Econ: Unit I Essay Questions Review


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Unit I Essay 
Chapter 2: Economic Decisions
– scarcity
– tradeoffs
– opportunity cost
– production possibilities frontier
Chapter 3 Economic Systems
– basic economic questions
– traditional system
– market system
– command system
– mixed economy
Chapter 5: Supply & Demand
Chapter 6 Equilibrium
Chapter 7 Market Structures
– characteristics of market structures
– barriers to entry
– nonprice competition
– cooperative pricing
Arrows-02-june

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