ECON 1050 Lecture Notes - Lecture 3: List Of Auto Parts, Opportunity Cost, Demand Curve

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3 Dec 2015
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Market: place where you find people selling items or offering services, any arrangement that enables buyers and sellers to get information and to do business with each other haircuts/lessons. Markets for goods: apples and hiking boots, services: Manufactured inputs: memory chips and auto parts. Can be physical places where buyers and sellers meet and where an auctioneer or a broker helps to determine prices. Groups of people spread around the world who never meet and know little about each other but connected via internet. Most markets are unorganized collections of buyers and sellers. Competitive markets- a market that has many buyers, so single. Price: number of dollars that must be given up in exchange for it. Relative price: ratio of one price to another. Relative price= opportunity cost buyer or seller can influence the price (also referred to as money price)

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