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Chapters 1-4

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
Incentives Matter   show
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Good Institutions Align Self-Interest with the Social Interest   show
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Trade-offs are Everywhere   show
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show making choices by thinking in terms of marginal benefits (MB) and marginal costs (MC)  
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The Power of Trade   show
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The Importance of Wealth and Economic Growth   show
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Institutions Matter   show
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Economic Booms and Busts Cannot Be Avoided but Can Be Moderated   show
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show a country's central bank regulates the supply of money. a sustained increase in the supply of money without an increase in the supply of goods, causes prices to rise  
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Central Banking is a Hard Job   show
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show principle of economic model  
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Trade-offs Involve Choices About A Little More or A Little Less   show
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show principle of economic model  
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show principle of economic model  
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show can produce a good at a lower opportunity cost  
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show value of opportunities lost  
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marginal   show
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Law of Comparative Advantage   show
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Production Possibility Frontier (PPF)   show
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Benefits of Trade   show
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Demand Curve   show
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Slope of Demand Curve   show
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Law of Demand   show
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Consumer Surplus   show
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show - area beneath the demand curve and above the price - 1/2(b*h)  
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Income   show
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Population   show
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Price of Substitutes   show
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Prices of Complements   show
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show Demand Shifter  
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Tastes   show
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show at every single price, quantity demanded increases  
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Demand Shifts to the Left   show
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normal good   show
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inferior good   show
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substitutes   show
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complements   show
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show shows the quantity supplied at different prices and the minimum price that a certain quantity will be supplied at  
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show positive  
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show as prices rise, the quantity supplied increases  
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Producer Surplus   show
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Total Producer Surplus   show
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Technology   show
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Input Cost   show
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Taxes   show
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show Supply Shifter  
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Opportunity Cost   show
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show when quantity supplied is equal to quantity demanded  
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Created by: claire.klein
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