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Economics

Economics

Economics. Definitions: Section 1. Demand: Quantity purchased at a given price over a period of time Supply: Quantity produced at a given price over a period of time Z elasticity of Y: %change Z/%change Y. Part 1: Demand and Supply. Demand.

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1.05k views • 95 slides
Chapter 1: What is Economics?

Chapter 1: What is Economics?

Chapter 1: What is Economics?. Section 1: Scarcity ad the Factors of Production Section 2: Opportunity Cost Section 3: Production Possibility Curves. Section 1 Objectives. Explain why scarcity and choice are the basis of economics. Describe what entrepreneurs do.

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481 views • 30 slides
Farm Management

Farm Management

Farm Management. Chapter 8 Economic Principles ? Choosing Input and Output Combinations. Chapter Outline. Input Combinations Enterprise Combinations. Input Combinations. Most products require two or more inputs, and the manager may choose the input combination or ratio to use.

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555 views • 28 slides
TCO # 3

TCO # 3

TCO # 3. Given the costs and production possibility curves for two products in a firm, analyze how the demand function under (a) perfect competition and (b) monopoly will each drive a different approach for maximizing profit. Graph a production possibilities curve for any two products.

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238 views • 9 slides
Production Possibility Curves

Production Possibility Curves

Production Possibility Curves. -Productive resources also meet the problem of scarcity -W e can not produce all we want of everything -There is always opportunity cost when employing our resources Example- -If a society has only 2 wants- beds and buns

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206 views • 8 slides

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