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Textbook Notes for Cindy Clements

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UMDECON 200Cindy ClementsFall

ECON 200 Chapter 1: Economics and Life

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Economics- the study of how people, individually, and collectively, manage resources. Microeconomics- the study of how individuals and firms manage res
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 5: Ebay, Deadweight Loss, Economic Surplus

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Willingness to pay (reservation price)- the maximum price that a buyer would be willing to pay for a good or service. Willingness to sell- the minimum
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter 6: Government Intervention

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61
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 17: Autarky, Economic Surplus, Factor Endowment

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Absolute advantage- the ability to produce more of a good than others with a. Comparative advantage- the ability to produce a good or service at a lowe
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 14: Perfect Competition, Predatory Pricing, Demand Curve

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Monopoly- a firm that is the only producer of a good or service with no close. Perfect monopoly- controls 100% of the market in a product. Scarcity in
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 3: Opportunity Cost, Microeconomics, Takers

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Market economy- an economy in which private individuals, rather than a centralized planning authority, make the decisions. Market- buyers and sellers w
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 8: Behavioral Economics, Sunk Costs, Cognitive Bias

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Chapter 8: behavioral economics: a closer look at decision making. Behavioral economics- a field of economics that draws on insights from psychology to
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 9: Nash Equilibrium, Strategic Dominance, Sequential Game

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Game- a situation involving at least two people that requires those involved to. Game theory- the study of how people behave strategically under differ
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 4: Midpoint Method, Demand Curve, Negative Number

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Elasticity- a measure of how much consumers and producers will respond to a change in market conditions. Measure of consumer sensitivity to price chang
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 20: Deadweight Loss, Income Tax, The Surplus

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Revenue allows governments to provide goods and services to citizens. Many tax-funded programs are attended to increase surplus and stimulate economic
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 19: Public Good, Overconsumption, Private Good

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Excludable- a characteristic of a good or service that allows owners to prevent its use by people who have not paid for it. Excludability matters becau
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 11: Adverse Selection, Interest Rate, Moral Hazard

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37
Money is worth more to us now than in the future. We cannot equate costs and benefits that occur at different times. Interest rate- the price of borrow
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