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11 Cards in this Set
- Front
- Back
Supply Curve
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Supply Definition
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The quantity of a good or service that producers are WILLING and ABLE to sell at a given price over a specified period of time.
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Supply Determinants
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- The price of the good or service.
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Demand Curve
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Demand Definition
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The quantity of a good or service that consumers are WILLING and ABLE to purchase at a given price over a specified period of time.
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Demand Determinants
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- Price of a good or service
- Prices of substitutes - Prices of complements - Disposable income & Wealth - Taste & Fashion |
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Economics Definition
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The study of how to allocate scarce resources in the most effective way.
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Economics Definition
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The study of how to allocate scarce resources in the most effective way.
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Production Possibility Curve (PPC) Definition
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A PPC shows the maximum possible output combinations of two goods and services that can be produce with all resources fully employed.
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The Basic Economic Problem
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The need to make choices on how to allocate limited/finite resources between unlimited/infinite and competing wants.
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PPC (diagram)
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