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5 Cards in this Set
- Front
- Back
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What is Economics?
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Economics is the study of decision-making.
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Demand-Side
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Consumers show what they want by what they are willing to pay.
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Supply-Side
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Producers pay attention to consumers' preferences and willingness to buy, and produce what people want to buy and don't produce what they don;t want.
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Price is a Signal
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When governments interfere in free markets, the government distorts the price signal.
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Inflation
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Sustained increase in the overall level of prices.
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