Abeka economics
Abeka economics
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Exam (elaborations)
ABEKA ECONOMICS Quiz 4 practice questions and answers 2024
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--1March 20242023/2024A+Available in bundle
- principle that states that as one's supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease 
diminishing marginal utility 
 
 
 
effect that says that when the price of goods rises, it affects a consumer as if his income were reduced 
income effect 
 
 
 
 
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relationship between a good's price and the amount tha...
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Exam (elaborations)
Abeka Economics Final Exam Questions and Answers 100% Solved
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--8January 20242023/2024A+Available in bundle
- Abeka Economics Final Exam 
Questions and Answers 100% Solved 
scarcity Besides its utility, what else determines the value of a good by a consumer? 
property rights What is basic component of capitalism besides limited government, freedom 
of enterprise, and competition? 
equilibrium When supply of good increases, what tends to decrease? 
traditional Which economic system bases production of goods on customs and habits? 
command Which economic system is regulated by the public sector? 
free en...
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