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Bundle for ECO 304K tests compilation | everything you need
Bundle for ECO 304K tests compilation | everything you need
[Show more]Bundle for ECO 304K tests compilation | everything you need
[Show more]absolute advantage - the ability of a party (an individual, or firm, or country) to produce a greater 
quantity of a good, product, or service than competitors, using the same amount of resources. 
average fixed cost (AFC) - Total fixed cost divided by the number of units of output; aper-unit 
measu...
Preview 2 out of 13 pages
Add to cartabsolute advantage - the ability of a party (an individual, or firm, or country) to produce a greater 
quantity of a good, product, or service than competitors, using the same amount of resources. 
average fixed cost (AFC) - Total fixed cost divided by the number of units of output; aper-unit 
measu...
Ten Principles of Economics - 1. People face trade-offs 
2. The cost of something is what you give up to get it 
3. Rational people think at the margin 
4. People respond to incentives 
5. Trade can make everyone better off 
6. Markets are usually a good way to organize economic activity 
7. Governm...
Preview 2 out of 5 pages
Add to cartTen Principles of Economics - 1. People face trade-offs 
2. The cost of something is what you give up to get it 
3. Rational people think at the margin 
4. People respond to incentives 
5. Trade can make everyone better off 
6. Markets are usually a good way to organize economic activity 
7. Governm...
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