ECN 104 Lecture Notes - Lecture 4: Hla-Dq3, Hla-Dq5, Monopolistic Competition
Document Summary
Mcconnell, c. r. , brue, s. l. , flynn, s. m. , and barbiero, t. p. , microeconomics, 14th. Get to know: 10 key concepts to retain for a lifetime, de nition of economics, role, micro internal,theory /macro national,whole, economic problems (tradeoffs, opportunity costs, attainable combinations, budget lines, categories of scarce resources and delineate economic problems. Facing trade offs: pick one or the other. Opportunity cost: lost of one thing when choosing another route (what you give up to get something else) no such thing as a free lunch. Choosing a little more or less: choices of what you need. Specialization and trade: maximizing two individuals specializing what you can afford and your friend can and trading (example trading food purchased) The effectiveness of markets: production demand and supply demand. The role of governments: to set in and regulate the market, rent control, minimum. The economy as a whole and the standard of living. Production and the standard of living: the production process.
