmzy7dgfdrob-6.start{counter-reset:lst-ctn-kix_kmzy7dgfdrob-6 0}ol.lst-kix_lqobxxqmibmq-8{list-style-type:none}ul.lst-kix_k356jh6zv95g-2{list-style-type:none}ul.lst-kix_k356jh6zv95g-1{list-style-type:none}ol.lst-kix_lqobxxqmibmq-6{list-style-type:none}ul.lst-kix_k356jh6zv95g-4{list-style-type:none}ol.lst-kix_lqobxxqmibmq-7{list-style-type:none}ul.lst-kix_k356jh6zv95g-3{list-style-type:none}.lst-kix_aawpvbwzx52j-7 > li:before{content:"○ "}ul.lst-kix_k356jh6zv95g-6{list-style-type:none}.lst-kix_h98kslctrfbw-8 > li:before{content:"◆ "}ul.lst-kix_k356jh6zv95g-5{list-style-type:none}.lst-kix_aawpvbwzx52j-8 > li:before{content:"■ "}ul.lst-kix_k356jh6zv95g-8{list-style-type:none}.lst-kix_uwohxpn2wpmq-8 > li:before{content:"◆ "}ul.lst-kix_k356jh6zv95g-7{list-style-type:none}ol.lst-kix_m8vhc6ubett8-8{list-style-type:none}ol.lst-kix_m8vhc6ubett8-7{list-style-type:none}ol.lst-kix_twn727vngqfm-7.start{counter-reset:lst-ctn-kix_twn727vngqfm-7 0}.lst-kix_twn727vngqfm-0 > li{counter-increment:lst-ctn-kix_twn727vngqfm-0}.lst-kix_kmzy7dgfdrob-4 > li{counter-increment:lst-ctn-kix_kmzy7dgfdrob-4}ol.lst-kix_kmzy7dgfdrob-1.start{counter-reset:lst-ctn-kix_kmzy7dgfdrob-1 0}.lst-kix_aawpvbwzx52j-3 > li:before{content:"● "}.lst-kix_aawpvbwzx52j-4 > li:before{content:"○ "}.lst-kix_aawpvbwzx52j-2 > li:before{content:"■ "}.lst-kix_aawpvbwzx52j-1 > li:before{content:"○ "}ol.lst-kix_m8vhc6ubett8-4{list-style-type:none}.lst-kix_uwohxpn2wpmq-1 > li:before{content:"➢ "}ol.lst-kix_m8vhc6ubett8-3{list-style-type:none}ol.lst-kix_m8vhc6ubett8-6{list-style-type:none}ol.lst-kix_m8vhc6ubett8-5{list-style-type:none}ol.lst-kix_m8vhc6ubett8-0{list-style-type:none}.lst-kix_aawpvbwzx52j-0 > li:before{content:"➢ "}ol.lst-kix_m8vhc6ubett8-2{list-style-type:none}.lst-kix_uwohxpn2wpmq-0 > li:before{content:"❖ "}ol.lst-kix_m8vhc6ubett8-1{list-style-type:none}.lst-kix_m8vhc6ubett8-8 > li{counter-increment:lst-ctn-kix_m8vhc6ubett8-8}.lst-kix_e5fiep4ixm9u-2 > li:before{content:"■ "}.lst-kix_e5fiep4ixm9u-0 > li:before{content:"❖ "}ol.lst-kix_twn727vngqfm-1.start{counter-reset:lst-ctn-kix_twn727vngqfm-1 0}ul.lst-kix_aawpvbwzx52j-2{list-style-type:none}ol.lst-kix_kmzy7dgfdrob-0{list-style-type:none}ul.lst-kix_aawpvbwzx52j-3{list-style-type:none}ul.lst-kix_aawpvbwzx52j-0{list-style-type:none}ul.lst-kix_ptyjdehe32hu-1{list-style-type:none}ul.lst-kix_aawpvbwzx52j-1{list-style-type:none}.lst-kix_kmzy7dgfdrob-3 > li:before{content:"" counter(lst-ctn-kix_kmzy7dgfdrob-3,decimal) ". "}ul.lst-kix_ptyjdehe32hu-0{list-style-type:none}ol.lst-kix_kmzy7dgfdrob-4{list-style-type:none}ol.lst-kix_kmzy7dgfdrob-3{list-style-type:none}.lst-kix_lqobxxqmibmq-2 > li{counter-increment:lst-ctn-kix_lqobxxqmibmq-2}ol.lst-kix_kmzy7dgfdrob-2{list-style-type:none}ol.lst-kix_lqobxxqmibmq-1.start{counter-reset:lst-ctn-kix_lqobxxqmibmq-1 0}ol.lst-kix_kmzy7dgfdrob-1{list-style-type:none}ol.lst-kix_kmzy7dgfdrob-8{list-style-type:none}ol.lst-kix_kmzy7dgfdrob-7{list-style-type:none}.lst-kix_kmzy7dgfdrob-5 > li:before{content:"" counter(lst-ctn-kix_kmzy7dgfdrob-5,lower-roman) ". "}ol.lst-kix_kmzy7dgfdrob-6{list-style-type:none}.lst-kix_omwsdgxl2vw3-0 > li:before{content:"➢ "}ol.lst-kix_kmzy7dgfdrob-5{list-style-type:none}.lst-kix_lqobxxqmibmq-4 > li{counter-increment:lst-ctn-kix_lqobxxqmibmq-4}.lst-kix_omwsdgxl2vw3-2 > li:before{content:"■ "}ul.lst-kix_aawpvbwzx52j-6{list-style-type:none}ul.lst-kix_ptyjdehe32hu-3{list-style-type:none}ul.lst-kix_aawpvbwzx52j-7{list-style-type:none}ul.lst-kix_ptyjdehe32hu-2{list-style-type:none}ul.lst-kix_aawpvbwzx52j-4{list-style-type:none}ul.lst-kix_ptyjdehe32hu-5{list-style-type:none}ul.lst-kix_aawpvbwzx52j-5{list-style-type:none}ul.lst-kix_ptyjdehe32hu-4{list-style-type:none}ul.lst-kix_ptyjdehe32hu-7{list-style-type:none}.lst-kix_e5fiep4ixm9u-8 > li:before{content:"◆ "}ul.lst-kix_ptyjdehe32hu-6{list-style-type:none}ul.lst-kix_aawpvbwzx52j-8{list-style-type:none}.lst-kix_omwsdgxl2vw3-4 > li:before{content:"○ "}.lst-kix_kmzy7dgfdrob-1 > li:before{content:"" counter(lst-ctn-kix_kmzy7dgfdrob-1,lower-latin) ". "}ul.lst-kix_ptyjdehe32hu-8{list-style-type:none}ol.lst-kix_m8vhc6ubett8-1.start{counter-reset:lst-ctn-kix_m8vhc6ubett8-1 0}.lst-kix_e5fiep4ixm9u-6 > li:before{content:"■ "}.lst-kix_twn727vngqfm-7 > li{counter-increment:lst-ctn-kix_twn727vngqfm-7}.lst-kix_omwsdgxl2vw3-6 > li:before{content:"● "}.lst-kix_kmzy7dgfdrob-6 > li{counter-increment:lst-ctn-kix_kmzy7dgfdrob-6}.lst-kix_e5fiep4ixm9u-4 > li:before{content:"◆ "}.lst-kix_omwsdgxl2vw3-8 > li:before{content:"■ "}ol.lst-kix_lqobxxqmibmq-0.start{counter-reset:lst-ctn-kix_lqobxxqmibmq-0 0}ul.lst-kix_ew0n0bvvdwgp-3{list-style-type:none}ul.lst-kix_ew0n0bvvdwgp-4{list-style-type:none}.lst-kix_kmzy7dgfdrob-5 > li{counter-increment:lst-ctn-kix_kmzy7dgfdrob-5}ul.lst-kix_ew0n0bvvdwgp-5{list-style-type:none}ul.lst-kix_ew0n0bvvdwgp-6{list-style-type:none}ul.lst-kix_ew0n0bvvdwgp-7{list-style-type:none}ul.lst-kix_ew0n0bvvdwgp-8{list-style-type:none}.lst-kix_65n5pliahq0u-0 > li:before{content:"❖ "}.lst-kix_ptyjdehe32hu-7 > li:before{content:"● "}.lst-kix_twn727vngqfm-0 > li:before{content:"" counter(lst-ctn-kix_twn727vngqfm-0,decimal) ". "}.lst-kix_65n5pliahq0u-8 > li:before{content:"◆ "}.lst-kix_twn727vngqfm-8 > li{counter-increment:lst-ctn-kix_twn727vngqfm-8}ol.lst-kix_twn727vngqfm-3.start{counter-reset:lst-ctn-kix_twn727vngqfm-3 0}.lst-kix_twn727vngqfm-2 > li{counter-increment:lst-ctn-kix_twn727vngqfm-2}.lst-kix_ptyjdehe32hu-1 > li:before{content:"➢ "}.lst-kix_ew0n0bvvdwgp-0 > li:before{content:"❖ "}.lst-kix_ew0n0bvvdwgp-2 > li:before{content:"■ "}.lst-kix_m8vhc6ubett8-3 > li{counter-increment:lst-ctn-kix_m8vhc6ubett8-3}.lst-kix_kmzy7dgfdrob-7 > li:before{content:"" counter(lst-ctn-kix_kmzy7dgfdrob-7,lower-latin) ". "}.lst-kix_ew0n0bvvdwgp-4 > li:before{content:"◆ "}.lst-kix_ptyjdehe32hu-3 > li:before{content:"● "}.lst-kix_ptyjdehe32hu-5 > li:before{content:"➢ "}.lst-kix_65n5pliahq0u-6 > li:before{content:"■ "}ul.lst-kix_9bfpbgqec6wj-0{list-style-type:none}ul.lst-kix_9bfpbgqec6wj-2{list-style-type:none}ul.lst-kix_9bfpbgqec6wj-1{list-style-type:none}ol.lst-kix_twn727vngqfm-4.start{counter-reset:lst-ctn-kix_twn727vngqfm-4 0}.lst-kix_lqobxxqmibmq-3 > li{counter-increment:lst-ctn-kix_lqobxxqmibmq-3}ul.lst-kix_9bfpbgqec6wj-4{list-style-type:none}ul.lst-kix_9bfpbgqec6wj-3{list-style-type:none}.lst-kix_65n5pliahq0u-4 > li:before{content:"◆ "}ul.lst-kix_9bfpbgqec6wj-6{list-style-type:none}ul.lst-kix_9bfpbgqec6wj-5{list-style-type:none}ul.lst-kix_9bfpbgqec6wj-8{list-style-type:none}ul.lst-kix_9bfpbgqec6wj-7{list-style-type:none}.lst-kix_65n5pliahq0u-2 > li:before{content:"■ "}.lst-kix_m8vhc6ubett8-0 > li:before{content:"" counter(lst-ctn-kix_m8vhc6ubett8-0,decimal) ". "}ul.lst-kix_3gb4k791jwx3-8{list-style-type:none}ul.lst-kix_3gb4k791jwx3-7{list-style-type:none}ul.lst-kix_3gb4k791jwx3-4{list-style-type:none}ul.lst-kix_3gb4k791jwx3-3{list-style-type:none}ul.lst-kix_3gb4k791jwx3-6{list-style-type:none}ol.lst-kix_lqobxxqmibmq-2.start{counter-reset:lst-ctn-kix_lqobxxqmibmq-2 0}ul.lst-kix_3gb4k791jwx3-5{list-style-type:none}ul.lst-kix_3gb4k791jwx3-0{list-style-type:none}.lst-kix_m8vhc6ubett8-2 > li{counter-increment:lst-ctn-kix_m8vhc6ubett8-2}ul.lst-kix_3gb4k791jwx3-2{list-style-type:none}ul.lst-kix_3gb4k791jwx3-1{list-style-type:none}.lst-kix_ew0n0bvvdwgp-8 > li:before{content:"◆ "}ol.lst-kix_twn727vngqfm-5.start{counter-reset:lst-ctn-kix_twn727vngqfm-5 0}.lst-kix_ew0n0bvvdwgp-6 > li:before{content:"■ "}.lst-kix_ew0n0bvvdwgp-7 > li:before{content:"● "}.lst-kix_kmzy7dgfdrob-1 > li{counter-increment:lst-ctn-kix_kmzy7dgfdrob-1}ol.lst-kix_kmzy7dgfdrob-3.start{counter-reset:lst-ctn-kix_kmzy7dgfdrob-3 0}.lst-kix_9bfpbgqec6wj-1 > li:before{content:"➢ "}.lst-kix_9bfpbgqec6wj-0 > li:before{content:"❖ "}ol.lst-kix_m8vhc6ubett8-8.start{counter-reset:lst-ctn-kix_m8vhc6ubett8-8 0}ol.lst-kix_kmzy7dgfdrob-8.start{counter-reset:lst-ctn-kix_kmzy7dgfdrob-8 0}.lst-kix_twn727vngqfm-5 > li:before{content:"" counter(lst-ctn-kix_twn727vngqfm-5,lower-roman) ". "}.lst-kix_twn727vngqfm-4 > li:before{content:"" counter(lst-ctn-kix_twn727vngqfm-4,lower-latin) ". "}.lst-kix_twn727vngqfm-6 > li:before{content:"" counter(lst-ctn-kix_twn727vngqfm-6,decimal) ". "}.lst-kix_lqobxxqmibmq-7 > li{counter-increment:lst-ctn-kix_lqobxxqmibmq-7}.lst-kix_twn727vngqfm-3 > li:before{content:"" counter(lst-ctn-kix_twn727vngqfm-3,decimal) ". "}.lst-kix_twn727vngqfm-7 > li:before{content:"" counter(lst-ctn-kix_twn727vngqfm-7,lower-latin) ". "}ul.lst-kix_h98kslctrfbw-1{list-style-type:none}ul.lst-kix_h98kslctrfbw-0{list-style-type:none}ul.lst-kix_h98kslctrfbw-3{list-style-type:none}.lst-kix_twn727vngqfm-1 > li:before{content:"" counter(lst-ctn-kix_twn727vngqfm-1,lower-latin) ". "}ul.lst-kix_h98kslctrfbw-2{list-style-type:none}ul.lst-kix_h98kslctrfbw-5{list-style-type:none}.lst-kix_twn727vngqfm-2 > li:before{content:"" counter(lst-ctn-kix_twn727vngqfm-2,lower-roman) ". "}.lst-kix_twn727vngqfm-8 > li:before{content:"" counter(lst-ctn-kix_twn727vngqfm-8,lower-roman) ". "}ul.lst-kix_h98kslctrfbw-4{list-style-type:none}ul.lst-kix_h98kslctrfbw-7{list-style-type:none}ul.lst-kix_h98kslctrfbw-6{list-style-type:none}ul.lst-kix_h98kslctrfbw-8{list-style-type:none}.lst-kix_twn727vngqfm-1 > li{counter-increment:lst-ctn-kix_twn727vngqfm-1}.lst-kix_kmzy7dgfdrob-3 > li{counter-increment:lst-ctn-kix_kmzy7dgfdrob-3}ul.lst-kix_ew0n0bvvdwgp-0{list-style-type:none}ul.lst-kix_ew0n0bvvdwgp-1{list-style-type:none}ul.lst-kix_ew0n0bvvdwgp-2{list-style-type:none}ol.lst-kix_kmzy7dgfdrob-2.start{counter-reset:lst-ctn-kix_kmzy7dgfdrob-2 0}.lst-kix_lqobxxqmibmq-4 > li:before{content:"" counter(lst-ctn-kix_lqobxxqmibmq-4,lower-roman) ". "}.lst-kix_lqobxxqmibmq-5 > li:before{content:"" counter(lst-ctn-kix_lqobxxqmibmq-5,decimal) ". "}.lst-kix_lqobxxqmibmq-3 > li:before{content:"" counter(lst-ctn-kix_lqobxxqmibmq-3,lower-latin) ". "}.lst-kix_lqobxxqmibmq-7 > li:before{content:"" counter(lst-ctn-kix_lqobxxqmibmq-7,lower-roman) ". "}ol.lst-kix_twn727vngqfm-6.start{counter-reset:lst-ctn-kix_twn727vngqfm-6 0}ol.lst-kix_m8vhc6ubett8-2.start{counter-reset:lst-ctn-kix_m8vhc6ubett8-2 0}.lst-kix_lqobxxqmibmq-6 > li:before{content:"" counter(lst-ctn-kix_lqobxxqmibmq-6,lower-latin) ". "}ol.lst-kix_lqobxxqmibmq-7.start{counter-reset:lst-ctn-kix_lqobxxqmibmq-7 0}.lst-kix_k356jh6zv95g-0 > li:before{content:"➢ "}.lst-kix_m8vhc6ubett8-4 > li{counter-increment:lst-ctn-kix_m8vhc6ubett8-4}.lst-kix_lqobxxqmibmq-5 > li{counter-increment:lst-ctn-kix_lqobxxqmibmq-5}.lst-kix_lqobxxqmibmq-8 > li:before{content:"" counter(lst-ctn-kix_lqobxxqmibmq-8,decimal) ". "}ol.lst-kix_m8vhc6ubett8-3.start{counter-reset:lst-ctn-kix_m8vhc6ubett8-3 0}.lst-kix_9bfpbgqec6wj-3 > li:before{content:"● "}.lst-kix_k356jh6zv95g-7 > li:before{content:"○ "}ul.lst-kix_e5fiep4ixm9u-6{list-style-type:none}ul.lst-kix_e5fiep4ixm9u-5{list-style-type:none}.lst-kix_9bfpbgqec6wj-2 > li:before{content:"■ "}.lst-kix_9bfpbgqec6wj-6 > li:before{content:"■ "}ul.lst-kix_e5fiep4ixm9u-8{list-style-type:none}ul.lst-kix_e5fiep4ixm9u-7{list-style-type:none}.lst-kix_k356jh6zv95g-6 > li:before{content:"● "}ol.lst-kix_twn727vngqfm-0.start{counter-reset:lst-ctn-kix_twn727vngqfm-0 0}ul.lst-kix_e5fiep4ixm9u-2{list-style-type:none}ul.lst-kix_e5fiep4ixm9u-1{list-style-type:none}.lst-kix_kmzy7dgfdrob-7 > li{counter-increment:lst-ctn-kix_kmzy7dgfdrob-7}ul.lst-kix_e5fiep4ixm9u-4{list-style-type:none}ul.lst-kix_e5fiep4ixm9u-3{list-style-type:none}.lst-kix_twn727vngqfm-3 > li{counter-increment:lst-ctn-kix_twn727vngqfm-3}.lst-kix_9bfpbgqec6wj-5 > li:before{content:"➢ "}.lst-kix_9bfpbgqec6wj-4 > li:before{content:"◆ "}ul.lst-kix_e5fiep4ixm9u-0{list-style-type:none}.lst-kix_k356jh6zv95g-8 > li:before{content:"■ "}.lst-kix_twn727vngqfm-6 > li{counter-increment:lst-ctn-kix_twn727vngqfm-6}.lst-kix_k356jh6zv95g-1 > li:before{content:"○ "}ol.lst-kix_lqobxxqmibmq-8.start{counter-reset:lst-ctn-kix_lqobxxqmibmq-8 0}.lst-kix_k356jh6zv95g-2 > li:before{content:"■ "}.lst-kix_9bfpbgqec6wj-7 > li:before{content:"● "}.lst-kix_lqobxxqmibmq-0 > li:before{content:"" counter(lst-ctn-kix_lqobxxqmibmq-0,lower-latin) ". "}.lst-kix_lqobxxqmibmq-1 > li:before{content:"" counter(lst-ctn-kix_lqobxxqmibmq-1,lower-roman) ". "}.lst-kix_k356jh6zv95g-3 > li:before{content:"● "}.lst-kix_k356jh6zv95g-5 > li:before{content:"■ "}.lst-kix_lqobxxqmibmq-2 > li:before{content:"" counter(lst-ctn-kix_lqobxxqmibmq-2,decimal) ". "}.lst-kix_9bfpbgqec6wj-8 > li:before{content:"◆ "}ol.lst-kix_kmzy7dgfdrob-7.start{counter-reset:lst-ctn-kix_kmzy7dgfdrob-7 0}.lst-kix_k356jh6zv95g-4 > li:before{content:"○ "}ul.lst-kix_omwsdgxl2vw3-3{list-style-type:none}ul.lst-kix_omwsdgxl2vw3-2{list-style-type:none}.lst-kix_kmzy7dgfdrob-8 > li{counter-increment:lst-ctn-kix_kmzy7dgfdrob-8}ul.lst-kix_omwsdgxl2vw3-1{list-style-type:none}ul.lst-kix_omwsdgxl2vw3-0{list-style-type:none}ol.lst-kix_m8vhc6ubett8-4.start{counter-reset:lst-ctn-kix_m8vhc6ubett8-4 0}ul.lst-kix_omwsdgxl2vw3-7{list-style-type:none}ul.lst-kix_omwsdgxl2vw3-6{list-style-type:none}ul.lst-kix_omwsdgxl2vw3-5{list-style-type:none}ul.lst-kix_omwsdgxl2vw3-4{list-style-type:none}.lst-kix_e5fiep4ixm9u-1 > li:before{content:"➢ "}ul.lst-kix_omwsdgxl2vw3-8{list-style-type:none}.lst-kix_m8vhc6ubett8-7 > li{counter-increment:lst-ctn-kix_m8vhc6ubett8-7}.lst-kix_kmzy7dgfdrob-2 > li:before{content:"" counter(lst-ctn-kix_kmzy7dgfdrob-2,lower-roman) ". "}.lst-kix_kmzy7dgfdrob-4 > li:before{content:"" counter(lst-ctn-kix_kmzy7dgfdrob-4,lower-latin) ". "}.lst-kix_twn727vngqfm-5 > li{counter-increment:lst-ctn-kix_twn727vngqfm-5}ul.lst-kix_uwohxpn2wpmq-6{list-style-type:none}ul.lst-kix_uwohxpn2wpmq-5{list-style-type:none}ul.lst-kix_uwohxpn2wpmq-8{list-style-type:none}.lst-kix_omwsdgxl2vw3-1 > li:before{content:"○ "}.lst-kix_omwsdgxl2vw3-3 > li:before{content:"● "}ul.lst-kix_uwohxpn2wpmq-7{list-style-type:none}ul.lst-kix_k356jh6zv95g-0{list-style-type:none}ol.lst-kix_lqobxxqmibmq-6.start{counter-reset:lst-ctn-kix_lqobxxqmibmq-6 0}.lst-kix_omwsdgxl2vw3-5 > li:before{content:"■ "}ul.lst-kix_uwohxpn2wpmq-0{list-style-type:none}ul.lst-kix_uwohxpn2wpmq-2{list-style-type:none}ul.lst-kix_uwohxpn2wpmq-1{list-style-type:none}ul.lst-kix_uwohxpn2wpmq-4{list-style-type:none}.lst-kix_lqobxxqmibmq-1 > li{counter-increment:lst-ctn-kix_lqobxxqmibmq-1}ul.lst-kix_uwohxpn2wpmq-3{list-style-type:none}ol.lst-kix_lqobxxqmibmq-3.start{counter-reset:lst-ctn-kix_lqobxxqmibmq-3 