CMN 279 Lecture 7: ECNMidterm
2 Nov 2017
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Ecn 104 hakan toskoy midterm chapter notes review omar quraishi. Social science concerned with how individuals, institutions and society make best choices under conditions of scarcity. Facing trade offs; scarcity in relation to wants means you face trade offs; therefore you have to make choices. Opportunity costs; the costs of the choice you make is what you give up for it or the opportunity cost. Choosing a little more/less; choices are usually made at the margin; we chose a little more or a little less of something. Influences of incentives; the choices you make are influenced by incentives. Specialization and trade; this will improve the wellbeing of all participants. Effectiveness of markets; markets usually do a good job of coordinating trade among individuals, groups and nations. Role of governments; governments can occasionally improve the coordinating function of market. Economy as a whole and the standard of living.
