ECON 1 Lecture Notes - Lecture 1: Flush Toilet, Traffic Congestion, Invisible Hand
Document Summary
Economy: a system for coordinating society"s productive activities. Economics: the social science that studies the production, distribution & consumption. Mixed economy: most are market-based with different degrees of government intervention. A market economy manages to harness the power of self-interest for the good of. Microeconomics the scarcity hoar individuals make decisions and how these decisions interact. But we knew even more the current crisis that invisible hand is not always our friend. In the long run, we are getting richer. Beginning of twentieth century only 10% of homes had flush toilet, 2% electricity.
