ECON 2301 Lecture Notes - Lecture 13: Corm, Food Desert, Gentrification
Document Summary
Marginal rate of transformation (mrt) the slope of the production possibility frontier (ppf: inefficient. Or produce inside ppf: technology shift it to the right. As you move up or down the ppf, the opportunity cost is increasing. What causes inefficiency: unemployment, government, subsiding. Food desert - doesn"t have access to healthier grocery stores/choices. Gentrification - he process of renewal and rebuilding accompanying the influx of middle-class or affluent people into deteriorating areas that often displaces poorer residents. Us: more growth in corm than wheat. Sources of growth and the dilemma of poor countries. Poor countries growth do not have big growth because not enough capital. Rich countries grow bigger than poor: education = human capital, people leave if they are educated. Recall the three basic questions facing all economic systems: what gets produced, how does it get produced. Command economies: an economy in which a central government either directly or indirectly sets output targets, incones, and prices.
