OC17147

York University

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YORKECON 1000Sam LanfrancoFall

Chapter 6 - ECON 1000

OC171473 Page
12 Oct 2011
41
Most of our income is spent on housing. When rents are high renters lobby the government for limits on rents. Government regulation that makes it illeg
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YORKECON 1000Sam LanfrancoFall

Chapter 5 - ECON 1000

OC1714714 Page
12 Oct 2011
38
If you want to increase production of one good you must decrease production of something else. The production possibilities frontier is the boundary be
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YORKECON 1000Sam LanfrancoFall

Chapter 4 - ECON 1000

OC171474 Page
12 Oct 2011
30
Elasticity = how much demand for an item changes when price changes. When supply increases equilibrium price falls and equilibrium quantity increases.
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YORKECON 1000Sam LanfrancoFall

Chapter 2 - ECON 1000

OC171472 Page
12 Oct 2011
42
If you want to increase production of one good you must decrease production of something else. The production possibilities frontier is the boundary be
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YORKECON 1000Sam LanfrancoFall

Chapter 3 - ECON 1000

OC171475 Page
12 Oct 2011
29
Markets are arrangements that enables buyers and sellers to get information and to do business with each other. Some markets are places where people ca
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YORKECON 1000Sam LanfrancoFall

Chapter 1 - ECON 1000

OC171474 Page
12 Oct 2011
152
Scarcity is the inability to satisfy all our wants. What we can as society is limited by productive resources. Incentives are rewards that encourage or
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