ECON 1100 Lecture Notes - Lecture 99: Demand Curve, Opportunity Cost, Economic Equilibrium
7 Dec 2015
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Document Summary
Throughout the first eight chapters of cocktail party economics by eveline adomait, there has been a number of key concepts discussed about supply and demand and the factors that create this economic model. The book begins by interpreting the basic concepts of economics including scarcity, value, exchange, production, and comparative advantage. Once the reader has a firm grasp of these basics, the text proceeds to dive deeper into the concepts of supply and demand as well as the notion of equilibrium. Through the use of simple yet intellectual examples the author effectively gives the reader a unique and relatable understanding of economics. The first factor discussed in the text was the idea of scarcity and how it is the driving factor behind every economic problem. If there was enough resources to fulfill all of society"s needs and wants then scarcity wouldn"t be an issue in the world and thus, we would have no economic problems.
