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Textbook Notes for ECON - ECONOMICS at American University (AU)


AU, AMERICANECON-100 FA4John WilloughbySpring

ECON-100 FA4 Chapter Notes - Chapter 1: Opportunity Cost, Business Cycle, Marginal Utility

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Economics is the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political real
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AU, AMERICANECON-100 FA4wismanFall

ECON-100 FA4 Chapter Notes - Chapter 3: Limited Liability, Sole Proprietorship, Consumer Sovereignty

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Institutions- the formal and informal rules that constrain human economic behavior. Market economy- an economic system based on private property and th
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AU, AMERICANECON-100 FA4wismanFall

ECON-100 FA4 Chapter Notes - Chapter 1: Scientific Control, Predictably Irrational, Microeconomics

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Economics- the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realit
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AU, AMERICANECON-100 FA4wismanFall

ECON-100 FA4 Chapter Notes - Chapter 5: Copayment, Excise, Price Ceiling

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Supply and demand gives you a lens through which to view the economy: that lens brings into focus issues that would otherwise seem like a muddle. If th
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AU, AMERICANECON-100 FA4wismanFall

ECON-100 FA4 Chapter Notes - Chapter 4: Excess Supply, Shortage, Dynamite Entertainment

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Supply and demand are the most-used words in economics. Unless you are willing and able to pay for it, you may want it, but you don"t demand it. The qu
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AU, AMERICANECON-100 FA4wismanFall

ECON-100 FA4 Chapter Notes - Chapter 2: Laissez-Faire, Productive Efficiency, Comparative Advantage

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Chapter 2: the production possibility model, trade, and globalization. Every economy must solve three main coordination problems: what, and how much, t
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AU, AMERICANECON-100 FA4CallahanFall

ECON-100 FA4 Chapter Notes - Chapter 2: Corn Laws, Absolute Advantage, Physical Capital

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Purpose is to improve our understanding of trade-offs by considering a simplified economy that produces only two goods: the frontier: the line in the d
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AU, AMERICANECON-100 FA4CallahanFall

ECON-100 FA4 Chapter Notes - Chapter 3: Shortage, Final Good, Economic Equilibrium

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AU, AMERICANECON-100 FA4CallahanFall

ECON-100 FA4 Chapter Notes - Chapter 1: Market Failure, Lesson Learned, Government Spending

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AU, AMERICANECON-100 FA4NaFall

ECON-100 FA4 Chapter Notes - Chapter 5-6: Normal Good, Negative Number, Economic Equilibrium

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Income elasticity of demand: most goods are normal goods: higher income raises the quantity demanded. Because quantity demanded and income moves in the
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AU, AMERICANECON-100 FA4NaFall

ECON-100 FA4 Chapter 15: Chapter 15 Q&A

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AU, AMERICANECON-100 FA4NaFall

ECON-100 FA4 Chapter Notes - Chapter 8: Deadweight Loss, Economic Surplus, Demand Curve

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If we impose a tax on supply or demand, it will shift the supply and demand curve to the left. The final effect will be exactly the same. Price will be
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