01.02.review - BUEC280Lecture2 ReviewofEconomicTheory...

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  Prof. Simon D. Woodcock BUEC 280 Lecture 2 Review of Economic Theory
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  Prof. Simon D. Woodcock An old joke … It's easy to train economists. Just teach a  parrot to say "Supply and Demand."  –Thomas Carlyle–  Sad but true … Nevertheless, we are convinced that  thinking about the world in terms of  markets supply , and  demand   works
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  Prof. Simon D. Woodcock What is a market? A concept, rather than a physical entity A market is: the interaction of buyers and sellers, in which a price is  determined and a product or service is exchanged Can be local (farmer’s market, gas station  attendants), national (new cars, airline pilots), or  international (natural resources, finance) Have two “sides”: supply and demand
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  Prof. Simon D. Woodcock What’s “the” labour market? The market where  labour services  are  exchanged As we’ll see, it’s really lots of specialized markets  (gas station attendants vs. airline pilots) The price of labour services is called the  wage  rate Quantity can be measured in various units (hours,  weeks, full-time workers)
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This note was uploaded on 10/12/2009 for the course BUEC 280 taught by Professor Simonwoodcock during the Spring '07 term at Simon Fraser.

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01.02.review - BUEC280Lecture2 ReviewofEconomicTheory...

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