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Economics for Business Notes

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Economics for business notes complete with notes on both micro and macro economics as well as detailed graphs and analysis

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27 Pages Complete Study Notes < 1 Year old
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Topics this document covers:
Economics Economy Demand Microeconomics Elasticity Market Price controls Supply and demand Demand curve Tax incidence Price elasticity of demand Economic equilibrium
This is a Complete Set of Study Notes

Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

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Topics this document covers:
Economics Economy Demand Microeconomics Elasticity Market Price controls Supply and demand Demand curve Tax incidence Price elasticity of demand Economic equilibrium
Sample Text:
Market is a group of buyers and sellers of a particular good or service. Markets can take place in a physical place (shopping centre) or virtual (ebay) or highly organized (auctions) or less organized (set up store). - Competitive Market involves many buyers and sellers with a negligible impact on the market price- buyers determine demand and sellers supply. - In order to be Perfectly Competitive, the goods offered must be the same, buyers and sellers can’t influence the price so are called ‘price takers’. Demand- Behavior of Buyers - Quantity demanded is the amount of a good that buyers are willing (wants to buy- tastes/preferences) and able (given the price has sufficient income to buy amount). - Law of Demand: The quantity demanded of a good fall when th...
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