Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/10

Click to flip

10 Cards in this Set

  • Front
  • Back
elasticity of demand
quanity demanded/price
real income
how much you can buy
there is a direct relationship between the price of a good and the quanity supplied
law of supply
a system that permits individuals to decide their own economic activities based on the right to own the resources used in production
market system
an economic system characterized by public ownership of resources and the coordination of economic activity through centralized planning.
command economy
what is true for the individual is true for the whole
fallacy or compostition
b/c two event occur at the same time implies that one much cause the other
association is causation
may be true or false, its up to science to discover which
positive statements
a matter of opinion
normative statements
increase one factor/input to increase another factor
law of diminishing returns