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Study Guides for ECO100Y1 at University of Toronto St. George (UTSG)

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UTSGECO100Y1Robert GazzaleFall

ECO100Y1 Study Guide - Unintended Consequences, Fixed Cost, Sunk Costs

OC2248465 Page
20
The economic way of thinking: the economic problem: scarcity requires choice, economic decision-making. What one forgoes by not taking the best alterna
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UTSGECO100Y1R.GazzleFall

ECO100Y1 Study Guide - Unintended Consequences, Fixed Cost, Sunk Costs

OC2236385 Page
14
The economic way of thinking: the economic problem: scarcity requires choice, economic decision-making. What one forgoes by not taking the best alterna
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UTSGECO100Y1Robert GazzaleFall

ECO100Y1 Study Guide - Normal Good, Fixed Cost, Marginal Cost

OC1723925 Page
69
Economics the study of how people make choices under conditions of scarcity and of the results of those choices for society. Scarcity (of resources) a
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UTSGECO100Y1Robert GazzaleFall

ECO100Y1 Study Guide - Excess Supply, Shortage, Demand Curve

OC1723924 Page
22
Supply curve is a simple graph that shows how much of product for each possible price suppliers are willing to supply per period of time for each possi
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UTSGECO100Y1Gustavo IndartSummer

ECO100Y1 Study Guide - Foreign Exchange Market, The Foreign Exchange, Canadian Dollar

OC1305446 Page
36
The exchange rate and the balance of payments. The balance of payments shows the record of all transactions of residents of canada with the rest of the
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UTSGECO100Y1Gustavo IndartSummer

ECO100Y1 Study Guide - Substitute Good, Indifference Curve, Inferior Good

OC1305446 Page
48
The derivation of demand and substitution and income effects. Demand is usually downward sloping and supply upward sloping. Intersection of demand and
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UTSGECO100Y1Gustavo IndartSummer

ECO100Y1 Study Guide - Aggregate Demand, Diminishing Returns

OC1305444 Page
12
An increase/decrease in the price level (p) shifts the ae curve downward/upward. This shift of the ae curve is due to the effect of changes in p on: co
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UTSGECO100Y1Gustavo IndartSummer

ECO100Y1 Study Guide - Equilibrium Point, Demand Curve, Complementary Good

OC1305445 Page
23
Demand is usually downward sloping and supply upward sloping. Intersection of demand and supply curves is the equilibrium point. Change in quantity dem
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UTSGECO100Y1Gustavo IndartSummer

ECO100Y1 Study Guide - Economic Surplus, Demand Curve

OC1305445 Page
25
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UTSGECO100Y1Gustavo IndartSummer

ECO100Y1 Study Guide - Gross Domestic Product, Net Domestic Product

OC1305444 Page
26
Gross domestic product (gdp): total value of final goods and services produced in the economy during a given period. Gdp is a flow of new products duri
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UTSGECO100Y1Gustavo IndartSummer

ECO100Y1 Study Guide - Allocative Efficiency, Pareto Efficiency, Economic Surplus

OC13054417 Page
24
For the firm: requires that the firm be producing its output at the lowest possible cost. For the industry: requires that all firms in the industry hav
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UTSGECO100Y1Gustavo IndartSummer

ECO100Y1 Study Guide - Competitive Equilibrium, Economic Equilibrium, Marginal Revenue

OC13054413 Page
19
Do not produce this unit and decrease production. When mr < mc, revenue from last unit produced < cost of last unit produced. Average revenue (ar): ar
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