ECON 2030 : Econ Exam 1

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15 Mar 2019
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Chapter 4: 3, 4, 6, 7, 10-19, 21. Chapter 6: 1-4, 7-10, 12, 14, 15, 18-20: absolute advantage, highest productivity, autarky: production, consumption, comparative advantage, lowest opportunity cost, complements, goods that are used in conjunction with other goods. (peanut butter. And jelly: demand, willingness and ability to purchase a good or service at various prices, economics, the study of how societies provision themselves with the material means of existence, economies, efficiency, achieving a goal as cheaply as possible. Wine and cloth: macroeconomics, the study of the economy as a whole, which includes inflation, unemployment, business cycles, and growth, marginal cost, additional cost over and above costs already incurred. Increase (decrease) in total cost from increasing (or decreasing) the level of output by one unit. Also: the change in total cost associated with a change in quantity: market equilibrium and disequilibrium, disequilibrium excess supply: surplus, excess demand:

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