ECO349H5 Lecture Notes - Lecture 1: Demand Curve, Shortage, Relative Price

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15 May 2017
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Opportunity cost: use resource for purpose a, thus cant use it for purpose b, then give away the benefit from b. Combinations of commodities can just be attained if all available resources are used. Small parts -- add together to be a product. Specialization: only do the thing he can do, learning by doing. Division of labor: production process bread down into series of specialized tasks, each done by a different worker. Command economy: central planning authority make economic decisions n(government) Free-market: decisions are made by buyers/seller, or demand and supply(households and firms) Quantity demand: amount of goods consumers want to purchase in a period of time. Not same as quantity bought pr exchanged (actual purchase) Law of demand: basically, price and quantity demanded of a product is negatively related hold other variables the same. Prices of other goods ( substitutes and complements) Movement along the curve vs shifts of curve.

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