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Textbook Notes for Economics at Ohio State University (OSU)

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OSUECON 2001.01Jeffrey BuserFall

ECON 2001.01 Chapter 3: ECON2001.01, Ch 3

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Production possibilities schedule: a table that shows the possible combinations of two different goods or services that can be produced with fixed reso
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OSUECON 2001.01Jeffrey BuserFall

ECON 2001.01 Chapter Notes - Chapter 3: Marginal Utility, Lemonade, Normal Good

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OSUECON 2001.01Jeffrey BuserFall

ECON 2001.01 Chapter Production Possibilities: Production Possibilities Textbook Notes

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Resources a scarcity production possibility schedule efficient in the levels using all available effective way most resources boundary between what is
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OSUECON 2001.01Jeffrey BuserFall

ECON 2001.01 Chapter 1: ECON2001.01, Ch 1

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Equilibrium price: the price at which the quantity supplied of good, service, or resource equals the quantity demanded: the price at which the demand a
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OSUECON 2001.01Jeffrey BuserFall

ECON 2001.01 Chapter 5: ECON2001.01, Ch 5

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Law of supply: a principle in economics that states that as the price of a good, service, or resource rises, the quantity supplied will increase, and v
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OSUECON 2001.01Jeffrey BuserFall

ECON 2001.01 Chapter 2: ECON2001.01, Ch 2

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Marginal benefits and costs - private and social. Private market: a market in which the demand and supply curves represent the benefits and costs to on
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OSUECON 2001.01Jeffrey BuserFall

ECON 2001.01 Chapter Notes - Chapter Market Equilibrium: Demand Curve, Market Clearing, Negative Relationship

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Equilibrium price: the price at which the quantity supplied of a good, service, or resource equals the quantity demanded; the price at which the demand
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OSUECON 2001.01Jeffrey BuserFall

ECON 2001.01 Chapter Notes - Chapter Market Efficiency: Economic Surplus, Economic Equilibrium, Demand Curve

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Consumer surplus: the di erence between the max price consumers are willing and able to pay for a good or service and the price they actually pay. Cons
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OSUECON 2001.01Jeffrey BuserFall

ECON 2001.01 Chapter Notes - Chapter Market Failures: Coase Theorem, Social Cost, Free Rider Problem

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Private market: a market in which the demand and supply curves represent the bene ts and costs to only the consumers and producers in the market. Priva
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OSUECON 2001.01Jeffrey BuserFall

ECON 2001.01 Chapter Notes - Chapter Supply : Dappy

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Supply curve service or producers to deliver relates to the of good that quantity are to able 8 market willing direct relationship is tprodu. A tabular
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OSUECON 2001.01Jeffrey BuserFall

ECON 2001.01 Chapter Notes - Chapter Demand: Marginal Utility, Demand Curve

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OSUECON 2002.01Jeffery BuserFall

ECON 2002.01 Chapter Notes - Chapter 5: Monetarism, National Bureau Of Economic Research, Informal Sector

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Chapter 5 introduction to macroeconomics: different types of economics. Free markets; little government involvement; dominated prior to the great depre
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