ECON 1BB3 Lecture 4: ECON 1BB3 Lecture 4 – Markets and the Canadian Economy

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ECON 1BB3 Lecture 4 Markets and the Canadian Economy
Test Content
- Test Saturday, Feb 2
o 9:00 10:15
- The early write is Thursday, January 31st (tomorrow!)
- Chapters 1-5, 17 (LO1)
o Covered Weeks 1-3
- 40 multiple choice questions
- Practice Test is available in ‘Content’ – Test 1 Information’
- Room locations are assigned by student number
o This is up on avenue
o Make sure you know your room, show up early
- Bring the McMaster calculator will have it taken away if it isn’t approved
o Not many you need them for until test 2
o Bring a pencil
- Don’t need to bubble in a version number
Chapter 4
- Factors that shift supply and shift demand
- Difference between a change in “quantity demanded” and “demand”
o Alternatively “quantity supplied” versus “supply
- Demand: Movement along a curve
- Quantity demanded: Movement of a curve
Chapter 5
- Stock/flow examples
- Investment a company purchasing new machines, etc.
- Capital stocks impacted by investment
- Saving what is left over after consumption spending
- Wealth
- AD/AS Aggregate demand/aggregate supply
o Using this model and understanding it
Bacon Consumption
- A recent article on an animal welfare website was called “Bacon Consumption Declines
as Prices Rise”
o This is a decrease in quantity demanded
The price causes movement along the curve, not the curve to shift
o If: “Bacon Consumption Rises as Prices Fall”
The answer would be different
Pencil Price
- If the price of pencils has fallen, what could have caused the drop in price?
o An increase in the price of graphite
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Document Summary

Econ 1bb3 lecture 4 markets and the canadian economy. Test saturday, feb 2: 9:00 10:15. The early write is thursday, january 31st (tomorrow!) Chapters 1-5, 17 (lo1: covered weeks 1-3. Practice test is available in content" test 1 information". Room locations are assigned by student number: this is up on avenue, make sure you know your room, show up early. Bring the mcmaster calculator will have it taken away if it isn"t approved: not many you need them for until test 2, bring a pencil. Don"t need to bubble in a version number. Factors that shift supply and shift demand. Difference between a change in quantity demanded and demand : alternatively quantity supplied versus supply . Investment a company purchasing new machines, etc. Saving what is left over after consumption spending. Ad/as aggregate demand/aggregate supply: using this model and understanding it.

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