ECON 102 Final: ExamNotesECON102.docx

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31 Oct 2013
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ECON 102 Full Course Notes
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ECON 102 Full Course Notes
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Aggregates- total amounts or quantities: aggregate demand, for example, is total planned expenditures throughout a nation". Ceteris paribus- the assumption that nothing changes except the factor or factors being studied. Productive possibilities curve (ppc)- a curve representing all possible combinations of maximum outputs that could be produced assuming a fixed amount of productive resources of a given quality. Law of increasing additional cost- the fact that the opportunity cost of additional units of a good generally increases as society attempts to produce more of that good. This accounts for the bowed out shape of the production possibilities curve. Subsidy- a negative tax: a payment to a producer from the government, usually in the form of a cash grant per unit. Price ceiling- a legal maximum price that may be charged for a particular good or service. Non price rationing devices- all methods used to ration scarce goods that are price controlled.

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