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AGEC 200 (18)

2012.09.11 Intro 2.docx

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McGill University
Agricultural Economics
AGEC 200
Anwar Naseem

Economics: decisions of what society will do with scarce resources - Often to get one thing, have to give up another thing - Efficiency vs equity: o If two policies and one makes rich richer, poor poorer but more overall wealth  Other is that everyone is more equal but less overall wealth  Economists will say that first is better because more overall wealth. And then figure out how to redistribute so that the poor will be helped (taxing the rich) o Efficiency = creating more wealth. Do the distribution later - TRADEOFFS - Comparing costs and benefits of the alternatives - Opportunity Cost : of an item is what you have to give up in order to obtain that item o There are actual costs (money), but there are also costs of what you’re giving up. o Ie going to college: there’s cost of books, tuition. But also cost of not being able to work fulltime that adds onto the cost Economists Believe In: - Economists take trade-offs seroiously - Believe in “statistical people”, not real people o If hearing about someone’s blahblah doesn’t matter  just observation of one person o Want to look at w
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