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