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UWAFM131Manhhung David Nguyen HaFall

AFM131 Chapter Notes - Chapter Chapter 3: Quality Control, Lululemon Athletica, Protectionism

OC24832757 Page
14 Sep 2018
0
Chapter 3/module 01 - competing in global markets (prep for quiz 1) ** green = things that may appear on a quiz/exam ** Summary: canada has a pop. of m
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UWECON101Corey Van De WaalFall

ECON101 Chapter 5: Chapter 5. Efficiency and Equity (1)

OC11918273 Page
29 Sep 2018
0
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UWECON101Corey Van De WaalFall

ECON101 Chapter Notes - Chapter 5: Demand Curve, Marginal Utility, Marginal Cost

OC11918273 Page
29 Sep 2018
0
Resources are allocated efficiently and in the social interest when they are used in the ways that people value most highly. The value of one more unit
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UWECON101Corey Van De WaalFall

ECON101 Chapter Notes - Chapter 4: Demand Curve, Unit

OC11918272 Page
24 Sep 2018
0
The price elasticity of demand is a units-free measure of the responsiveness of the quantity demanded of a good to a change in its price when all other
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UWECON101Corey Van De WaalFall

ECON101 Chapter Notes - Chapter 2: Marginal Utility, Capital Accumulation, Allocative Efficiency

OC11918273 Page
12 Sep 2018
0
The production possibilities frontier (ppf): the boundary between those combinations of goods and services that can be produced and those that cannot.
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UWECON101Corey Van De WaalFall

ECON101 Chapter Notes - Chapter 4: Unit

OC11918273 Page
24 Sep 2018
0
If your demand for the good is elastic, a 1% price cut increases the quantity you buy by. More than 1% and your expenditure on the item increases. If y
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UWECON101Corey Van De WaalFall

ECON101 Chapter Notes - Chapter 3: Relative Price, Demand Curve, Marginal Utility

OC11918272 Page
18 Sep 2018
0
Market: any arrangement that enables buyers and sellers to get information and to do business with each other. Competitive market: a market that has ma
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UWECON101Corey Van De WaalFall

ECON101 Chapter Notes - Chapter 6: Price Ceiling, Economic Equilibrium, Social Cost

OC11918272 Page
9 Oct 2018
0
A government regulation that makes it illegal to charge a price higher than a specified level: price ceiling or price cap. A price ceiling set above th
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UWECON101Corey Van De WaalFall

ECON101 Chapter Notes - Chapter 6: Deadweight Loss, Tax Incidence, Avoidance Speech

OC11918273 Page
9 Oct 2018
0
A(cid:374) u(cid:374)regulated la(cid:271)our (cid:373)arket allo(cid:272)ates the e(cid:272)o(cid:374)o(cid:373)y"s s(cid:272)ar(cid:272)e la(cid:271)
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UWECON101Corey Van De WaalFall

ECON101 Chapter Notes - Chapter 6: Production Quota, Marginal Cost, Deadweight Loss

OC11918273 Page
9 Oct 2018
0
Governments often use two other methods of intervention in the market for farm products: Production quota: an upper limit to the quantity of a good tha
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UWECON101Corey Van De WaalFall

ECON101 Chapter 5: Chapter 5. Efficiency and Equity (3)

OC11918272 Page
29 Sep 2018
0
So, the market demand curve for a good/service tells us the marginal social benefit from it. And the market supply curve of a good/service tells us the
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UWECON101Corey Van De WaalFall

ECON101 Chapter Notes - Chapter 1: Marginal Utility, Marginal Cost, Opportunity Cost

OC11918273 Page
12 Sep 2018
0
B/c we cannot get everything we want, we must make choices. Incentive: reward that encourages an action or a penalty that discourages one (i. e. price)
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