Class Notes (837,435)
Canada (510,273)
Economics (472)
ECON 101 (111)
Lecture

notes taken on jan. 06 2012

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Department
Economics
Course
ECON 101
Professor
Ratna Shrestha
Semester
Winter

Description
Scarcity means that society has less to offer than people wish to have Canada consumer on one side producers governmentThe decisions of Consumers when making decision they trying to maximize satisfaction Producers decisions made base on which ever way they can make the maximum profitaffect economy as a wholeUnemployment rate GDP inflations are indications of how the economy works Unemployment rate low good GDP the higher the better Higher inflations some problems Lower inflations good for economyWhat resources to use Labour Machines Labour intensive Capital in tensing Capital Machine In western countries machine intensive labour cheap machines expensiv
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