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10 Cards in this Set

  • Front
  • Back
elasticity of demand
quanity demanded/price
real income
how much you can buy
there is a direct relationship between the price of a good and the quanity supplied
law of supply
a system that permits individuals to decide their own economic activities based on the right to own the resources used in production
market system
an economic system characterized by public ownership of resources and the coordination of economic activity through centralized planning.
command economy
what is true for the individual is true for the whole
fallacy or compostition
b/c two event occur at the same time implies that one much cause the other
association is causation
may be true or false, its up to science to discover which
positive statements
a matter of opinion
normative statements
increase one factor/input to increase another factor
law of diminishing returns