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ECO100Y1 Final: eco100 summary notes.pdf

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University of Toronto St. George

ECO100Y1adoc Lecture 1Tuesday September 8 2003BIG QUESTIONS IN ECONOMICSWhatWhat goods and services are to be producedWhere do resources goHowHow will goods and services be producedLots of workers and few machines Lots of machines and few workersMass production or customizedWhen do goods and services get producedweather limitationsWhere do goods and services get producedFor whomWho gets the goods and services produceddistributionObjectives For An Economyequityfairefficiencyscarcity of resourcesfull employmentgrowthGDP GDPcapitastabilityinflation exchange rate balance of tradeSYSTEMS Market Based Systemmarketwhere buyers and sellers interactequilibrium between buyers and sellers determines what gets produced prices etcmoneymedium for exchangegovernment provides framework for this to operate in a mannerly fashionlawCommand Based Systemcentral authority determines what gets produced quantity price where labourers workno competitionnot efficientMix Systemgovernment intervention is beyond the market systemPRODUCTION POSSIBILITY CURVE PPC Assumptionsonly two goods are produced guns and butterfixed resourcesinputscapitaltechnologyefficientPage 1 of 18 wwwnotesolutioncomECO100Y1adoclineartransformation is constantCunobtainable A 10Dunderutilization unemployment CEfull employment GG to Hsacrificed 2 butters for 1 gunButter opportunity cost 2 Million Cases H 1 E D Guns 5 Million Crates nonlinearhard to transform from butter to gun 1 5 Butter Million Cases 5 1 Guns Million CratesLecture 2Monday September 15 2003 MARKET ECONOMY Householdspurchasessales GS inputs Input Output For What Markets Markets Whom GS inputspurchasessales Firms How Page 2 of 18 wwwnotesolutioncom
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