Autumn week 1-4 Flashcards
1
Q
What is the PED equation
A
DQ/DP x P/Q
2
Q
market
A
decentralised framework through which potential
buyers and sellers exchange goods, services and information
3
Q
property rights
A
i.e., a system that confers residual control to owners –
and contract law whereby ownership can be transferred.
4
Q
A
