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