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  1. Print the notecards
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  1. Verify Front of pages is selected for Viewing and print the front of the notecards
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    NOTE: Since the back of the pages are printed in reverse order (last page is printed first), keep the pages in the same order as they were after Step 1. Also, be sure to feed the pages in the same direction as you did in Step 1.
  3. Cut out the notecards by cutting along each horizontal and vertical dotted line
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16 notecards = 4 pages (4 cards per page)

Viewing:

Economics Final

front 1

Economics is the study of

back 1

how society uses limited resources

front 2

The knowledge and skills acquired by a worker through education and experiences is a description of which factor of production

back 2

human capital

front 3

Which of the following is an example of a normative question

back 3

should Florida implement a state income tax to reduce its deficit?

front 4

Economic models are used to

back 4

explore decision making by individuals, firms and other organizations and their outcomes

front 5

The opportunity cost of something is

back 5

what you sacrifice because of the choice you make

front 6

The trade offs made by the US government to fund the war in Iraq

back 6

represent what was potentially sacrificed to engage in the war

front 7

People acting in their own self interest is the basis of the

back 7

principle of voluntary exchange

front 8

according to the principle of diminishing returns, if the number of workers increased beyond the point of diminishing returns, then the additional worker

back 8

increases total output by less than the amount of previous workers

front 9

If nominal salaries increase but real salaries fall, this means that

back 9

the purchasing power of money has decreased

front 10

a change in the quantity demanded of a product is the result of a change in

back 10

the price of the product

front 11

the quantity demanded of a product increases as

back 11

the price of the product falls

front 12

In constructing demand curves, the ceteris paribus principle directs the economist to assume that

back 12

quantity changes don't affect prices

front 13

the market demand curve

back 13

show the relationship between the price of a good and the quantity that all consumers together are willing to buy

front 14

the law of demand can be explained as

back 14

the higher the price, the smaller the quantity demanded, ceteris paribus

front 15

after the government decreased cigarette taxes in several Canadian provinces, demand for cigarettes ___________ in the provinces; shifting the demand curve to the ___________

back 15

Increased;right

front 16

a change in demand for cigarettes resulting from a decrease in taxes would normally create, ceteris paribus

back 16

an increase in the quantity supplied