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Textbook Notes for Jennifer Berg

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NYUECON-UA 1Jennifer BergSummer

ECON-UA 1 Chapter Notes - Chapter 1: United States House Committee On Oversight And Government Reform, Opportunity Cost, Hunter College

OC2623883 Page
18 Mar 2014
29
Scarcity - since everyone has unlimited desires, all these desires can"t be met due to the limited resources available, forcing people to make choices.
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NYUECON-UA 1Jennifer BergSummer

ECON-UA 1 Chapter Notes - Chapter 4: Budget Constraint, Ice Cream Cone, Opportunity Cost

OC2623884 Page
18 Mar 2014
16
Firms - profit maximizers (all their actions are geared towards making a profit) Constraints for a consumer - limited purchasing power, or income. A tw
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NYUECON-UA 1Jennifer BergSummer

ECON-UA 1 Chapter Notes - Chapter 2: Productive Efficiency, Opportunity Cost, Human Capital

OC2623885 Page
18 Mar 2014
30
* the opportunity cost of producing a good is that we could have made another good instead. Critical assumption (ppf) - the ppf is concave (not a linea
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NYUECON-UA 1Jennifer BergSummer

ECON-UA 1 Chapter Notes - Chapter 3: Ceteris Paribus, Maple Syrup, Demand Curve

OC2623886 Page
18 Mar 2014
33
* any economy is constrained in terms of the amount of limited resources available. Market - a group of buyers and sellers with the potential to trade.
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