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United States (324,575)
Economics (6)
EC 060 (2)
Lecture

Notebook I~ Introduction.docx

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Department
Economics
Course
EC 060
Professor
Ross Thompson
Semester
Summer

Description
I. Introduction: Growth, Innovation, Welfare, and the US Economic Slowdown I. What is Capitalism? A. An economic system in which people pursue individual wealth. (characterized by the following) o Competition in free markets  Product Markets  Labor Markets  Capital (financial) Markets  Resource Markets o Decentralized, little gov’t planning o Strong sense of private property/personal ownership o Unit of production=the firm (leads to dynamics of growth)  Goal: make as much profit as possible  Produce for as little cost as possible, sell for as high price as market supports  Employ workers, purchase materials to produce commodities o Income is generated from either sale of products or labor o Growth comes from:  Technological innovation  Lowering cost of production II. What is Human Welfare? A. Health o Life expectancy B. Education o Inherent value o Means to income o Better citizen
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