ADM 1300 Lecture Notes - Hyperinflation, Core Inflation, Deflation

• School: University of Ottawa
• Department: Administration
• Course: ADM 1300
• Professor: Gerard Brathwaite- Sturgeon

Document Summary

The social science that studies the choices people and governments make when dividing up their scarce resources. Looks at what happens when resources are limited: demand: the willingness and ability of buyers to purchase goods and services, supply: the willingness and ability of sellers to provide goods and services. The study of small economic units, such as individual consumers, families, and businesses. Demand curve: a graph of the amount of a product that buyers will purchase at different prices: driven by variety of factors such as competition, price, larger economic events, and consumer preferences. Graph can shift depending on other factors that may not necessarily be about quantity and price: graph shifted to the right means an increase in quantity and price, as price goes up people by less- negative relation. A graph of the amount of a product that buyers will purchase at different prices.