ECO105Y1 Chapter Notes - Chapter 5: Market Failure, Institute For Operations Research And The Management Sciences, Fallacy

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11 Apr 2016
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The global financial crisis of 2008-2009 and the great depression of 1929-1933 involved inancial bubbles that burst, high unemployment, falling living standards, bankruptcies as well as government policy mistakes. Macroeconomics: analyzes the performance of the whole canadian economy and global economy the combined outcomes of all individual microeconomic choices. Microeconomics: analyzes choices that individuals in households, businesses, and governments make, and how those choices interact in markets. Canadian economy"s circular low model households, businesses, and governments: input markets determine incomes, output markets determine the value of all products and services sold, macroeconomics focuses on connecions between input and output markets. If let alone by government, do the price mechanisms of market economies adjust quickly to maintain study growth in living standards, full employment, and stable prices? : yes - markets self-adjust . Based on say"s law supply creates its own demand: no markets fail oten .

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