Class Notes (838,058)
Canada (510,633)
Economics (685)
ECO100Y5 (345)
Edward Ho (5)


5 Pages
Unlock Document

Edward Ho

Eco100y5 Chapter 1 Market=place where there are many buyers for example, orientation where there are more potential buyers Market: efficient Buyers: go to a market where the Sellers: find buyers where they want products are lower price to pay a higher price People that want to pay a higher price perceive to have placed a higher value on the product. -resource allocation=>most valuable use=>efficient -resources are limited=>scarcity -use the product in the most efficient way, because we have limited resources -all usages of limited resources “trade off”. To get something we have to pay off something. Product possibility boundary=>max output mix(x,y) you can produce given resources technology (the line on the graph in ppt1) -when it is in the line, not using all resources “wastage” 1. What and how to produce? - Ask first question what does the market wants,. -the least costly way. 2.What and who to consume? -the products will always go to the one with the highest bid. 3.Why resources are sometime idle? “macro” -demand deficiency 4.Productive capacity growing “economic growth”? - the more money we have, the more we can consume, the better living standard and well being of economy 5.How do we study economics? “model” -build model to study what the world is going on Markets input and output output revenue expenditure firms
More Less

Related notes for ECO100Y5

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.