🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
HomeStudy Guides420,000CA160,000

BIO200H5 Study Guide - Ebay, Invisible Hand, Demand Curve

69 views6 pages
erincrab851
19 Oct 2012
School
UTM
Department
Biology
Course
BIO200H5
Professor
D.F.Campbell

For unlimited access to Study Guides, a Grade+ subscription is required.

Document Summary

Note: the authors recommend that this feature be read along with part i, elements 6, 7, and. Common sense economics highlights how markets work and their impact on the allocation of resources. This feature will investigate this issue in more detail. It will use graphical analysis to analyze demand, supply, determination of the market price, and how markets adjust to dynamic change. The law of demand states that there is a negative relationship between the price of a good and the quantity purchased. It is merely a reflection of the basic postulate of economics: when an action becomes more costly, fewer people will choose it. An increase in the price of a product will make it more costly for buyers to purchase it, and therefore less will be purchased at the higher price. The availability of substitutes goods that perform similar functions underlies the law of demand. No single good is absolutely essential; everything can be replaced with something else.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers

Related textbook solutions

Molecular Cell Biology
8 Edition,
Lodish
ISBN: 9781464183393
Biology: Science for Life with Physiology
6 Edition,
Belk
ISBN: 9780134555430
Biology
2nd Edition, 2013
Openstax
ISBN: 9781947172517
Concepts of Biology
OER Edition,
Openstax
ISBN: 9781938168116
Essentials of Biology
5 Edition,
Mader
ISBN: 9781259660269

Related Documents

ECON 103 Chapter Notes - Chapter 3: Shortage, Overproduction, Opportunity Cost
pearfox726
200425 Lecture Notes - Lecture 6: Opportunity Cost
amberhippopotamus661
ECON 201 Chapter Notes - Chapter 3: Economic Surplus, Marginal Cost, Consumer Choice
ultramarineeel721

Related Questions

Have you ever encountered a situation in which you experienced (or had another person experience) a drug (OTC or prescription), herbal, or supplement-nutrient interaction? If so, explain what it was. If you have not, research a common interaction and explain it. Your explanation should include what drugs, herbs, or supplements and nutrient(s) are involved as well as the possible result of the interaction. Note that you are not to report on the side effects of a drug, herb or supplement, but rather how these might interact with a nutrient (in foods or in supplemental form) and result in a negative effect.

When you looked for information on the interaction where did you look? How were your questions or concerns addressed?

Where, in your experience, does the public turn to for information on drugs, herbs, or supplements? Are these sources usually reputable? How would you determine if a source, whether a person or an article or other, is reputable?

Do you think healthcare professionals have met the challenge of helping people find suitable nutritional supplements? Why or why not? How might socioeconomic status come into play when choosing between or within prescription medications or OTC medications/supplements/herbs? If someone needed to determine if nutrient status was being compromised as a result of an interaction, what tests could be done?

One variable that we have observed in this course is that people’s concerns for the future are relative to their own social and economic security. A secure middle-class can afford to protect their grand-children’s interests, while economically insecure people are largely preoccupied with their own day-to-day survival. At least one economist has noted that because the interests of business are always short-term, they are better served by an economically insecure population which has a similar focus. In effect, the best way to avoid environmental restrictions is to keep people economically insecure. The classic example of this is the practice of mountaintop-removal mining in the Appalachian Mountains of the American southeast. The United States has the highest levels of poverty of any industrialized nation, by far. It also affords business interests an unprecedented degree of participation in our political system. If their interests are best served by an economically insecure population, they would have a legal responsibility to their owners (or stockholders) to work toward perpetuating those conditions. If your goal is to convince people to let you do mountaintop-removal mining, you want people just as poor and as desperate as they can be. You invest your money in political representatives who’s actions (or lack thereof) will complement your interests. Give your thoughts on this arrangement. If you find it lacking in some respect (e.g. ethics, morality), suggest a remedy for this conflict.

One variable that we have observed in this course is that people’s concerns for the future are relative to their own social and economic security. A secure middle-class can afford to protect their grand-children’s interests, while economically insecure people are largely preoccupied with their own day-to-day survival. At least one economist has noted that because the interests of business are always short-term, they are better served by an economically insecure population which has a similar focus. In effect, the best way to avoid environmental restrictions is to keep people economically insecure. The classic example of this is the practice of mountaintop-removal mining in the Appalachian Mountains of the American southeast. The United States has the highest levels of poverty of any industrialized nation, by far. It also affords business interests an unprecedented degree of participation in our political system. If their interests are best served by an economically insecure population, they would have a legal responsibility to their owners (or stockholders) to work toward perpetuating those conditions. If your goal is to convince people to let you do mountaintop-removal mining, you want people just as poor and as desperate as they can be. You invest your money in political representatives who’s actions (or lack thereof) will complement your interests. Give your thoughts on this arrangement. If you find it lacking in some respect (e.g. ethics, morality), suggest a remedy for this conflict.