• intro economics
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  • Economics
    study of the choices people make to satisfy their needs and wants with a limited supply of resources.
  • Needs / necessities
    Goods that are necessary or essential: they have a price inelastic demand (PED<1) and income inelastic demand (YED<1)
  • Wants / luxuries
    goods that are not necessary or not essential: they have a price elastic demand (PED>1) and income elastic demand (YED>1).
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