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100 Cards in this Set
- Front
- Back
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Proprietary Right
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Party Exercises private ownership; control or use over an item of property, usually to the exclusion of others
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Society
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A self reproducing group of individuals occupying a paticular territory, which may have its own distinctive culture and institution
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Utopian
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Perfect Society; Ideal
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Reserve
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Percent of deposit that the bank keeps
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Inflation
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Period of rising prices and purchasing power falls
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Hyperinflation
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When value of currency falls and rapid rate over short period of time
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Fiscal
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Use of government power to spent to regulate economic activity
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Demand and Deposits
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Checking accounts held by commercial bank
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Regressive
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One that takes a higher percentage of a low income and a lower percentage of a high income
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Frictional unemployment
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Unemployment that is always present in the economy resulting from temporary transitions made by workers or employees or from workers or employees with incomplete info.
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Override
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Any arrangement that allows a user to take control of an otherwise automatic system or prevent an automatic system from performing its function
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Conglomerate
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Diversified company with a wide array of businesses
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Total Revenue
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Total sales and other revenue for the period shown
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Proprietary Right
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Party exercising private ownership, control or use over an item of properaty usually to the exclusion of others
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Total Revenue
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Total of all the money or other items of value that come into the company during the given period. Includes sales, interest, income, proceeds from the sale of a subsidiary.
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District Banks
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One of 12 banks in Federal Reserve. System overseeing banking in its region.
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Cylical Unemployment
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Unemployment resulting from changes in general levels of business activity.
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Currency
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Paper money/coins/ issued by federal govt.
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Flat Tax
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A tax that would eliminate most deductions and apply same tax to all incomes
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NRA
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National Rifle Association
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Death and Taxex
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Two things you can't escape in life.
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Excise Tax
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Tax levied on a manufactured item or sale of a specific item
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Line Item
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A way to eliminate wasteful spending
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Proportional
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Everyone has the same tax rate or taxed same percentage
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Oligopoly
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Market dominated by a few large firms
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trademark
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Special design, name or unique symbol that identify a product; usually registered and protected by law
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grievance
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Steps employees follow if they feel they've been treated unfairly
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Arbitration
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Settling differences by allowing a 3rd party to hand down decisions that is final and binding
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NLRB
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National Labor Regulation Board
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Board of Directors
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Elected reps of corporate stockholders
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Standard of Living
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Measure of amounts of goods and services available to citizens
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Corporate Bond
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IOU's corporations issue when borrowing money for long periods of time
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Net Worth
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Differences between firms assets and liabilities
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Division of Labor
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Breaking down large tasks into series of smaller ones so that each laborer completes one or fewer steps involved
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Sole Proprietorship
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Business owned by one Person
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REnt
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Return paid to those who supply the factor of production
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Corporation
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Busineeses managed on behalf of its owners, stockholders, who provide the funds
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Stockholders
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Owner of a stock in a corporation
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Proxy
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Written authorization instructing others how to vote at a stock holders meeting
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Principal
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Amount borrowed
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Corporation
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Business managed on behalf of it's owners, stockholders who provide the funds
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Franchise
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Licence to operate an individually owned business in a specific geographic area such as a part of a large chain
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Partnership
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Business owned by 2 or more people
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Consumer
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Members of a household who use goods and services that businesses produce; those who buy these items for personal use
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interest
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Payment for using some else's money; income for allowing someone to use your money
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Mortgage
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Loan term loan to purchase property
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Wealth
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Total value of one's tangible assets
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Price
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Money value of a good or service
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Money
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Anything generally accepted for payment of goods or services; legal tender
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Demand
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Quantities of particular goods and services consumers are willing and able to buy at different prices at a particular time
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Substitute Goods
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2 goods that satisfy similar wants
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Scarcity
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Result of inability to satisfy all wants
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Profit
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What remains after cost of doing busineess have been met
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Free Enterprise
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Market economy or captialism
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Entrepreneur
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Person who takes risk to create new product
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Substitute Goods
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2 goods that satisfy similar wants
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Scarcity
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Result of inability to satisfy all wants
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Profit
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What remains after cost of doing busineess have been met
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Free Enterprise
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Market economy or captialism
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Entrepreneur
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Person who takes risk to create new product
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Substitute Goods
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2 goods that satisfy similar wants
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Scarcity
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Result of inability to satisfy all wants
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Profit
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What remains after cost of doing busineess have been met
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Free Enterprise
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Market economy or captialism
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Entrepreneur
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Person who takes risk to create new product
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Complementary Goods
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Goods often used together
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Competition
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Rivalry between buyers and sellers
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Bankruptcy
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When you spend more than you make and you have to file for legal protection
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Buying Power
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The power of money
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Override
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Any arrangement that allows a user to take contral of an otherwise automatic system or prevent an automatic system from performing its function
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Functional Unemployment
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Unemployment that is always present in the economy resulting from temporary transitions made by workers or employees or from workers and employers having incomplete info.
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Conglomerate
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Diversified company with a wide array of business
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How can you invest in a company?
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Stock
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What do you need to include in a budget?
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Income
Needs Expenditures |
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3 Types of Investements
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Savings, Money Market, Bond, CD
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Natural Monopoly
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When gov sets up something as a monopoly because it is 2 expensive for competition
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An agreement in which companies restrict production to raise profit and an ex.
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Collusion
Ex. Price, Production, Enforcement |
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What is the eurodollar and how is it different from the US dollar?
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Euro dollars are deposits denomiated in US dolllars at banks outside the US but not under federal jurisdition.
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Free Trade
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Absence of Trade Restrictions
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3 Characteristics of a monopoly and 3 ex.
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Single Seller
No close substitutes Barriers to entry Ex. telephone, electric and water |
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What are 3 reasons US workers today produce more than in previous decades?
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Like the past shift of workers from farms to factories the present shift of employment to services produces discomfort makes workers work harder
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What do you call a market with many sellers offering similar products
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Pure Price Competition
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5 mains parts of a financial statement
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Balance sheet, income statement, statement cash flow, statement retained earnings, assets, liabilities, net worth, total assets, total liabilities and net worth
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Advantages of a corporation
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Limited liability
Ease of transfer Unlimited life Tax advantage |
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Disadvantages of a Partnership
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Unlimited liability
limited funds limited potential |
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Advantages of sole proprietorship?
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profits
taxes personal achievement |
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What is GDP?
4 major components |
Gross domestic product
market value of goods and services produced in a given time; measured in 1/4 intervals |
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How are corporation profits distributed to owners?
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Dividends
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What regulates secondary markets?
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Stockmarket
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Bondholders paid by Corporations
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Stocks
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Wage
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The earnings of a worker paid by hour or units of production
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Rationing
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System of allocating goods and services that are in short supply
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What causes an increase in demand?
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Chnage in style, tasks, habits change in income if income increases people have more money to spend
Price or availabity of substitutes Change in weather |
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What do economists call a shortage?
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Economists want to buy more than seller wants to sell at a given price
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Elasticity
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Price effectis large
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What causes a decrease in supply?
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Increase in production cost, expectations of higher future cost
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What is inelasticity/
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Price effect small
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Why do producers offer more product at higher prices than lower?
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to make profit
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Elasticity of Demand
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Measurement of imnpact of price effect when that effect is large the demand is elastic, small change in price causes large change
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Why is money the best median of exchange
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bc you can use money 2 get what you want since other businesses use it
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