Differentiate between a movement along the supply curve vs. a shift in the supply curve
Changes in price of the good vs. change in non-price determinants of supply
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20
Distinguish between the circular economy and the linear economy.
Take, make, waste vs. make, use, recycle (in a cycle)
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20
Explain why scarcity is a relative concept.
In some contexts, you may have enough / more than enough of a good but in other contexts you may not (oxygen in most places vs. on Everest)
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20
Identify THREE reasons why supply might decrease.
Decrease in number of firms, indirect taxes / removal of subsidies, increase in price of good in competitive supply, increase in resource cost etc.
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25
Explain how the three basic economic questions applies to governments.
What to produce (more healthcare or schools?), how to produce (public vs. private), for whom to produce (does everyone get free healthcare? Only those who pay?)
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20
Identify an example of each of the factors of production used to produce high quality teaching services at the ESF
Land (physical land used for buildings), capital (classroom equipment), labor (teachers, EAs, lab technicians, support staff), enterprise (founder of ESF)
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25
Differentiate between perfectly inelastic and perfectly elastic demand. (what do the graphs looks like, values of PED, what does it mean?)