EC203 Lecture Notes - Stubhub, Transaction Cost, Ikea

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12 Sep 2013
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Scarcity (econ de nition)--you have to give something up in order to get more of something else. Scarcity (general de nition)--something that is just generally unavailable. 4 activities--resource maintenance, production, distribution, and consumption of goods and services. Ex stubhub charging to print, ikea with all the time spent in the store. Final goals--being able to sing well, being self suf cient. 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 ef cient, reduced traf c, parking, pollution) The economy is just the system use to allocate goods and services, through which producers and consumers interact. Traditional economy--resources allocated according to long-lived practices of e past. Command economy--the gov"t determines everything ex: north korea. It"s what best describes most of the interactions you"ll face in this country.

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