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6 Cards in this Set

  • Front
  • Back
elastic
goods that someone buys much less of after a small price increase
inelastic
a demand that is not very sensitive to a change in price
elasticity
percent change in quantity demanded/percent change in price
scarcity
limited quantities of resources to meet unlimited wants
opportunity cost
the most desirable alternative given up as the result of a decision
production possibilities frontier
the line on a production possibilities graph that shows the maximum possible output