Economy Study Guide
Economy Study Guide EC101-02
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This 1 page Study Guide was uploaded by Madison Hongsermeier-Baxter on Sunday September 27, 2015. The Study Guide belongs to EC101-02 at Southeast Missouri State University taught by Chen Wu in Summer 2015. Since its upload, it has received 89 views. For similar materials see Economic Problems and Policies in Economcs at Southeast Missouri State University.
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Date Created: 09/27/15
Scarcity demand greater than supply Resources inputs used to produce goods Positive Economics factual and verifiable Normative Economics analysis based on judgment Opportunity Cost best alternative that is given up for chosen alternative Demand decision of buyers Supply decision of sellers Substitute Good goods in competition Complementary Good goods that are jointly consumed Externality a cost or benefit imposed on a third party Elastic demand percentage change in quantity demanded is greater than percentage change in price Inelastic demand percentage change in quantity demanded is less than percentage change in price Perfectly elastic quantity demanded changes infinitely Perfectly inelastic quantity demanded does not change Unitary elastic percentage change in quantity demanded is equal to percentage change in price
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