Textbook Notes for Mrs.Gajica

MCMASTERECON 1B03Mrs.GajicaFall

ECON 1B03 Chapter Notes - Chapter 3: Comparative Advantage, Absolute Advantage, Opportunity Cost

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25 Dec 2014
55
Comparative: absolute advantage: the ability to produce a good using fewer inputs than another producer. If each country has an absolute advantage in o
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MCMASTERECON 1B03Mrs.GajicaFall

ECON 1B03 Chapter Notes - Chapter 2: Consumption Tax, Political Philosophy, Opportunity Cost

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25 Dec 2014
12
2 roles of an economist: scientists try to explain the world. Make positive statements which attempt to describe the world as it is try to explain the
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MCMASTERECON 1B03Mrs.GajicaFall

ECON 1B03 Chapter Notes - Chapter 17: Bottled Water, Externality, Deadweight Loss

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25 Dec 2014
17
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MCMASTERECON 1B03Mrs.GajicaFall

ECON 1B03 Chapter Notes - Chapter 5: Demand Curve, Normal Good, Inferior Good

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25 Dec 2014
29
Chapter 5: price elasticity: elasticity measures how much one variable responds to change sin another variable. It is a numerical measure of responsive
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MCMASTERECON 1B03Mrs.GajicaFall

ECON 1B03 Chapter Notes - Chapter 4: Perfect Competition, Normal Good, Demand Curve

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25 Dec 2014
21
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MCMASTERECON 1B03Mrs.GajicaFall

ECON 1B03 Chapter Notes - Chapter 8: Market Distortion, Economic Equilibrium, Black Market

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25 Dec 2014
21
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MCMASTERECON 1B03Mrs.GajicaFall

ECON 1B03 Chapter Notes - Chapter 9: North American Free Trade Agreement, Shortage, Comparative Advantage

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25 Dec 2014
15
Econ120 micro, natasha park: country has comparative advantage if it produces good at lower opportunity cost than others. Countries gain from trade if
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MCMASTERECON 1B03Mrs.GajicaFall

ECON 1B03 Chapter Notes - Chapter 13-14: Market Power, Marginal Product, Average Cost

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25 Dec 2014
24
Chapter 13 -14: marginal product, costs, revenue, and profit. Since labor is usually the most important variable factor in the short run, we usually ta
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MCMASTERECON 1B03Mrs.GajicaFall

ECON 1B03 Chapter Notes - Chapter 15: Perfect Competition, Monopoly Price, Marginal Revenue

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25 Dec 2014
23
Econ120 micro, natasha park: a firm that is the sole seller of a product without close substitutes pure monopoly rare. Having a large market share and
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MCMASTERECON 1B03Mrs.GajicaFall

ECON 1B03 Chapter Notes - Chapter 6: Living Wage, Working Poor, Shortage

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25 Dec 2014
23
Chapter 6: supply, demand, and government policies price controls. Price ceiling: above the equilibrium price means not binding: has no effect on the m
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MCMASTERECON 1B03Mrs.GajicaFall

Chapter 10 Externalities.docx

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25 Dec 2014
18
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MCMASTERECON 1B03Mrs.GajicaFall

ECON 1B03 Chapter Notes - Chapter 11: Taco, Price Ceiling, Overgrazing

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25 Dec 2014
18
Public goods: not a rival in consumption: you using it does not affect others" use of it, non-excludable; something of value has no price attached to i
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