Textbook Notes for Ryerson

RYERSONECN 104RyersonFall

ECN 104 Chapter Notes - Chapter 21: Indifference Curve, Substitute Good, Normal Good

OC3559433 Page
14 Nov 2014
48
There is always a trade-off between what we want and out income. If we work less we have less money. If we buy more of one thing we can only get a litt
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RYERSONECN 104RyersonFall

ECN 104 Chapter Notes -Profit Margin, Economic Equilibrium, Inferior Good

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14 Nov 2014
31
A market is a group of buyers and sellers of a particular good or service. The buyers as a group determine the demand for the product, and the sellers
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RYERSONECN 104RyersonFall

ECN 104 Chapter Notes -Demand Curve, Midpoint Method, Luxurious

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14 Nov 2014
27
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RYERSONECN 104RyersonFall

ECN 104 Chapter Notes -Economic Equilibrium, Price Floor, Price Ceiling

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14 Nov 2014
7
Price ceiling: a legal maximum on the price at which a good can be sold. Market forces naturally move the economy to the equilibrium, and the price cei
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RYERSONECN 104RyersonFall

ECN 104 Chapter Notes -Social Science, Opportunity Cost

OC3559433 Page
14 Nov 2014
25
The nature of economist is to look at society and develop theories, as a scientist would (social scientist) The scientific method: observation, theory,
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RYERSONECN 104RyersonFall

ECN 104 Chapter Notes -Invisible Hand, Market Power, Economic Surplus

OC3559432 Page
14 Nov 2014
16
When consumers buy a product, they wish the price was lower, when producers sell a product they wish the price was higher. Society often influences the
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