Economics
Supply, demand and useful reasoning tools. A starter deck to adapt to your course and level.
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6/40- 01
What is opportunity cost?
- 02
All else equal, what does a higher price do to quantity demanded?
- 03
All else equal, what does a higher price do to quantity supplied?
- 04
What is market equilibrium in a simple model?
- 05
How is price elasticity of demand defined?
- 06
What is inflation?
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01What is opportunity cost?
The value of the best alternative you give up when making a choice.
02All else equal, what does a higher price do to quantity demanded?
It tends to decrease it.
03All else equal, what does a higher price do to quantity supplied?
It tends to increase it.
04What is market equilibrium in a simple model?
A price at which quantity supplied equals quantity demanded.
05How is price elasticity of demand defined?
Percentage change in quantity demanded divided by percentage change in price.
06What is inflation?
A broad, sustained rise in the general price level.