ECO100Y5 Lecture Notes - Mixed Economy, List Of Pepsi Variations, Positive Statement
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ECO100Y5 Full Course Notes
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Market=place where there are many buyers for example, orientation where there are more potential buyers. Sellers: find buyers where they want to pay a higher price. Buyers: go to a market where the products are lower price. People that want to pay a higher price perceive to have placed a higher value on the product. Use the product in the most efficient way, because we have limited resources. 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) Ask first question what does the market wants,. The products will always go to the one with the highest bid. The more money we have, the more we can consume, the better living standard and well being of economy. Build model to study what the world is going on. Markets input and output output revenue expenditure firms households cost income goods and services.