Micro Lecture notes Feb 18th.docx

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Department
Economics
Course
ECON 1010
Professor
John Brock
Semester
Spring

Description
ECON 1010 Feb 18, 2013 Lecture Notes Market Economy vs. Command Economy -Market Economy -Must have a voluntary exchange of goods and services -The three questions of What, How, and For Whom must be answered this way: -Consumers determine what is available -Producers/consumers determine how goods and services are available -Income depends on the production -Income decides who gets what -Prices are Signals -People use them to determine how the economy is doing and the government can’t set them. -Command Economy -Economic decisions all made by government -Designated planners decide what, how, and for whom. -Planners also set prices *Most economies are a combination of these two* -Government Ownership -Socialism -State owns land and capital *Former Soviet Union and Current North Korea* -Private Ownership -Capitalism -Most resources are owned privately *United States and Western Europe* *Both of these types of ownership overlap in
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