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Textbook Notes for Economics at University of South Carolina (SC)

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SCECON 221Mc InnesFall

ECON 221 Chapter Notes - Chapter 4: Excess Supply, Inferior Good, Shortage

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Market: a market is a group of economic agents who are trading a good or service, and the rules and arrangements for trading. Market price: if the sell
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SCECON 222Chandini SankaranFall

ECON 222 Chapter Notes - Chapter 5: Gdp Deflator

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SCECON 222Chandini SankaranFall

ECON 222 Chapter Notes - Chapter all: Gdp Deflator, Market Failure, Monetary Base

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SCECON 222Chandini SankaranFall

ECON 222 Chapter Notes - Chapter 2: Avoidance Speech, Time Point, Natural Disaster

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SCECON 221Mc InnesFall

ECON 221 Chapter Notes - Chapter 1: Free Rider Problem, Macroeconomics, Microeconomics

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SCECON 222Chandini SankaranFall

ECON 222 Chapter Notes - Chapter 1: Market Power, Externality, Opportunity Cost

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Economics is study of how people/society manage scarce resources o o. Scarcity is the limited nature of society"s resources. Can"t produce all goods an
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SCECON 221Mc InnesFall

ECON 221 Chapter Notes - Chapter 2: Natural Experiment, Scientific Method

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A model is a simplified description of reality. Economists use data to evaluate the accuracy of models and understand how the world works. Economic res
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SCECON 222Chandini SankaranFall

ECON 222 Chapter Notes - Chapter 4: Economic Equilibrium, Takers, Inferior Good

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Supply and demand are the two words most often used by economists o o. Supply and demand are the forces that make a market economy work. Determine quan
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SCECON 222Chandini SankaranFall

ECON 222 Chapter Notes - Chapter 3: Comparative Advantage, Opportunity Cost, Absolute Advantage

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SCECON 221Mc InnesFall

ECON 221 Chapter Notes - Chapter 2: Natural Experiment, Scientific Method

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Scientific method: the scientific method is the name for the ongoing process that economists and other scientists use to (1) develop models of the worl
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SCECON 221Mc InnesFall

ECON 221 Chapter Notes - Chapter 3: Marginalism, Marginal Cost

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When an economic agent chooses the best feasible option, she is optimizing. Optimization in levels calculates the total net benefit of different altern
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SCECON 221Mc InnesFall

ECON 221 Chapter Notes - Chapter 4: Demand Curve, Competitive Equilibrium, Perfect Competition

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The demand curve plots the relationship between the market price and the quantity of a good demanded by buyers. The supply curve plots the relationship
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