Class Notes (839,331)
Canada (511,272)
Economics (994)
ECON 101 (318)

efficiency and equity.docx

3 Pages

Course Code
ECON 101
Wokia Kumase

This preview shows page 1. Sign up to view the full 3 pages of the document.
Sept.30 Efficiency and Equity Second mid-term: Chapter 5-8 Different economics systems follow different methods. Scare resources might be allocated by: 1. Market prices 2. Command Be used in most systems, especially in macroeconomics. 3. Majority rule We simply vote... And the government decides what to follow,considering the results of voting. 4. Contest People compete, and the winner gets the prize. 5. First-come,first-served The first person who approaches the resources gets it. Eg. Movie tickets, bus seats, the ATM machine, the highway 6. Sharing equality Pass and law to stress that those resources need to be allocated equally. 7. Lottery 8. Personal characteristics We use personal characteristics to make decisions. Eg. marriage 9. Force It could be used positively and negatively. It can be misused sometimes. Negatively use of forces to allocate resources: some nations have strong military power and they deprive the resources from other weak nations. Positively use of forces to allocate resources Demand,willingness to pay and value What you pay to consume another unit of goods is the willingness(marginal benefit). So the demand curve is also a willingness
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.