0}ol.lst-kix_m8vhc6ubett8-7.start{counter-reset:lst-ctn-kix_m8vhc6ubett8-7 0}.lst-kix_e5fiep4ixm9u-5 > li:before{content:"➢ "}.lst-kix_kmzy7dgfdrob-0 > li:before{content:"" counter(lst-ctn-kix_kmzy7dgfdrob-0,decimal) ". "}.lst-kix_e5fiep4ixm9u-3 > li:before{content:"● "}.lst-kix_e5fiep4ixm9u-7 > li:before{content:"● "}.lst-kix_twn727vngqfm-4 > li{counter-increment:lst-ctn-kix_twn727vngqfm-4}.lst-kix_omwsdgxl2vw3-7 > li:before{content:"○ "}ol.lst-kix_m8vhc6ubett8-6.start{counter-reset:lst-ctn-kix_m8vhc6ubett8-6 0}.lst-kix_ptyjdehe32hu-8 > li:before{content:"◆ "}.lst-kix_ptyjdehe32hu-6 > li:before{content:"■ "}ol.lst-kix_lqobxxqmibmq-4.start{counter-reset:lst-ctn-kix_lqobxxqmibmq-4 0}.lst-kix_3gb4k791jwx3-0 > li:before{content:"❖ "}.lst-kix_kmzy7dgfdrob-8 > li:before{content:"" counter(lst-ctn-kix_kmzy7dgfdrob-8,lower-roman) ". "}.lst-kix_ptyjdehe32hu-0 > li:before{content:"❖ "}.lst-kix_kmzy7dgfdrob-6 > li:before{content:"" counter(lst-ctn-kix_kmzy7dgfdrob-6,decimal) ". "}.lst-kix_ptyjdehe32hu-2 > li:before{content:"■ "}.lst-kix_ew0n0bvvdwgp-3 > li:before{content:"● "}.lst-kix_m8vhc6ubett8-0 > li{counter-increment:lst-ctn-kix_m8vhc6ubett8-0}.lst-kix_ptyjdehe32hu-4 > li:before{content:"◆ "}ol.lst-kix_m8vhc6ubett8-5.start{counter-reset:lst-ctn-kix_m8vhc6ubett8-5 0}.lst-kix_65n5pliahq0u-7 > li:before{content:"● "}.lst-kix_ew0n0bvvdwgp-5 > li:before{content:"➢ "}ul.lst-kix_65n5pliahq0u-0{list-style-type:none}.lst-kix_65n5pliahq0u-5 > li:before{content:"➢ "}.lst-kix_lqobxxqmibmq-6 > li{counter-increment:lst-ctn-kix_lqobxxqmibmq-6}ol.lst-kix_kmzy7dgfdrob-4.start{counter-reset:lst-ctn-kix_kmzy7dgfdrob-4 0}.lst-kix_65n5pliahq0u-1 > li:before{content:"➢ "}ul.lst-kix_65n5pliahq0u-8{list-style-type:none}ul.lst-kix_65n5pliahq0u-7{list-style-type:none}ul.lst-kix_65n5pliahq0u-6{list-style-type:none}ul.lst-kix_65n5pliahq0u-5{list-style-type:none}.lst-kix_lqobxxqmibmq-0 > li{counter-increment:lst-ctn-kix_lqobxxqmibmq-0}.lst-kix_65n5pliahq0u-3 > li:before{content:"● "}ul.lst-kix_65n5pliahq0u-4{list-style-type:none}.lst-kix_m8vhc6ubett8-6 > li{counter-increment:lst-ctn-kix_m8vhc6ubett8-6}ul.lst-kix_65n5pliahq0u-3{list-style-type:none}ul.lst-kix_65n5pliahq0u-2{list-style-type:none}ol.lst-kix_lqobxxqmibmq-5.start{counter-reset:lst-ctn-kix_lqobxxqmibmq-5 0}ul.lst-kix_65n5pliahq0u-1{list-style-type:none}.lst-kix_ew0n0bvvdwgp-1 > li:before{content:"➢ "}

