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Usa Housing Bubble Burst

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Submitted By anaktk
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Contents
1. Introduction to Economics 1 What is Economics? 2 Studying of Choice in a World of Scarcity 4 The Cost-Benefit Principles 6 Absolute Advantage vs. Comparative Advantage 9
2. Law of Demand and Supply 13 Introduction to Demand and Supply 14 The Demand Curve 15 The Supply Curve 18 Market Equilibrium 21 Shift in Demand 25 Shift in Supply 26
3. Elasticity of Demand and Supply 29 Price Elasticity of Demand 30 Types of Elasticity of Demand 31 Determinants of Price Elasticity of Demand 34 Price Elasticity of Supply 38 Types of Elasticity of Supply 39 Determinants of Price Elasticity of Supply 41
4. International Trade 44 Introduction to International Trade 45 International Trade Restrictions 48 Arguments in Favour of Restricting Trade 53 Non-economic Arguments for Restricting Trade 56 Problems with Trade Protection 58
5. Market Structures 62 Introduction to Market Structure 63 Perfect Competition 65 Monopoly 68 Monopolistic Competition 72
6. Macroeconomics – GDP, Unemployment, Money and Central Bank 77 Introduction to Macroeconomics 78 GDP 81 Unemployment 84 Inflation 89

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|Principles of Economics |

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A WORD OF WELCOME

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|As a distinct discipline, economics has been studied for a few hundred years, yet civilisation have confronted the economic problem|
|of scarce resource but unlimited wants for many years. Economics is renewed every day by fresh evidence that reshapes and

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