Vocabulary Tests Available for:
"Prin of Microeconomics EXAM 1"
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4 resources
6 parts of models
absolute advantage
capital (economic or physical)
capital (human)
capitalism
ceteris paribus
communism
comparative advantage
economic efficiency
economic growth
economic system
economics
entreprenuership
equilibrium
excludable
for whom to produce for?
how to produce it?
hypothesis
labor
land
law of demand
law of supply
macroeconomics
marxist theory
microeconomics
models
negative externalities
non-excludable
normative economics
oppurtunity cost
positive economics
positive externalities
ppc-production possibilty curve
price ceiling
price floor
public goods
rationality assumption
relative price
rival
scarcity
shifts in supply
shifts of demand
shortage
socialism
surplus
what are the 3 basic questions?
what to produce?