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Textbook Notes for Economics at Michigan State University (MSU)

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MSUEC 201StaffWinter

EC 201 Chapter Notes - Chapter 2: Opportunity Cost, Absolute Advantage, Comparative Advantage

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The opportunity cost of one activity is the value of the next-best alternative. Often, opportunity cost can be measured easily, by the dollar price of
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MSUEC 201StaffWinter

EC 201 Chapter 1: Economics Chapter 1 Summary

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Economics is the study of how people use their limited resources to satisfy unlimited wants. Similarly, economics can be defined as the study of how a
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MSUEC 201StaffWinter

EC 201 Chapter Notes - Chapter 4: Economic Equilibrium, Demand Curve

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When demand increases, the demand curve shifts to the right. This leads to a new equilibrium, in which both the equilibrium price and the equilibrium q
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MSUEC 201StaffWinter

EC 201 Chapter Notes - Chapter 3: Normal Good, Inferior Good, Demand Curve

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A market is an organized exchange of a good or service between buyers and sellers. Demand refers to the behavior of buyers in a market. The law of dema
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MSUEC 201StaffWinter

EC 201 Chapter Notes - Chapter 5: Import Quota, Comparative Advantage, Absolute Advantage

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During the last several decades, both exports and imports have increased dramatically. In the early 1960s, exports accounted for about 5 percent of gro
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MSUEC 201StaffWinter

EC 201 Chapter Notes - Chapter 6: Normal Good

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MSUEC 201StaffWinter

EC 201 Chapter Notes - Chapter 1: Opportunity Cost

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Economics the study of how people use their limited resources to satisfy unlimited wants. Economics the study of how a society chooses to use its scarc
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MSUEC 201StaffWinter

EC 201 Chapter Notes - Chapter 8: Average Cost, Average Variable Cost, Marginal Cost

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In the short run, at least one input is ixed. Product describes a producion relaionship that is oten observed in the short run. The law of diminishing
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MSUEC 201StaffWinter

EC 201 Chapter Notes - Chapter 7: Demand Curve, Economic Surplus, Marginal Utility

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The marginal value for any variable is the value of one addiional unit of the variable. A marginal value can also be deined as the change in the total
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MSUEC 251HA. MukherjeeSpring

EC 251H Chapter 2: Supply and Demand

Can be represented as a graphically (demand curve) or mathematically (demand function) demand curve - shows how much buyers want to buy the product at
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MSUEC 251HA. MukherjeeSpring

EC 251H Chapter 3: Balancing Benefits and Costs

3. 1 maximizing benefits less costs opportunity cost - the cost associated with forgoing the opportunity to employ a resource in its best alternative u
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MSUEC 201R.ChambersSpring

EC 201 Chapter Notes - Chapter 10: Average Cost, Average Variable Cost, Marginal Product

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