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Textbook Notes for Mc Innes

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SCECON 221Mc InnesFall

ECON 221 Chapter Notes - Chapter 4: Excess Supply, Inferior Good, Shortage

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4
Market: a market is a group of economic agents who are trading a good or service, and the rules and arrangements for trading. Market price: if the sell
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SCECON 221Mc InnesFall

ECON 221 Chapter Notes - Chapter 1: Free Rider Problem, Macroeconomics, Microeconomics

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6
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SCECON 221Mc InnesFall

ECON 221 Chapter Notes - Chapter 2: Natural Experiment, Scientific Method

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1
A model is a simplified description of reality. Economists use data to evaluate the accuracy of models and understand how the world works. Economic res
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SCECON 221Mc InnesFall

ECON 221 Chapter Notes - Chapter 2: Natural Experiment, Scientific Method

OC11462911 Page
0
Scientific method: the scientific method is the name for the ongoing process that economists and other scientists use to (1) develop models of the worl
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SCECON 221Mc InnesFall

ECON 221 Chapter Notes - Chapter 3: Marginalism, Marginal Cost

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0
When an economic agent chooses the best feasible option, she is optimizing. Optimization in levels calculates the total net benefit of different altern
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SCECON 221Mc InnesFall

ECON 221 Chapter Notes - Chapter 4: Demand Curve, Competitive Equilibrium, Perfect Competition

OC11462913 Page
3
The demand curve plots the relationship between the market price and the quantity of a good demanded by buyers. The supply curve plots the relationship
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