Textbook Notes for Ingrid L.Stefanovic

RYERSONECN 104Ingrid L.StefanovicFall

ECN 104 Chapter 2: ECN104Chapter2

OC5803015 Page
8 Feb 2017
2
A particular set of institutional arrangements and a coordinating mechanism for producing goods and services. Most property resources are owned by the
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RYERSONECN 104Ingrid L.StefanovicFall

ECN 104 Chapter 1: ECN104Chapter1

OC5803015 Page
8 Feb 2017
4
Scarcity limits our options and necessitates that we make choices. We have unlimited wants and limited resources, we need to make choices. Opportunity
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RYERSONECN 104Ingrid L.StefanovicFall

ECN 104 Chapter Notes - Chapter 6-7.3: Vending Machine, Marginal Utility, Budget Constraint

OC5803016 Page
28 Feb 2016
17
Gains in satisfaction decline as additional units are consumed. Utility: is want-satisfying power (utility and usefulness not necessarily the same thin
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RYERSONECN 104Ingrid L.StefanovicFall

ECN 104 Chapter Notes - Chapter 4: Demand Curve, Negative Number, Petro-Canada

OC58030112 Page
28 Feb 2016
10
An increase in price causes a decrease in quantity demanded (and vice-versa) Elasticity gives us a measure of responsiveness of quantity to a change in
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