ECN 104 Lecture Notes - Lecture 2: Creative Destruction, Barter, Planned Economy
Document Summary
The slope changes as you move along it. When we calculate the slope of the non-linear curves. We obtain different values for the shape at different points. Arc method (absolute value) get rid of the negatives. We use the arc method when we do not have enough information to be able to draw a smooth line. Depends on the curve itself and the data is used to construct. Theories, principles, and models (cont. ) (y)dvd"s = s = 10 (x)books = p = 2. 50. Budget line shifts to the right if the income increases. Labour consists of physical work/actions and mental activities that people contribute to the production of goods and services. Land includes all natural resources used in the production process. Ecn104 includes all manufacture aids used in producing consumer goods and services (cid:272)apital does (cid:374)ot refer to (cid:373)o(cid:374)e(cid:455) (cid:271)e(cid:272)ause it does(cid:374)"t produce anything.
