COMM 200 Chapter Notes - Chapter 2: Energy Market, Environment And Climate Change Canada, Comparative Advantage

• School: Queen's University
• Department: Commerce
• Course: COMM 200
• Professor: Darren Mc Caugherty

Document Summary

Inelastic demand: results when a movement in price does not result in significant changes in demand: elastic demand: reflects a situation where the quantity demanded does change significantly due to change in price. In economic terms supply and demand refers to the point where the quantity supplied equals the quantity demanded, with the price point set by this equalization. Government involvement in influencing economic activity and direction: government involvement in the economy relates to the varying roles governments can play within ongoing day to day economic activities, governments can act as. A customer via the purchasing of goods and services. As a regulator restricting access or defining competitive protocols within a competitive sector. As a manager via powers granted to crown organizations such as the bank of canada. As an economic stimulation agent via grant and subsidy programs, infrastructure development programs, and specific industry or company bailout programs.