ECO100Y5 Chapter Notes - Chapter 4: Economic Equilibrium, Ramen, Demand Curve

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12 Sep 2017
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ECO100Y5 Full Course Notes
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A means for individuals and businesses to exchange goods, services, assets, and labour. We will discuss one determinant at a time and make the simplifying assumption that all other factors do not change. Latin for with other conditions remaining the same. in economics, we use this to underline that no other variables are changing. Many consumers react to a price increase by reducing the quantity they buy. This is because, as the price of a good increases, we usually look for a similar good that will come close to serving the same purpose. As the price a good increases the quantities that consumers are willing to buy decreases. When the price of a good increases, and our income does and our income doesn"t change, we have to do less of something. A good that is an absolute necessity may be an exception.

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