ECON 1020 Study Guide - Midterm Guide: Demand Curve, Free Rider Problem, Profit Maximization
29 Sep 2016
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Document Summary
Change comes form conflict between working and capitalist. To do we acquire what we need to survive: dialectics. Actively engaged in trying to create change. Productivity of workers is dependent on health of workers. Labor theory of value: the value of a commodity is determined by the amount of labor needed for its production. Neoclassical economics: basic economics, supply and demand, resources are scarce. How to make use of what we do have. Regulates economic activity/establishes equilibrium between demand and supply. Marginalism: the process of analyzing the additional or incremental costs or benefits arising from a choice. Efficient market: a market in which profit opportunities are eliminated. What gets produced, how it is produced, and to whom it is distributed. The primary resources needed are land, labor, and capital. Understanding behavior and the operation of systems without making judgments. It describes what exists and how it works.
