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econ 3210 midterm solution

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Department
Economics
Course
ECON 3210
Professor
Razvan Sufana
Semester
Fall

Description
Chapter 1Four factors landrent labourwages capitalinterest entrepreneurshipprofitPostiefact normativeshouldought topersonalbusinessgovernmentmicroindividuals and business macroglobalwhat we produce how to produce for whom we consumeChapter 2PPFproduction possibilities frontier slope is opportunity costmarginal costone unit of opportunity costcomparative advantage absolute advantagethe relative price is opportunity costfirmsmarketpropertymoneyChapter 3quantity demand is the line demand change is changing the line horizontallydemand increase move rightward6 factor change the demand relative goods future price income future income population preference price increase or decrease only changes quantity demandsubstitutecomplement supply increase move rightward6 factor change the supply price relative good
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