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Canada (509,504)
Economics (1,590)
ECO105Y1 (87)
Avi Cohen (49)
Lecture

Lecture 005 (October 7th, 2013).docx

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Department
Economics
Course
ECO105Y1
Professor
Avi Cohen
Semester
Fall

Description
Demand & Supply Coordinating Smart Choices Price and Quantity are the outcomes. They are where explanations END. "This is why PRICE is $50 or Quantities are this amount" Explanations begin with all the factors behind factors of demand and supply. Market is NOT A PHYSICAL PLACE. It is the interactions of buyers and sellers.  Competition between buyers  Competition between sellers Cooperation and voluntary exchange between buyers and sellers  Interaction between buyer and seller is COOPERATION. Their exchange is VOLOUNTARY. Buyer and Seller BOTH think they are better off. And competition is between buyers themselves and sellers themselves. Property Rights are legally enforceable guarantees of OWNERSHIP of physical, financial and intellectual propert
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