ECON 201 Lecture Notes - Lecture 1: Time Series, Scatter Plot, Comparative Statics

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ECON 201 Full Course Notes
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ECON 201 Full Course Notes
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Opportunity cost of university: tuition costs, books, and forgone salary (3) Adam smith: by acting in their own self-interest, people produce a spontaneous economic order. Efficient economic order arises in market economy because prices respond to overall conditions of scarcity or plenty. Market economy: a society where individuals specialize in productive activities and enter voluntary trades. 2 major types of markets in circular flow of income: product markets and factor markets. Goods and services from firms to consumers payments for goods and services from consumers to firms. Payments for factor services from firms to consumers. Market in which an individual sells labor is called: factor market. Major cause of recent move toward globalization is a big reduction in the costs of transportation and information; globalization create greater similarity of consumer tastes among countries. Complex economic plans for many sectors of the economy are most associated with a command economy.

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