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Card 6

Front

A 1% rise in price means a more than 1% fall in quantity, what is this?

Back

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Card 7

Front

A 1% rise in price means a less than 1% fall i quantity, what is this?

Back

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Card 8

Front

The price of food increases, there is no alternative. Is this elastic or inelastic?

Back

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Card 9

Front

Define the "Fallacy of Composition"

Back

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Card 10

Front

When PED > 1 - what does this mean?

Back

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Card 11

Front

Is the PED lower of higher in the short run?

Back

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Card 12

Front

If demand increases, what will happen to price?

Back

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Card 13

Front

Define 'opportunity cost'

Back

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Card 14

Front

Define 'property rights'

Back

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Card 15

Front

What is a planned or command economy?

Back

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