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Textbook Notes for Brice

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FSUECO-2023BriceFall

ECO-2023 Chapter Notes - Chapter 12: Marginal Product, Marginal Cost, Final Good

OC11594523 Page
1 Dec 2016
3
Resources markets - markets in which business firms demand factors of production (for example, labor, capital, and natural resources) from household su
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FSUECO-2023BriceFall

ECO-2023 Chapter Notes - Chapter 11: Game Theory, Price Elasticity Of Demand, Natural Monopoly

OC11594524 Page
1 Dec 2016
2
Licensing - a requirement that one obtain permission from the government in order to perform certain business activities or work in various occupations
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FSUECO-2023BriceFall

ECO-2023 Chapter Notes - Chapter 7: Normal Good, Marginal Utility, Price Elasticity Of Demand

OC11594523 Page
21 Nov 2016
2
Law of diminishing marginal utility - the basic economic principle that as the consumption of a product increases, the marginal utility derived from co
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FSUECO-2023BriceFall

ECO-2023 Chapter Notes - Chapter 9: Marginal Revenue, Demand Curve, Variable Cost

OC11594523 Page
30 Nov 2016
2
Price takers- sellers who must take the market price in order to sell their product. Because each price-takers output a small relative to the total mar
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FSUECO-2023BriceFall

ECO-2023 Chapter Notes - Chapter 10: Marginal Cost, Allocative Efficiency, Monopolistic Competition

OC11594522 Page
1 Dec 2016
0
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FSUECO-2023BriceFall

ECO-2023 Chapter Notes - Chapter 5: Economic Efficiency, Invisible Hand, Market Failure

OC11594523 Page
20 Nov 2016
2
Economic efficiency - a situation that occurs when all activities generating more benefit than cost are undertaken and no activities are undertaken for
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FSUECO-2023BriceFall

ECO-2023 Chapter Notes - Chapter 3: Demand Curve, Opportunity Cost, Margarine

OC11594524 Page
10 Oct 2016
13
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FSUECO-2023BriceFall

ECO-2023 Chapter Notes - Chapter 6: The Techniques, Crony Capitalism, Rational Ignorance

OC11594523 Page
20 Nov 2016
1
The major categories of federal government spending are health care, social security, national defense, and income security. Transfer payments - paymen
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FSUECO-2023BriceFall

ECO-2023 Chapter Notes - Chapter 4: Price Ceiling, Price Floor, Tax Incidence

OC11594523 Page
17 Nov 2016
5
Resource market- the market for inputs used to produce goods and services. When the price of a resource, such as labor, changes, the prices of goods an
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