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Textbook Notes for Economics at James Madison University (JMU)

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JMUECON 200Philip HeapFall

ECON 200 Chapter Notes - Chapter 2: Tesla Model X, Opportunity Cost, Ebay

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Scarcity- a situation in which limited wants exceed the limited resources available to fulfill those wants. By engaging in trade, people can increase t
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JMUECON 201kyleo' DonnellFall

ECON 201 Chapter Notes - Chapter 13: Market Power, Marginal Cost

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Hiv medicine: market power, the you can"t take it with you effect, the other people"s money effect. Market power: the power to raise the price above ma
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JMUECON 200Philip HeapFall

ECON 200 Chapter Notes - Chapter 1: Economic Model, Marginal Cost, Marginal Utility

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To attain our goals, we must make choices because of scarcity. Scarcity- a situation in which unlimited wants exceed the limited resources available to
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JMUECON 200bobsubrickSummer

ECON 200 Chapter Notes - Chapter 25: Transfer Payment, Fixed Capital

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JMUECON 200bobsubrickSummer

ECON 200 Chapter Notes - Chapter 3: Demand Curve

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Demand: a schedule or a curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a series of possib
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JMUECON 200bobsubrickSummer

ECON 200 Chapter Notes - Chapter 26-27: Market Basket, Real Income, Deflation

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Real gdp per capita: the amount of real output per person in a country. Modern economic growth: characterized by sustained and ongoing increases in liv
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JMUECON 201kyleo' DonnellFall

ECON 201 Chapter Notes - Chapter 9: Comparative Advantage

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Trade is beneficial because: trade makes people better off when preferences differ, trade increases productivity through specialization & the division
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JMUECON 201kyleo' DonnellFall

ECON 201 Chapter Notes - Chapter 10: Economic Surplus, Cost, Economic Equilibrium

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JMUECON 201kyleo' DonnellFall

ECON 201 Chapter 20: ch. 20 (textbook)

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Positive economics: describing, explaining, or predicting economic events. Normative economics: is recommendations or arguments about what economic pol
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JMUECON 201kyleo' DonnellFall

ECON 201 Chapter Notes - Chapter 12: Marginal Cost

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JMUECON 200bobsubrickSummer

GECON 200H Chapter 28: ch. 28

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JMUECON 200bobsubrickSummer

ECON 200 Chapter Notes - Chapter 1: Opportunity Cost

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Economic perspective: economic way of thinking: scarcity and choice, purposeful behavior, & marginal analysis. To obtain more of one thing, society for
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