Class Notes for Economics at University of Toronto St. George (UTSG)

To teach you to think like an economist, have a better understanding of how economists look at problems. An introduction to economics to give you a bac

P y = v m. How many times on average each 1 dollar changes hands in a period. Everything has enough time to make all necessary adjustments. In the long

In recession, income and taxes drop, while transfer payments will go up. T goes down and transfer goes up. But it is more likely to run a deficit. If y

Eco100y1 lecture 21 topic 10: monopoly ii. In monopolistic markets, firms have market power, they are price makers. On the graph, mr is steeper than p.

1: same amount of inputs, but more output, squeezing all you can from the inputs c. Increase in efficiency to handle inputs: may be due to technologica

S = y t + t c. We know that government savings is equal to their fiscal budget position and can be defined as. If t>tr + g, budget surplus positive sav

Eco100y1 lecture 20 topic 10: monopoly i. Perfect competition and monopolies are extreme cases. In a monopoly, there is a sole seller of a product/serv

Eco100y1 lecture 24 topic 11: monopolistic competition ii. Note: wednesday"s class will be a big revision, especially on the math concepts applied, the