ECON 102 Lecture Notes - Lecture 2: Reading Terminal Market, Boris Yeltsin, Planned Economy
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ECON 102 Full Course Notes
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Pre-lecture videos are to be watched sundays each week. Reading sets and quizzes - instructions on canvas, gives chapters to be read before each lecture (first set due next week). Looking at transactions in markets that occur and what people contribute. Colonial market - trades and barter system (traded goods for different goods ex: eggs for flowers) Ex: paying tuition and gaining credits or a degree in return. Command economy - somebody determines your profession and salary for you. Notorious for inefficiency - people stand in long lines for everything. Us is a market-based economy - the people decide what they want to buy and sell. Completely determined and controlled by the central authority or government. Most economies are a mix of the two types of economies. Answer: b) a combination of privately-owned industry and government control. The invisible hand - unlike command economy, there is no central authority telling people what, how, and for whom to produce.
