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Textbook Notes for Economics at University of Massachusetts - Boston (UMB)


UMASS BOSTONECON 101Perumal AndrewFall

ECON 101 Chapter Notes - Chapter 3: Comparative Advantage, Opportunity Cost, Marginal Cost

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Production possibilities frontier (ppf: the curve demonstrates all possibilities of production, trade is always better than trying to be self-sufficien
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UMASS BOSTONECON 101Perumal AndrewFall

ECON 101 Chapter Notes - Chapter 4: Demand Curve, Fokker E.Ii, Inferior Good

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4. 1 markets and competition: what is a market, market group of buyers and sellers of a good a. i. What is a competitive market: cm many buyers and sel
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UMASS BOSTONECON 101Perumal AndrewFall

ECON 101 Chapter Notes - Chapter 7: Economic Surplus, Demand Curve, Resource Allocation

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7. 1 consumer surplus: willingness to pay, max amount a buyer is willing to pay for a good, consumer surplus (willingness to pay) (amount the buyer act
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UMASS BOSTONECON 101Perumal AndrewFall

ECON 101 Chapter Notes - Chapter 15: Marginal Revenue, Demand Curve, Marginal Cost

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Firm that is a sole seller of a product without close substitutes a. ii. Monopoly resources: owning a resource gives the company monopolistic power. Go
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UMASS BOSTONECON 101Perumal AndrewFall

ECON 101 Chapter Notes - Chapter 5: Drug Education

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The price elasticity of demand and its determinents: price elasticity a. i. Measure of how much the quantity demanded of a good responds to a change in
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UMASS BOSTONECON 101Perumal AndrewFall

ECON 101 Chapter Notes - Chapter 2: Opportunity Cost

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UMASS BOSTONECON 101Perumal AndrewFall

ECON 101 Chapter Notes - Chapter 14: Sunk Costs, Marginal Revenue

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The meaning of competition: competitive market a. i. Goods offered are similar: perfectly competitive markets b. i. Revenue of a competitive firm: reve
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UMASS BOSTONECON 101Perumal AndrewFall

ECON 101 Chapter Notes - Chapter 18: Marginal Revenue, Marginal Product, Production Function

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Chapter 18 the markets for the factors of production. In competitive market, firms have little influence on wages a: only decides how many workers to h
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UMASS BOSTONECON 101Perumal AndrewFall

ECON 101 Chapter Notes - Chapter 1: Invisible Hand, Market Economy, Market Failure

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Principle 1: people face trade-offs: to get something we want, we must give up something in return, trade off between efficiency and equality. Principl
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