Economic Concepts & Models Codexery

Economic Concepts & Models 25-28

4 entries in the Economic Concepts & Models compendium.

Elasticity (economics)Elasticity measures how one economic variable responds to another.ExternalityUnpriced cost or benefit to an uninvolved third party.Factors of productionInputs used to produce goods and services.Fiat moneyGovernment-issued currency not backed by a commodity.

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