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Quiz Review
Get the most for the least
Supply = production
Demand = ppl want it
Price vs Quantity
Rule #1 Cost goes up, conssumers want less and producers make more
Rule #2 things work themseleves out in the end...equilibrium
We act to max our utility(happiness)
Homoeconomics - we all go for our utility(we are all jerks)
DMU- Dminishing Marginal utility the more the worse off we become....beer ruel
OC- Opportunity cost - what you must give up to get something
Marginal Cost - Devisions that are made at the margin
Economic Efficiency - get the right amount
Backbending Curve - Working more reach efficient sum, take days off to spend it.
Bartering - come to an agreement
Incentives matters --tax cheating
4% GDP - Gross Domestic Product - all goosta and services produced in a given year
GDP = CIGS
CIGS - Consumption, INvestment, Guv, Import - Xport
Make Money - wages interest profits rent
Everything in must go out
The circular flow -- people guv firms
Recession - two consecative quarters of negative growth....its a contraction
GNP - Production of Canadians
GDP - Production of Canada
<2% Inflation - the value of money decrease
Human Capital
Physical Capital
Technology
Natural Capital
Production POssibility Curve.....
This will be updated when done done
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