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Economics Unit 1 study guide Flashcards | Quizlet

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Chapter 1-3 Learn with flashcards, games, and more — for free.

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Supply and Demand: Crash Course Economics #4

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Economic Systems and Macroeconomics: Crash Course Economics #3

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When the supply is greater than the demand for a good or service

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When the demand outstrips the supply of the market

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Seemingly unlimited wants and limited resources to supply with.

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Co-Author of the Communist manifesto. (1818-1883)

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Also called a possibility frontier, it measures all possible trade offs between the production of two goods with a constant rate of resources and technology.

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A- Recession
B,C,D- Full employment and use of resources
X- Impossible Point