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ECO100Y1 (438)
Lecture

eco_100_glossary.pdf

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Department
Economics
Course
ECO100Y1
Professor
Kieran Furlong
Semester
Fall

Description
Copyright (c) 2009 Exeleaf ECO100: Glossary, v. 0.2 Open Source Exeleaf License (Modified MIT license) Copyright (c) 2009 Exeleaf Permission is hereby granted, free of charge, to any STUDENT obtaining a copy of this document/calculation/audio/video/software-code/image and associated documentation files (the "Software"), to deal in the Software without restriction, including without limitation the rights to use, copy, modify, merge, publish, distribute, sublicense, but NOT SELLING copies of the Software, and to permit persons to whom the Software is furnished to do so, subject to the following conditions: The above copyright notice and this permission notice shall be included in all copies or substantial portions of the Software. THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE. 1 Copyright (c) 2009 Exeleaf Contents Preface........................................................................................................................................4 The Budget Line .........................................................................................................................5 Circular Flow of Income .............................................................................................................7 Two Sector Model...................................................................................................................8 Five Sector Model...................................................................................................................9 Consumer Theory......................................................................................................................13 The Model Setup...................................................................................................................14 The Substitution Effect..........................................................................................................14 The Income Effect.................................................................................................................16 Demand and Supply..................................................................................................................18 The Law of Demand..............................................................................................................18 The Law of Supply................................................................................................................19 Equilibrium...........................................................................................................................20 Disequilibrium ......................................................................................................................20 Excess Supply.......................................................................................................................20 Excess Demand.....................................................................................................................21 Movements ...........................................................................................................................22 Shifts.....................................................................................................................................23 Economy...................................................................................................................................25 Market Economy...................................................................................................................25 Planned Economy..................................................................................................................25 Mixed Economy....................................................................................................................26 Sample Problems...................................................................................................................27 Elasticity...................................................................................................................................28 Factors Affecting Demand Elasticity.....................................................................................30 Income Elasticity of Demand ................................................................................................31 Sample Problems...................................................................................................................32 Game Theory............................................................................................................................34 2 Copyright (c) 2009 Exeleaf Indifference Curve ....................................................................................................................36 Isoquant....................................................................................................................................38 Marginal Benefit and Marginal Cost..........................................................................................41 Marginal Rate of Substitution....................................................................................................44 Opportunity Cost.......................................................................................................................45 Marginal Productivity ...............................................................................................................46 Utility .......................................................................................................................................51 3 Copyright (c) 2009 Exeleaf Preface The following keywords, phrases, theoretical concepts and diagrams and mathematics are distilled into a workable reusable glossary for a serious student in need of a reference booklet to master the necessary economic concepts. The glossary is based upon the book: Economics Ragan and Lipsey The glossary is organized alphabetically and matched against the chapters of the book. Where applicable, sample problems and tests are included. 4
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