Class Notes (839,194)
United States (325,838)
EC 203 (9)
Lecture

Econ week 1.pdf

3 Pages
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Department
Economics (EC)
Course Code
EC 203
Professor
nejemraheem

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Description
Metacog Scarcity (Econ definition)--you have to give something up in order to get more of something else Scarcity (general definition)--something that is just generally unavailable HW review 4 activities--resource maintenance,production,distribution,and consumption of goods and services. Distribution? Specializing in transaction cost Transaction costs! EX stubhub charging to print,ikea with all the time spent in the store Intermediate goals--taking voice classes,getting a job Final goals--being able to sing well,being self sufficient Economic actor--anyone/thing that is involved with a transaction Externality is a side effect on people who aren't directly involved, unintentional Negative externalities--second hand smoke,falling on ice while walking, Positive externalities--public transportation (reduce time,more efficient,reduced traffic,parking,pollution) 3 questions WHICH goods and services do we produce? - what people want HOW do we produce them? - the most efficient way WHO gets them? - whoever can pay for it The economy is just the system use to allocate goods and services,through which producers and consumers interact.An allocation system. Traditional economy--resources allocated according to long-lived practices of e past.Could be top down.EX:Bartering,trading services Command economy--the gov't determines everything EX:North Korea Market economy Which goods?Whatever people decide to produce How?The cheapest way,or however Who?Whoever decides to buy them Why? It's what best describes most of the interactions you'll face in this country Market--a collection of consumers and producers with the possibility for exchange.Not necessarily a physical space.They play a role in allocating resources through a
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