EDGE Economics Lesson 1-5Version en ligne Part 1: This is a review designed to help you go over some of the terms students found challenging in the first 5 lessons! It's important to learn how to use these important vocabulary terms in context, especially for your final essay and test. par Benjamin Fanning 1 Lesson 1 2 Lesson 2 3 Lesson 4 4 Lesson 5 Opportunity Cost The loss associated with making any economic decision Economic Equity Fairness or justice in distribution of resources Law of Demand As the quantity of a good rises, the price falls. As the quantity falls, the price rises. A measure used to show the responsiveness of the quantity demanded of a good or service to a change in its price. Price Elasticity of demand
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