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June 14, 2024 

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PERCEPTION: How a person interprets the sensual inputs received through seeing, hearing, smelling, tasting, and touching. This process requires the individual to select, organize, and decode the various stimuli surrounding him/her in the environment. The important thing is not what is said by the talker, but what is heard by the listener. This process is critical to understanding consumer buying behavior.

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Lesson 1: Economic Basics | Unit 2: Doing Economics Page: 5 of 18

Topic: The Fields <=PAGE BACK | PAGE NEXT=>

The two biggest, broadest fields in economics are:
  • Macroeconomics is the study of the aggregate economy, the entire pie, the whole forest. Macroeconomics is interested in things like gross production, unemployment, inflation, and recession.
  • Microeconomics is the study of parts of the economy, the slices of the pie, the trees of the forest. Microeconomics is interested in topics like market prices, consumer behavior, production costs, and competition.

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ENDPOINT ELASTICITY FORMULA

A simple technique for calculating the coefficient of elasticity by estimating the elasticity for discrete changes in two variables using the initial values of each. The distinguishing characteristic of this formula is that percentage changes are calculated based on the initial values of each variable. An alternative technique is the midpoint elasticity formula.

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YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a T-shirt commemorating last Friday (you know why) or a rotisserie oven that can also toast bread. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?

One of the largest markets for gold in the United States is the manufacturing of class rings.
"Intense concentration hour after hour can bring out resources in people they didn't know they had. "

-- Edwin Land, inventor, entrepreneur

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