NOTESDon't forget about the age old question of How do push and pull factors differ?

Good: anything from which individuals receive utility or satisfaction

Utility: the satisfaction one receives from a goodDon't forget about the age old question of How does an average geochelone elephantopus weigh?

Bad: anything which individuals received disutility or dissatisfactionWe also discuss several other topics like What is the relationship of vectors and matrices?

Disutility: the dissatisfaction one receives from a bad

 

A. Resources

  • Land: all natural resources such as minerals, forests, water and unimproved land
  • Labor: the physical and mental talents people contribute to the production process
  • Capital-produced goods that can be used as inputs for further production, such as factories, tools, computers, and buildings
  • Entrepreneurship: the particular talent that some people have for:
  • Organizing the resources of land, labor, and capital to produce goods
  • Seeking new business opportunities developing new ways of doing things
  • Scarcity: the condition in which our wants are greater than the limited resources available to satisfy those wants
  1. The need to make choices
  2. The need for a rationing device
  3. Competition
  • Rationing device is a means of who gets what available resources and goods
  • Dollar price: pricing is a rationing device

  • Notes to Remember:
  1. It takes finite resources and infinite wants for scarcity to exist. If people’s wants were equal to or less than the finite resources available to satisfy their wants, scarcity would not exist. Infinite wants clashing with finite resources.
  2. Because of scarcity, there is a need for a rationing device. People will compete for the rationing device, money for pricing.
  3. Because our unlimited wants are greater than our limited resources, some wants must go unsatisfied. We must choose which wants we will satisfy and which we will not.

 Don't forget about the age old question of What is a stomata?

If you want to learn more check out Who is olaudah equiano?
We also discuss several other topics like What are the five types of elasticity?

 B. Opportunity costs

  • The most highly valued opportunity or alternative forfeited when a choice is made.

  • Economists believe that a change in opportunity cost can change a person’s behavior. The higher the opportunity cost of doing something, the less likely it will be done.
  • Additional benefits: the benefits connected to consuming an additional unit of a good or undertaking one or more units of an activity.
  • Decision-making characterized by weighing the additional benefits of a change against the additional cost with respect to current conditions.
  •  Incentives: something that encourages or motivates a person to take an action.
  • Unintended effects: a positive or negative outcome that was anticipated
  • Exchange/trade: the process of giving up one thing for another

 

C. Market and government

  • When it comes to economic problems, the national debate usually proceeds along these lines
  1. problem is identified, defined, described
  2. identify the cause of the problem
  3. propose solution

  • Market/capitalism or government is cause of problem market/capitalism or government is solution
  • Ceteris paribus: a Latin term meaning “all other things constant” or nothing else changes.”
  • Assumption used to examine the effects of one influence on an outcome while holding all other influences constant
  • Theory is an abstract representation of the real world designed with the intent to better understand the world
  • Abstract: the process of focusing on a limited number of variables to explain or predict an event.

  • The purpose of building a theory is to explain something that is not obvious./
  • A theory of the economy seeks to explain why certain things in the economy happen.
  • A description of the economy is simply a statement of what exists in the economy

  • Positive: the study of “what is” in economic matters cause and effect
  • Normative: the study of :what should be” in economic matters, judgement and opinion
  • Macroeconomics deals with human behavior and choices as they relate to highly aggregate markets or the entire economy

 

D. Determining Price

  1. Demand
  • How many do consumers want to buy?
  • Affected by price
  • Affected by factors such as price of other goods

 

  1. Supply
  • How many are producers willing to sell affected by price?
  • Affected by factors such as price of other goods
  • Market demand: the demand by all the consumers of a given good or service
  • Demand schedule: a table that shows the relationship between the price of a product and the quantity of the product demanded

 

 

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