GGR321H1 Lecture Notes - Lecture 2: Electric Light, Factors Of Production
Document Summary
In a perfect market economy, market equilibrium between maximal demand for maximal supply would be decided. But there are few perfect models in real life. 2 production factors (labour and capital) that are immobile-goods are mobile. Land as a location of agricultural/industrial/residential uses. Consequence: land use competition-land use policies are necessary to control environmentally-/ socially-balanced. Schools like the university of toronto may not qualify, as institutions are able lay down rules and laws that are adopted transformative effect on way of life. Capitol would not, as it is just a building. Edison"s lightbulb was a tremendous success not because he was the inventor, but because he brought it to the market. In addition, there was groundwork laid (e. g. lamps accepting lightbulbs) to make adopting easy enough. We make new things seem familiar/easy to adopt using skeumorphs: e. g. rubbish bins on your windows desktop. Theoretical models are affected by numerous factors/influences in real life.
