• Chapter 4: Elasticity of Demand and SupplyChapter 4: Elasticity of Demand and Supply

    Price Elasticity of Demand Measures buyers’ responsiveness to price changes Elastic demand Sensitive to price changes Large change in quantity Inelastic demand Insensitive to price changes Small change in quantity

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  • Chapter 3W: Web Appendix: Additional Examples of Supply and DemandChapter 3W: Web Appendix: Additional Examples of Supply and Demand

    Lettuce Supply shifts left for lettuce Weather destroys part of the crop Demand doesn’t change Consumers still want as much lettuce as before Equilibrium price rises, which will reduce the quantity demanded

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  • Chapter 3: Demand, Supply, and Market EquilibriumChapter 3: Demand, Supply, and Market Equilibrium

    Markets Interaction between buyers and sellers Markets may be: Local National International Price is discovered in the interactions of buyers and sellers

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  • Chapter 2: The Market System and the Circular FlowChapter 2: The Market System and the Circular Flow

    Economic Systems Set of institutional arrangements Coordinating mechanism Differences in systems exist by: Who owns the factors of production What method is used to motivate, coordinate, and direct economic activity

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  • Chapter 1W: Web Appendix: Graphs and Their MeaningChapter 1W: Web Appendix: Graphs and Their Meaning

    Dependent and Independent Variables Independent variable—the variable causing a change in some other (dependent) variable Also called the causal variable Dependent variable—the variable that changes as a result of a change in some other (independent) variable Also called the outcome variable

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  • Chapter 1: Limits, Alternatives, and ChoicesChapter 1: Limits, Alternatives, and Choices

    Introduction Economics defined: Economic wants exceed productive capacity. A social science concerned with making optimal choices under conditions of scarcity.

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  • Chapter 17: International Trade (2)Chapter 17: International Trade (2)

    Trade Balances Imports: goods and services purchased from foreign sources. Exports: goods and services sold to foreign buyers. Imports and exports are seldom equal. The trade balance is the difference between exports and imports: Trade balance = Exports – Imports

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  • Chapter 16: Theory and RealityChapter 16: Theory and Reality

    Macroeconomics: Policy Tools Policy tools for macroeconomics: Fiscal policy. Monetary policy. Supply-side policy.

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  • Chapter 15: Economic GrowthChapter 15: Economic Growth

    The Nature of Growth Economic growth refers to increases in the output of goods and services (real GDP) – an expansion of production possibilities. Improvements in output may result from: Increased use of existing capacity. OR Increases in that capacity itself.

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  • Chapter 14: Monetary PolicyChapter 14: Monetary Policy

    The Federal Reserve System The Federal Reserve System (the Fed) was created in 1913 as the central banking system of the United States. A central responsibility of the Federal Reserve is monetary policy: the use of money and credit controls to influence macroeconomic activity.

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