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Textbook Notes for Pat Martin

U OF GECON 1050Pat MartinWinter

ECON 1050 Chapter Notes - Chapter 1-2: Comparative Advantage, Absolute Advantage, Capital Accumulation

OC10213258 Page
30 Apr 2017
0
Definition of economics: scarcity inability to get everything we want, what society can get is limited by the productive resources available. Incentive
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U OF GECON 1050Pat MartinFall

ECON 1050 Chapter 1: ReadingGraphs

OC10538046 Page
18 Sep 2016
33
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U OF GECON 1050Pat MartinFall

ECON 1050 Chapter Notes - Chapter 1-8: Chevrolet Spark, Elon Musk, Gigafactory 1

OC6610784 Page
27 Oct 2015
75
Tesla is addressing this challenge in hopes of reaching equilibrium by building the new. Gigafactory , which is an immense battery plant currently unde
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U OF GECON 1050Pat MartinWinter

ECON 1050 Chapter Notes - Chapter 3: Cowhide, Energy Drink, Economic Equilibrium

OC10213258 Page
1 May 2017
0
Willingness and ability to pay: another way of looking at the demand curve is as a willingness-and-ability-to-pay curve, the willingness and ability to
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U OF GECON 1050Pat MartinFall

ECON 1050 Chapter 1: EconomicsnotesChapter1

OC10538047 Page
13 Sep 2016
29
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U OF GECON 1050Pat MartinFall

ECON 1050 Chapter 2: Chapter2

OC10538046 Page
19 Sep 2016
32
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U OF GECON 1050Pat MartinFall

ECON 1050 Chapter Notes - Chapter 12: Variable Cost, Average Variable Cost, Social Cost

Amber Coombes6 Page
9 Nov 2016
22
Many firms sell identical products to many buyers. There are no restrictions on entry into the market. Established firms have no advantage over new one
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U OF GECON 1050Pat MartinFall

ECON 1050 Chapter Notes - Chapter 8: Prefrontal Cortex, Demand Curve, Substitute Good

OC25860986 Page
27 Oct 2018
0
Preferences: description of consumers likes and dislikes, utility is the benefit or satisfaction that a person gets from consumption of a good or servi
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U OF GECON 1050Pat MartinFall

ECON 1050 Chapter Notes - Chapter 1-2: Marginal Cost, Marginal Utility, Opportunity Cost

OC25860984 Page
27 Oct 2018
0
Chapter 1: what is economics (and chapter 2) Microeconomics - study of how the choices made by individual firms and households solve the economic probl
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U OF GECON 1050Pat MartinFall

ECON 1050 Chapter Notes - Chapter 6: Price Ceiling, Deadweight Loss, Economic Equilibrium

OC258609812 Page
27 Oct 2018
0
Price cap/ceiling: charging a higher price than the specified level. Set above the equilibrium price: no effect as it doesn"t constraint market forces.
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U OF GECON 1050Pat MartinFall

ECON 1050 Chapter Notes - Chapter 3: Demand Curve, Marginal Utility, Marginal Cost

OC25860988 Page
27 Oct 2018
0
Competitive market: markets dominated by many firms none of which can influence the price of goods or services they provide. Money price: number of dol
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U OF GECON 1050Pat MartinFall

ECON 1050 Chapter Notes - Chapter 5: Allocative Efficiency, Marginal Cost, Externality

OC25860988 Page
27 Oct 2018
0
*resources are allocated effiently and in social interest when they are used in way that people value most. Value: what we get the value of one more un
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