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Economics, Unlimited wants:
People will always have wants, more are…
Economics
Chapter 2
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Social science:
Economics looks at human behaviour
Satisfying needs and wants
Science, because of how investigated
Statements
Positive: what happens with evidence
Or observations, not opinions
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Ceteris paribus:
"All other things remain equal"
Focuses on the effect of a change if
Everything stood the same
Time periods:
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Very long run: everything can change, including technology,
Regulations, social factors
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Chapter 4
Scarcity: Resources are limited, but wants are unlimited
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Chapter 5
Production possibility curve: the maximum amount of goods and services that can be produced with the resources available
if its constant, it is a straight line, if its curved upwards it is increasing
points inside the curb means underutilization, waste or unemployment
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shifts
right: production increases, so does the economy
left: production decreases, so does the economy
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Unlimited wants:
People will always have wants, more are created