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Textbook Notes for ECN 101 at Ryerson University

RYERSONECN 101Tom BarbieroFall

ECN 101 Chapter Notes - Chapter 1: Ceteris Paribus, Dependent And Independent Variables, Full Employment

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Economics - when individuals, institutions, and society make optimal choices under condition of scarcity. - unlimited wants and limited (or scarcity) r
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RYERSONECN 101Tom BarbieroFall

ECN 101 Chapter Notes - Chapter 8: Average Variable Cost, Fixed Cost, Average Cost

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Economic cost - the reality of scarcity causes economists to de ne it as the payment that must be made to obtain and retail the services of a resource.
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RYERSONECN 101Tsogbadral GalaabaatarFall

ECN 101 Chapter Notes - Chapter 5: Inferior Good, Normal Good, Midpoint Method

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Ecn 104 chapter 5 elasticity and its application. How much one variable responds to changes in another variable: elasticity numerical measure of the re
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RYERSONECN 101Tom BarbieroFall

ECN 101 Chapter Notes - Chapter 6: Root Mean Square, Independent Goods

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Elasticity gives us a measure of responsiveness of quantity to a change in price, or how does. Who q(demanded) responds strongly to a change in p, dema
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RYERSONECN 101Tsogbadral GalaabaatarFall

ECN 101 Chapter Notes - Chapter 4: Market Power, Demand Curve, Perfect Competition

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Ecn 104 chapter 4 the market forces of supply and demand. Market: group of buyers and sellers of a particular product. Competitive market: one with man
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RYERSONECN 101Tom BarbieroFall

ECN 101 Chapter Notes - Chapter 10: New Product Development, Economic Surplus, Creative Destruction

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RYERSONECN 101Tsogbadral GalaabaatarFall

ECN 101 Chapter Notes - Chapter 6: Tax Incidence, Price Ceiling, Price Floor

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RYERSONECN 101Tom BarbieroFall

ECN 101 Chapter Notes - Chapter 2: Consumer Sovereignty, The Incentive, Planned Economy

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Economic system - a particular set of institutional arrangements and a coordinating mechanism for producing good and services - to respond to the econo
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RYERSONECN 101Tom BarbieroFall

ECN 101 Chapter Notes - Chapter 3: Economic Equilibrium, Ceteris Paribus, Demand Curve

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Human beings arrive at conclusions from the things they see: in this case the broken window and the person who repairs it. Price is discovers in the in
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RYERSONECN 101Tom BarbieroFall

ECN 101 Chapter Notes - Chapter 9: Monopolistic Competition, Imperfect Competition, Perfect Competition

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RYERSONECN 101Tom BarbieroFall

ECN 101 Chapter Notes - Chapter 14: Ceteris Paribus, Perfect Competition, Marginal Revenue Productivity Theory Of Wages

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The demand for a factor is derived from the demand for the products that the factor helps to produce. more demand for a product the higher the demand f
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RYERSONECN 101Tsogbadral GalaabaatarFall

ECN 101 Chapter Notes - Chapter 2: Opportunity Cost, Economic Model

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The economist a scientist: scientific method: development and testing of theories on the working of the universe, experiment hard to conduct in economi
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