ECO 1104 Study Guide - Free Good, Opportunity Cost, Potash

• School: University of Ottawa
• Department: Economics
• Course: ECO 1104
• Professor: A L L

Document Summary

Canadian is better compare to america but still materialistic. Human partially satisfied by producing & consuming goods &services. Exchange activities(coordination between those two above)- theory of markets. Economy was developed by human and it is institution. 60 percent free market 40 percent public operated by gov. there is no pure capitalist economic in the real. We are going to exploit this resources by using technology of production. Land resources-> agriculture, crops, minerals (potash, zinc, copper,etc), crude oil, natural gas, buildings, structures. Rather than digging it, we use the land to build buildings above it, and make use of it. Capital-> sth that is used to make sth else. Structure is including bridge, road which will be depreciated. Scarcity comes up because there are unlimited wants, but limited resources. In tribal economy, there is a leader who will assign every members to do something, as a result, every members has their own role in this small community.