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ECON Notes
Trade creates wealth because people value a particular good differently than someone else
values it
People are typically willing to pay more for roses just before Valentine’s Day because their
demand is inelastic since giving your valentine roses the day after Valentine’s Day is not a good
substitute
...
- Price Elasticity of Demand: the percentage change in quantity demanded divided by the
percentage change in price
...
- Price Elasticity of Supply: the percentage change in quantity supplied divided by the
percentage change in price
...
With a good on each axis, the production possibilities frontier is downward sloping, which
suggests the production of one good ultimately means sacrificing production of the other
...
4 million to his Alliance for Climate Change
charity
...
Disagreements about the relative economic efficiency of particular projects are usually
disagreements about the relative values of particular goods to different people
...
Economics is about: how people make decisions, how the choices of others influences our
choices, the consequences (good or bad) of our decisions
...
In economics as well as in social relations in general, clear and concise information makes
cooperation easier to achieve
...
Under the right circumstances, power and wealth could both be substitutes for love
...
The costs affecting decisions to supply are always marginal costs
...
An example of labor-leisure tradeoff: if Walmart decides to double its managers’ pay, some
managers may choose to work fewer hours
...