ECO105Y1 Lecture Notes - Lecture 7: Writing Center, Risk Compensation, Opportunity Cost
Document Summary
Create more equitable outcomes, even though the trade-off is less efficiency. Unwilling-because marginal benefit is less than price (even though could afford to buy), Unable to afford to buy-even though willing (marginal benefit is greater than price) Quiz 3 (micro chs 6-7) due saturday november 19th. Most products go to the people that are most willing to pay. Consumers who do not buy at equilibrium, market-clearing prices are either or. Allowing markets to operate without government cost-unfairness or inequality. What economics can and cannot do for you. At the end, everyone gets the same amount. Everyone gets the same kind, everyone gets the same income. Equal opportunities is when life and opportunity is like a game, everyone starts the same, but when people have different outcomes, it is still fair. It is looked at based on luck, skill, sacrifice, outcome is fair regardless because people started the same.
