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Fenster schliessen

Facts human nature is based on

1. human nature has unlimited desires

2. scarecity of economic resources

Fenster schliessen

factors of production

land, labour capital (capital goods, investment goods)

and entrepreneurial ability

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Problems that individuals and economy face

1) Individuals must decide how the spend their limited income to maximize their individual satisfaction

2) Economy deals with the allocation of limited resources

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Questions an economic system must answer

1. What/how much goods and services must be produced

2. How should they be produced

3. For whom should they be produced

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Def. Microeconomics

analyzes the operation of markets as a result of interactions between consumers and firms

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quantity of goods and services that consumers are willing and able to purchase

-consumer wants greatest amount of utility

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Law of demand

as the price of a product is reduced, the quantity demanded for the product will increase

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cause for a movement along the demand curve

change in price of good

(all other changes will shift the entire curve)