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Textbook Notes for Economics at The College of New Jersey (TCNJ)


TCNJECO 101GreenblattFall

ECO 101 Chapter Notes - Chapter 1.1: Marginal Utility, Marginal Cost, Opportunity Cost

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The word (cid:1057)economy(cid:1058) comes from the greek (cid:1057)oikonomos(cid:1058) meaning: one who manages a household. Essentially, an economy c
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TCNJECO 102Bozena LevenFall

ECO 102 Chapter Notes - Chapter 1-8: Current Population Survey (Us), Unemployment, Efficiency Wage

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U(cid:290)e(cid:289)plo(cid:369)(cid:289)e(cid:290)t is a catego(cid:325)(cid:369) that i(cid:290)cludes those (cid:363)ho (cid:363)e(cid:325)e (cid:29
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TCNJECO 101CerfFall

ECO 101 Chapter Notes - Chapter 2: Sharecropping, Industrial Revolution, Nuclear Family

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The changes in family life must be understood in relation to four overarching historical trends: longevity, fewer children per family, families preform
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TCNJECO 101CerfFall

ECO 101 Chapter Notes - Chapter 16: Tax Efficiency, Externality, Resource Depletion

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Review- externalities: a critical shortcoming of the market mechanism. The role of individuals and governments in environmental damage: although busine
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TCNJECO 101CerfFall

ECO 101 Chapter Notes - Chapter 3: Comparative Advantage, Opportunity Cost

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What do economists expect the market to accomplish? o. The fundamental economic problem: how to best manage the resources of society, doing as well as
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TCNJECO 101David EpsteinFall

ECO 101 Chapter Notes - Chapter 4: Demand Curve, Perfect Competition, Inferior Good

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TCNJECO 101David EpsteinFall

ECO 101 Chapter Notes - Chapter 5: Midpoint Method, Demand Curve, Margarine

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Elasticity-a measure of how much buyers and sellers respond to changes in market conditions. One type of elasticity measures how much demand for your p
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TCNJECO 101CerfFall

ECO 101 Chapter Notes - Chapter 7: Marginal Revenue, Diminishing Returns, Fixed Cost

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Production, inputs, and cost: building blocks for supply analysis: Short run versus long run costs: what makes and input variable. Many input choices a
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TCNJECO 101CerfFall

ECO 101 Chapter Notes - Chapter 4: Economic Equilibrium, Demand Curve, Invisible Hand

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TCNJECO 101CerfFall

ECO 101 Chapter Notes - Chapter 1: The Need, Opportunity Cost, Externality

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How much does it really cost? o. Economists compare if you do something to if you don"t do something. The surprising principle of comparative advantage
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TCNJECO 101CerfFall

ECO 101 Chapter Notes - Chapter 10: William Baumol, Competitive Equilibrium, Marginal Cost

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TCNJECO 101CerfFall

ECO 101 Chapter Notes - Chapter 6: Demand Curve

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(price) elasticity of demand- is the ratio of the percentage change in quantity demanded to the percentage change in price that brings about the change
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