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QUEC 111AllSpring

EC 111 Chapter Notes - Chapter 5: Pigovian Tax, Deadweight Loss, Social Cost

OC9940624 Page
8 Jan 2019
0
Externalities are also goods that have effects on parties that were not in the transaction of a trade. Negative externalities: have negative effects on
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QUEC 111AllSpring

EC 111 Chapter Notes - Chapter 8: Sole Proprietorship, Small Business, Income Statement

OC9940624 Page
8 Jan 2019
0
Sole proprietorship one owner of an entire company. Corporation a legal form of business with many owners. Key disadvantage of corporation costly to or
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QUEC 111AllSpring

EC 111 Chapter Notes - Chapter 10-12: Marginal Utility, Marginal Revenue, Marginal Cost

OC9940622 Page
8 Jan 2019
0
Law of diminishing marginal utility - the first unit of consumption of a good yield more utility or satisfaction to the consumer then the second, with
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QUEC 111AllSpring

EC 111 Chapter Notes - Chapter 4: Deadweight Loss, Price Floor, Economic Surplus

OC9940622 Page
8 Jan 2019
0
Demand curve can also be referred to as a marginal benefits curve. The price that people are willing to pay compared to the actual price they paid is t
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QUEC 111AllSpring

EC 111 Chapter Notes - Chapter 3: Demand Curve, Substitute Good

OC9940624 Page
8 Jan 2019
0
Right to own private property and resources for your business. An economic system in which private business operates in competition and free of state c
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QUEC 111AllSpring

EC 111 Chapter Notes - Chapter 15: Deadweight Loss, Network Effect, Marginal Revenue

OC9940621 Page
8 Jan 2019
0
Monopoly one firm, unique item, barriers from new firms entering. Barriers of entry to monopolies government restrictions on entry, control over a key
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QUEC 111AllSpring

EC 111 Chapter Notes - Chapter 1-2: Opportunity Cost, Comparative Advantage

OC9940622 Page
8 Jan 2019
0
We live in a world of scarcity, where we have unlimited wants, but limited resources. Production possibilities frontier: a model that shows the combina
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