02.01.review - BUEC 280 Lecture 3 More Review and Context...

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  Prof. Simon D. Woodcock BUEC 280 Lecture 3 More Review and Context
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  Prof. Simon D. Woodcock Last day … Markets How the labour market is different Diversity Fairness Incentives Information And more … Really lots of specific markets
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  Prof. Simon D. Woodcock The labour market in the national  economy The labour market is one of many markets that comprise the  economy We divide agents in the economy into two types:  households  (comprised of individuals), and  firms We divide markets into two types: Product markets  where the output of firms (goods and  services) is sold to households Factor markets  where the inputs to production (called  factors of production) are sold by households to firms We summarize this with the  circular flow model
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  Prof. Simon D. Woodcock The circular flow model Households •Sell factors of production Factor Market •Households sell •Firms buy/rent Product Market •Firms sell •Households Buy Firms •Rent factors of production Goods and services Spending Income Labour, land, and capital Inputs to production Goods and services Wages, rent, and profit Revenue
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  Prof. Simon D. Woodcock Stocks and flows Two kinds of variables: stock  is a variable whose quantity is  measured at a point in time e.g., oil reserves flow  is a variable whose quantity is 
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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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02.01.review - BUEC 280 Lecture 3 More Review and Context...

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