By Christopher T.S. Ragan, Richard G Lipsey
Designed for classes in introductory economics at Canadian universities and colleges.
Economics is consistently altering and evolving according to advancements on this planet financial system. Economics, 13th Canadian variation, is glossy and recent with those adjustments. the present financial situation and recession were built-in during the textual content, making this source the main appropriate ideas of economics textual content out there. subject matters and significant matters dealing with the world’s economies are in actual fact brought to scholars with out sacrificing the rigour and aspect had to train this direction.
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Extra resources for Economics, 13th Canadian Edition
These are the incomes of producers. These basic flows of income and expenditure pass through markets. Individuals sell the services of the factor that they own in what are collectively called factor markets. When you get a part-time job during university, you are participating in the factor market. Producers sell their outputs of goods and services in what are collectively called goods markets. When you purchase a haircut or a new pair of shoes, for example, you are participating in the goods market.
The opportunity cost of using resources for a certain purpose is the benefit given up by not using them in the best alternative way. That is, it is the cost measured in terms of other goods and services that could have been obtained instead. If, for example, resources that could have produced 20 km of road are best used instead to produce one hospital, the opportunity cost of a hospital is 20 km of road; looked at the other way round, the opportunity cost of 20 km of road is one hospital. See Applying Economic Concepts 1-1 for an example of opportunity cost that should seem quite familiar to you: the opportunity cost of getting a university degree.
This kind of production displays two characteristics noted long ago by Adam Smith specialization and the division of labour. Specialization In ancient hunter gatherer societies, and in modern subsistence economies, most people make most of the things they need for themselves. However, from the time that people first engaged in settled agriculture and some of them began to live in towns, people have specialized in doing particular jobs. Artisan, soldier, priest, and government official were some of the earliest specialized occupations.