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Slide 1U NIT 1 Chapter 1 Lesson 1 Slide 2 N EEDS VS. W ANTS Needs would be defined as goods or services that are required in order to live. Ex. food, water, air, clothing,…

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Slide 1 The Market System 1.Private individuals and organizations own and control their property resources by means of private property. –PP, coupled with the freedom to…

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Slide 1 Perfect Competition Short Run Chapter 10-1 Slide 2 A Perfectly Competitive Market A perfectly competitive market is one in which economic forces operate unimpeded.…

Documents EWMBA201a: Introduction to Supply and Demand. Professor WolframEWMBA201a - Fall 2006 Page 1 Economic...

Slide 1 EWMBA201a: Introduction to Supply and Demand Slide 2 Professor WolframEWMBA201a - Fall 2006 Page 1 Economic units come in two classes. Buyers –Consumers: finished…