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Economics Lecture Fourteen (view source)

Revision as of 21:59, December 16, 2009

4 bytes added ,  21:59, December 16, 2009
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→‎Topics on Exam
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|Opportunity Cost || 2% || keep in mind that "economic costs" include opportunity costs in addition to actual out-of-pocket (accounting) costs
 
|Opportunity Cost || 2% || keep in mind that "economic costs" include opportunity costs in addition to actual out-of-pocket (accounting) costs
 
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|Substitutes || 2% || think coke and pepsi
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|Substitutes || 2% || think Coke versus Pepsi
 
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|-
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|Complements || 2% || think ketchup and french fries
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|Complements || 2% || think ketchup with french fries
 
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|Inferior v. Normal Goods || 2% || when income goes up, demand for an inferior good or service goes down (e.g., demand for bankruptcy services)
 
|Inferior v. Normal Goods || 2% || when income goes up, demand for an inferior good or service goes down (e.g., demand for bankruptcy services)
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