Textbook Notes (368,089)
Canada (161,636)
Economics (708)
Prof (15)
Chapter 3

Chapter 3.doc

3 Pages
99 Views
Unlock Document

Department
Economics
Course
Economics 1021A/B
Professor
Prof
Semester
Fall

Description
CHAPTER 3 Demand and SupplyMARKETS AND PRICESThere are markets forGoods applesServices haircutsFactors of production computer programmersOther manufactured inputs memory chipsCurrenciesFinancial securitiesMarketsPhysical place where buyers and sellers meet Auctioneer or broker help determine pricesConnected through the internettelephonefaxEcommerce Currency Markets Most unorganized collections of buyers and sellersCompetitive Market a market that has many buyers and many sellers so no single buyer or seller can influence the priceProducers offer items for sale only if the price is high enough to cover opportunity costConsumers respond to changing opportunity cost by buying alternativecheaper itemsMoney priceof dollars that must be given up in exchange for a productRelative price ratio of one price to anotheropportunity costDEMAND1Want it2Ca
More Less

Related notes for Economics 1021A/B

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit