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Textbook Notes for Eva Lau

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UWECON102Eva LauSpring

ECON102 Chapter Notes - Chapter 31: Absolute Advantage, Comparative Advantage, International Trade

OC238145620 Page
5 Feb 2018
0
0: table 31. 1. 1 shows glazeland"s doughnut market before international trade. Who does not benefit: domestic consumers, domestic producers, workers i
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UWECON102Eva LauFall

ECON102 Chapter Notes -Monopolistic Competition, Perfect Competition, Product Differentiation

OC2091964 Page
21 Nov 2013
21
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UWECON102Eva LauFall

ECON102 Chapter Notes -Demand Curve, Marginal Cost, Marginal Utility

OC2091964 Page
21 Nov 2013
22
Demand quantity demanded: the amount that consumers plan to buy in a given time period at a particular price not the same as the quantity actually boug
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UWECON102Eva LauSummer

ECON102 Chapter Notes -Average Variable Cost, Marginal Revenue, Profit Maximization

OC2091965 Page
21 Nov 2013
16
When the minimum efficient scale of a single producer is small relative to the market demand for the good/service. Minimum efficient scale: the smalles
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UWECON102Eva LauFall

ECON102 Chapter Notes -Marginal Cost, Marginal Revenue, Economic Surplus

OC2091964 Page
21 Nov 2013
25
Monopoly: a market with a single firm that produces a good or service for which no close substitute exists and that is protected by a barrier that prev
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UWECON102Eva LauFall

ECON102 Chapter Notes -Utility, Bounded Rationality, Normal Good

OC2091963 Page
21 Nov 2013
20
Maximizing utility a consumer will buy the goods and services that will maximize their utility utility: the benefit or satisfaction that a person gets
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UWECON102Eva LauFall

ECON102 Chapter Notes -Human Capital, Microeconomics, Macroeconomics

OC2091964 Page
21 Nov 2013
21
Definition of economics scarcity: inability to satisfy all our wants. We want more than we can get. Microeconomics: the study of the choices that indiv
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