Class Notes (834,149)
Canada (508,378)
Economics (472)
ECON 101 (111)
Lecture

notes taken on jan. 16 2012

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Department
Economics
Course
ECON 101
Professor
Ratna Shrestha
Semester
Winter

Description
Comparative Advantage Frontier things that can be produced by one side Trades happen because of different opportunity costs around the worldDeveloped by David Ricardo principle of Comparative Advantage Specialization specialize on only one thing and trade that with other to get satisfactionChapter 4The market Forces of Supply and DemandMarket and competitionSupply all the supplies produced by companiesDemand goodsproducts that all consumers The Market wantEquilibrium when total suppliestotal demand Price and Resource Allocation quantityCompetitive Markets Marketa group of buyers and sellers of a particular good or service Sellers selling homogeneous products Competitive market no single sellers or buyers can influence the price Total supply and demand determine the price While a firm is making lot of money new firms can also e
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