CCT319H5 Study Guide - Midterm Guide: Lionel Robbins, Paul Samuelson, Invisible Hand
11 May 2020
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Review highlights: ch 1-6: what is economics, 1776, economics is the study of the nature and causes of wealth of nations (adam. Welfare: 1931, economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses (lionel robbins, It has a concave shape, which reflects the law of increasing opportunity costs: above curve is unattainable, below curve is inefficient. Law of increasing opportunity costs: as the quantity rises, so does their opportunity cost, demand, define, demand is a relationship between a product"s price and quantity demanded, demand is shown using a schedule or curve. Include: explicit costs, which are payments to resources suppliers outside a business. In an oligopoly a few businesses (protected by entry barriers) provide standard or similar products. In a monopoly a single business (protected by entry barriers) provides a product with no lose substitutes: game theory. Term test 1: there is a two paragraph minimum.
