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Textbook Notes for Troy Joseph

CARLETONECON 1000Troy JosephSummer

ECON 1000 Chapter Notes - Chapter 9: Trade Restriction, Import Quota, Deadweight Loss

OC23767255 Page
29 May 2018
0
When an economy cannot trade in world markets, the price adjusts to balance domestic supply and demand. The price prevailing in world markets is referr
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CARLETONECON 1000Troy JosephSummer

ECON 1000 Chapter Notes - Chapter 1: Opportunity Cost, Invisible Hand, Market Failure

OC23767254 Page
17 May 2018
0
The (cid:449)ord e(cid:272)o(cid:374)o(cid:373)(cid:455) (cid:272)o(cid:373)es fro(cid:373) the greek (cid:449)ord for (cid:862)o(cid:374)e (cid:449)ho
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CARLETONECON 1000Troy JosephWinter

ECON 1000 Chapter Notes - Chapter 11: Fallacy, Nominal Interest Rate, Money Creation

OC2527205 Page
22 Feb 2014
13
The level of prices and the value of money. Inflation is more about the money than about the value of goods. Inflation is an economy-wide phenomenon th
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CARLETONECON 1000Troy JosephWinter

ECON 1000 Chapter Notes - Chapter 8: Interest Rate, Autarky, Loanable Funds

OC2527204 Page
22 Feb 2014
9
Stock: claim 2 partial ownership in a firm: equity finance: sale of stock 2 raise money, debt finance: sale of bonds. Stocks offer the holder higher ri
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CARLETONECON 1000Troy JosephWinter

ECON 1000 Chapter Notes - Chapter 10: Barter, Reserve Requirement, Canada Act 1982

OC2527203 Page
22 Feb 2014
26
If there was no money, people would rely on barter: exchange of one g/s 4 another: will have trouble allocating scarce resources efficiently, trade req
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CARLETONECON 1000Troy JosephSummer

ECON 1000 Chapter Notes - Chapter 7: Demand Curve, Opportunity Cost, Economic Surplus

OC23767253 Page
26 Jul 2018
0
Chapter 7: consumers, producers, and the efficiency of markets. Ea(cid:272)h (cid:271)u(cid:455)er"s (cid:373)a(cid:454)i(cid:373)u(cid:373) is (cid:27
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CARLETONECON 1000Troy JosephSummer

ECON 1000 Chapter Notes - Chapter 6: Price Ceiling, Tax Incidence, Working Poor

OC23767253 Page
26 May 2018
0
To be concrete, lets suppose that the equilibrium price is dollars per cone. The buyers may be thinking this is too much and some ice cream group migh
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CARLETONECON 1000Troy JosephSummer

ECON 1000 Chapter Notes - Chapter 5: Midpoint Method, Demand Curve, Ice Cream

OC23767252 Page
20 May 2018
0
Elasticity is a measure of how much buyers and sellers respond to changes in market conditions. The price elasticity of demand and its determinants. Th
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CARLETONECON 1000Troy JosephSummer

ECON 1000 Chapter Notes - Chapter 3: Absolute Advantage, Comparative Advantage, Opportunity Cost

OC23767253 Page
17 May 2018
0
If there are 2 people, and each can only produce 1 thing (different from the other), it is clear that they can benefit from trade so that they can both
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CARLETONECON 1000Troy JosephSummer

ECON 1000 Chapter Notes - Chapter 4: Demand Curve, Perfect Competition, Takers

OC23767254 Page
19 May 2018
0
Chapter 4: the market forces of supply and demand. The terms supply and demand refer to the behaviour of people as they interact with one another in co
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CARLETONECON 1000Troy JosephSummer

ECON 1000 Chapter Notes - Chapter 13: Average Cost, Average Variable Cost, Marginal Cost

OC23767255 Page
8 Jun 2018
0
Economists normally assume that the goal of a firm is to maximize profit, and they find that this assumptions works well in most cases. The a(cid:373)o
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CARLETONECON 1000Troy JosephSummer

ECON 1000 Chapter Notes - Chapter chapter 10: Fiat Money, Canadian Imperial Bank Of Commerce, Commodity Money

OC23767252 Page
26 Jul 2018
0
Money has 3 functions in the economy: it is a medium of exchange, a unit of account, and a store of value. A medium of exchange is an item that buyers
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