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Textbook Notes for Bucci Gabriella

DEPAUL UECO 105Bucci GabriellaWinter

ECO 105 Chapter Notes - Chapter 2-3: Absolute Advantage, Opportunity Cost, Comparative Advantage

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Circular-flow diagram: a visual model of the economy that shows how dollars flow through markets among households and firms. Production possibilities f
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DEPAUL UECO 105Bucci GabriellaWinter

ECO 105 Chapter Notes - Chapter 5-7: Price Ceiling, Price Floor, Demand Curve

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The price elasticity of demand: measures how much the quantity demanded responds to a change in price. Total revenue: he amount paid by buyers and rece
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DEPAUL UECO 105Bucci GabriellaWinter

ECO 105 Chapter Notes - Chapter 4: Perfect Competition, Takers, Normal Good

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Market: is a group of buyers and sellers of a particular good or service. Competitive market: to describe a market in which there are so many buyers an
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DEPAUL UECO 105Bucci GabriellaWinter

ECO 105 Chapter Notes - Chapter 1: Marginal Utility, Marginal Cost, Opportunity Cost

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Scarcity: means that society has limited resources and therefore cannot produce all the goods and services people wish to have. Economics: is the study
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