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ECON 1010 (102)
Lecture 6

ECON 1010 Lecture 6: Lecture 4

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ECON 1010
Laura K.Brown

oS82 1. Government regulates this – don’t want oligopolies to merge because then they can dictate prices 2. Ex: oil, phone companies (oligopoly - competition), hydro (monopoly – no competition) 1. The invisible hand may also fair to ensure that economic prosperity is distributed equitable 1. A market economy rewards people according to their ability to produce things that other people are willing to pay for o If the market’s distribution of economic well-being is not desirable, public policies (ex: income tax and welfare systems) air to achieve a more equitable distribution of economic well-being and change how the economic “pie” is divided How the Economy Works as a Whole (Macroeconomic concepts): 1. How individuals make decisions + how people interact with one another = “the economy” Three Principles of the Workings of the Economy as a Whole: 1. Principle #8: A country’s standard of living depends on its ability to produce
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