ECO 1102 Lecture Notes - Lecture 4: Perfect Competition, Macroeconomics, Marginal Cost

• School: University of Ottawa
• Department: Economics
• Course: ECO 1102
• Professor: Gordon Lenjosek

Document Summary

Remember that reading the chapters ahead of class will help understand the material better! Keeping track of the learning objectives is also key in greater success. Trade off: what other opportunity you could be doing. Thinking of the margins and the revenue. Responding to incentives (e. g. extra marks for completing all your connect assignments). Interacting principles such as markets can and often maximize well-being. They are rarely equally competitive or perfectly competitive. There is always setbacks and they sometimes fail. (e. g. 3rd party costs such as pollution). Governments can aid with these fails by intervening, but they can also fix their problems themselves. The economic as a whole (unity) productivity, inflation and unemployment. The problem solving tool-box, models, assumptions, correlations, causations, analyses. The study of how scarce resources are allocated among alternative uses to satisfy human wants (slide 3) Scarce resources (e. g. labor, capital, natural resources).