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Textbook Notes for Emilie Mc Hugh Rivers

WESTERNECON 1021A/BEmilie Mc Hugh RiversFall

Economics 1021A/B Chapter Notes - Chapter 18: Demand Curve, Marginal Product, Marginal Cost

OC12740543 Page
9 Dec 2016
14
Labour market is a collection of people and firms who trade labour services. Wage rate: the price of labour services. Most labour markets have many buy
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WESTERNECON 1021A/BEmilie Mc Hugh RiversFall

Economics 1021A/B Chapter Notes - Chapter 17: Private Good, Deadweight Loss, Social Cost

OC12740543 Page
9 Dec 2016
16
A good is excludable if it"s possible to prevent someone from enjoying its benefits (people must pay to consume them) A good is nonexcludable if it"s i
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WESTERNECON 1021A/BEmilie Mc Hugh RiversFall

Economics 1021A/B Chapter Notes - Chapter 16: Ecotax, Clean Technology, Deadweight Loss

OC12740545 Page
9 Dec 2016
9
An externality is a cost/benefit from an action that falls on someone other than the person or firm choosing the action: Marginal private cost (mc): th
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WESTERNECON 1021A/BEmilie Mc Hugh RiversFall

Economics 1021A/B Chapter Notes - Chapter 19: Lorenz Curve, Human Capital, Deadweight Loss

OC12740543 Page
9 Dec 2016
13
Statistics canada provides measures of economic inequality based on three definitions of income: Market income wages, interest, rent, and profit earned
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WESTERNECON 1021A/BEmilie Mc Hugh RiversFall

Economics 1021A/B Chapter 15: Oligopoly

OC12740543 Page
3 Dec 2016
11
Oligopoly is a market structure in which: Natural or legal barriers prevent the entry of new firms. Natural oligopoly economies of scale and demand for
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WESTERNECON 1021A/BEmilie Mc Hugh RiversFall

Economics 1021A/B Chapter Notes - Chapter 12: Perfect Competition, Marginal Revenue, Demand Curve

OC12740549 Page
11 Nov 2016
17
Perfect competition is a market in which: Many firms sell identical products to many buyers. There are no restrictions on entry into the market. Establ
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WESTERNECON 1021A/BEmilie Mc Hugh RiversFall

Economics 1021A/B Chapter Notes - Chapter 13: Marginal Revenue, Natural Monopoly, Price Discrimination

OC12740546 Page
27 Nov 2016
6
A single firm that produces a good or service with no close substitutes. Protected from competition by a barrier to entry that prevents other firms fro
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WESTERNECON 1021A/BEmilie Mc Hugh RiversFall

Economics 1021A/B Chapter Notes - Chapter 3: A Natural Disaster, Inferior Good, Normal Good

OC127405410 Page
9 Nov 2016
7
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WESTERNECON 1021A/BEmilie Mc Hugh RiversFall

Economics 1021A/B Chapter Notes - Chapter 5: Externality, Social Cost, Marginal Cost

OC12740545 Page
3 Nov 2016
4
Resources go to those most willing and able to pay. Allocates resources to a winner or a group of winners. People with the (cid:532)right(cid:533) char
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WESTERNECON 1021A/BEmilie Mc Hugh RiversFall

Economics 1021A/B Chapter Notes - Chapter 14: Monopolistic Competition, Product Differentiation, Marginal Cost

OC12740544 Page
27 Nov 2016
4
Monopolistic competition is a market structure in which: Firms compete on product quality, price and marketing. Firms are free to enter and exit the in
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WESTERNECON 1021A/BEmilie Mc Hugh RiversFall

Economics 1021A/B Chapter Notes - Chapter 6: Social Cost, Pay-As-You-Earn Tax, Price Floor

OC12740548 Page
3 Nov 2016
3
Price ceiling/price cap: a government regulation that makes it illegal to charge a price higher than a specified level. The effects of a price ceiling
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WESTERNECON 1021A/BEmilie Mc Hugh RiversFall

Economics 1021A/B Chapter Notes - Chapter 10: Oligopoly, Perfect Competition, Economic Efficiency

OC12740544 Page
9 Nov 2016
27
Firm: an institution that hires factors of production and organizes those factors to produce and sell goods and services. Economists measure a firm"s p
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