Study Guides (248,403)
Canada (121,536)
ECON 225 (1)
Midterm

ECON 225 MIDTERM REVIEW.docx

24 Pages
241 Views
Unlock Document

Department
Economics (Arts)
Course
ECON 225
Professor
Guillaume Lord
Semester
Winter

Description
ECON225MIDTERMREVIEW02282014EconomicsStudyoftheallocationofscarceresourceStudyofrationalhumanchoicesEnvironmentaleconomicsHowtomanagethosescarceresourcesScarcityneedforallocationprocesswithleastwasteMarketAllocateresourceswithouttheneedforanycentralizeddecisionmakingconveyscarcityMarketsinfluencebehaviorEnvironmentalresourceEnvironmentalgoodsarenottradedinmarketswithnopricesignalMarketfailureFailstoaccountthingsmattertowellbeingDoesntconveysignalofenvironmentalgoodsarescarceNeedinterventionSupplyAspricesincreasequantitysuppliedincreasesSupplycurvealwaysincreasingQuantitysuppliedamountsuppliedatagivenpriceSupplyrelationshipbetweenpriceandquantitysuppliedSupplyshiftergraphshowsquantitysuppliedasafunctionofpriceonlybutotherfactorsalsoinfluencepriceAchangeintheseotherfactorscauseashiftofthesupplycurveFactorsthatshiftthesupplycurvePriceofinputstoproductionNumberofproducersRegulationsWeatherandnaturaldisastersNewtechnologiesDemandConsumersreacttoelectricitypriceAspriceincreaseconsumersreducetheusagePriceincreasesquantitydemandeddecreaseDemandcurvealwaysdecreasingQuantitydemandedamountdemandedatagivenpriceDemandrelationshipbetweenpriceandquantitydemandedDemandshiftergraphshowsquantitydemandedasafunctionofpriceonlybutotherfactorsalsoinfluencethepriceAchangeinotherfactorsotherthanpriceshiftthedemandcurveFactorsthatshiftthedemandcurveWeatherConsumerincomeTastesandpreferences
More Less

Related notes for ECON 225

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit