All Educational Materials for ECON 1000 at York University (YORKU)

Booklet, i may be subject to proceedings under the university"s regulations on academic honesty: i may only use my own formula and statistical tables b

Econ 1000 chpt 1 what is economics? (pg 13 summary) All economic questions arise from scarcity from the fact that wants exceed the resources available

Our inability to satisfy all our wants. Megan wants to buy a cd that costs but has only to spend. Governments cannot spend a tax dollar on both natio

The choices that we make to fulfill our unlimited desires with the limited resources at hand. The production possibilities frontier (ppf = ppc [cour] =

Chapter 1: what is economics: all economic questions arise because we want more than we can get. (demand exceeds supply at. Price = 0: scarcity: inabil

Economics is both a social science and a toolkit for advising on policy decisions. As social scientists, economists seek to discover how the economic w

Monopoly and how it arises: a monopoly is a market, that produces a good or service for which no close substitute exists. In which there is one supplie

What is perfect competition: many rms sell identical products to many buyers, there are no restrictions to entry into the industry, established rms hav

Ch a p te r 8 : utility a n d de m a n d. Ch a p te r 9 : p o s s ib ilitie s , p re fe re n c e s , a n d ch o ic e s. Rm : is an institution that hir

The price of a hamburger is and the price of a pizza is . Let muh be the marginal utility of hamburgers and mup be the marginal utility of pizzas. The

Use the figure below to answer the following question. This single-price monopoly produces ________ units per day and charges a price of per unit: 20;

Choose the one alternative that best completes the statement or answers the question. Figure 2. 1. 1: refer to the production possibilities frontier in

Cost is what you must give up: technology: development of creating goods in better ways, capital accumulation: the growth of capital resources includin

*chapter 16: externalities: externality definition, negative externalities, positive externalities. An externality is a cost or benefit that arises fro

*chapter 13: monopoly: monopoly: market power, types of monopolies, monopoly price-setting strategies (i) (ii) One supplier of product with market powe

Is the total output produced in a given period. Of an input is the change in total product that results from a one-unit increase in the quantity of thi

The firm"s profit is limited by three features of the environment: Technology is any method of producing a good or service. Technological efficiency oc

Economics has been known to be the study of mankind. Economics is used to accompy the scarce resources that satisfy humans wants and needs, and tells u

The shape of the indifference curves reveals the degree of substitutability between two goods. Has a marginal rate of substitution between the two good

*consumer choice: utility and demand: budget, preferences, choice. A household"s consumption possibilities are constrained by its budget and the prices

*consumer choice: utility and demand: budget, preferences, choice. A household"s consumption possibilities are constrained by its budget and the prices

Economics has been known to be the study of mankind. Economics is used to accompy the scarce resources that satisfy humans wants and needs, and tells u

Value is what we get, price is what we pay. The value of one more unit of a good or service is its marginal benefit. We measure value as the maximum pr

September 27th, 2018: cross elasticity of demand: The price elasticity of demand is a units-free measure of the responsiveness of the quantity demanded

Economics can be defined as a social science. Marginal benefit: the benefit from pursuing an incremental increase in activity. Marginal cost: the oppor

Is the social science that studies choices which individuals, businesses or governments make as they cope with scarcity and incentives and reconcile th

Economics has been known to be the study of mankind. Economics is used to accompy the scarce resources that satisfy humans wants and needs, and tells u

Increase in consumption causes an increase in total. *tu increases at a decreasing rate so the curve eventually flattens. *the tu points are directly a

Needs: basic, necessary, essential (food, clothing, shelter) Wants: feeling for something we lack, can live without it. Wants are unlimited: goods: tan

Monopoly and how it arises: a monopoly is a market, that produces a good or service for which no close substitute exists. In which there is one supplie

The economic way of thinking: economics is divided into two main parts, microeconomics: is the study of choices that individuals and businesses make, t

Monopoly and how it arises: a monopoly is a market, that produces a good or service for which no close substitute exists. In which there is one supplie

*section 1 only accounting and economic profits. To produce more output in the short run, the firm must employ more labour, which means that it must in

The choices you make as a buyer of goods and services is influenced by many factors, which economists summarize as: consumption possibilities, preferen

Econ1000 lecture 21 chapter 16: externalities (pt. ii) Government action in the face of external benefits. There are 3 main devices that the government

Econ1000 lecture 20 chapter 15: oligopoly (pt. ii) Suppose that the two firms (gear and trick) enter into a collusive agreement. A collusive agreement

Econ1000 lecture 19 chapter 13: monopoly (pt. ii) Price discrimination is the practice of selling different units of a good or service for different pr

Econ1000 lecture 18 chapter 13: monopoly. Objectives: single-price monopoly, price-discriminating monopoly, determination of output and prices under mo

Econ1000 lecture 16 chapter 12: perfect competition. Objectives: define perfect competition, price and output determination in perfect competition, shu

Econ1000 lecture 15 chapter 11: output and costs (pt. ii) The position of a firm"s cost curves depend on two factors: technology, prices of factors of

Econ1000 lecture 12 chapter 9: possibilities, preferences, and choices (pt. ii) Price of pop = pp, and quantity of pop = qp. Price of a movie = pm, and

Econ1000 lecture 11 chapter 8: utility and demand (pt. ii) The key assumption is that, given the budget (income) constraint, the household chooses the

Econ1000 lecture 10 chapter 2: the economic problem. Increasing opportunity cost: the ppf and marginal cost, using resources efficiently, production ef

Econ1000 lecture 9 chapter 8: utility and demand. The choices you make as a buyer of goods and services is influenced by many factors, which economists

A fundamental fact dominates our lives: we want more than we can get. Our inability to get everything we want is called scarcity. Not only does one par

Econ1000 lecture 7 efficiency and equity & government action in markets. The cost of one more unit of a good/service is its marginal cost, which we can

Econ1000 lecture 6 chapter 4: elasticity. Calculating price elasticity of demand (% change in quantity demanded / % change in price) x 100 = ____% Dema

Econ1000 lecture 4 supply & demand. After this chapter you will be able to: Describe a competitive market and think about a price as an opportunity cos

Econ1000 lecture 3 the economic problem. In a given economy we have limited time (1 year) and resources we can change if it can be controlled (what we

Parkin/bade, economics: canada in the global environment, 8e: all games share four common features. They are: costs, prices, profit, and strategies, re

13. 1 monopoly and how it arises: an exclusive right granted to a firm to supply a good or service is, a licence, a patent, a public franchise, the ess

15. 1 what is oligopoly: the market structure in which natural or legal barriers prevent the entry of new firms and a small number of firms compete is,

Value is what we get, price is what we pay. The value of one more unit of a good or service is its marginal benefit. We measure value as the maximum pr

Economics has been known to be the study of mankind. Economics is used to accompy the scarce resources that satisfy humans wants and needs, and tells u

12. 1 what is perfect competition: perfect competition occurs in a market where there are many firms, each selling, an identical product, a similar pro

September 27th, 2018: cross elasticity of demand: The price elasticity of demand is a units-free measure of the responsiveness of the quantity demanded

Goods services, and resources di er in the extent to which people can be excluded from consuming them and the extent to which one person"s consumption

Is the total output produced in a given period. Of an input is the change in total product that results from a one-unit increase in the quantity of thi

15. 1 what is oligopoly: the market structure in which natural or legal barriers prevent the entry of new firms and a small number of firms compete is,

The choices that we make to fulfill our unlimited desires with the limited resources at hand. The production possibilities frontier (ppf = ppc [cour] =