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VIC101H1 Lecture : Adam Smith

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11 Apr 2012

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Victoria College Courses

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Document Summary

For adam smith the economy was concerned with unproductive side. Has 2 models in mind of how one should understand the economic relationships of society. Wants us to think of economy in a different way. Some exchange circles are based on money. For bataille, the obligation that goes w/ a gift, there"s part of it that"s sort of nasty. Because the person receiving the gift, knows he must give back, and often give back something bigger. Some part of the gift that was for bataille, causing a problem accursed share. Potlatch societies keep one exchanging, and parties get bigger and bigger, until you eventually blow all resources on a big party. Adam smith"s model of economics is base don scarcity. Consumption model creates diff type of society, than production model where saving is important. Roles that develop over time leads to creation of status in potlatch societies.

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Related Questions

Economics is a social science concerned with

A. the best use of scarce resources to achieve the maximum satisfaction of economic wants.

B. increasing the level of productive resources so there is a minimum level of income.

C. increasing the level of productive resources so there is maximum output in the society.

D. the best use of scarce resources paid for at the minimum level of cost to consumers and businesses.

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Which of the following is the best definition of economics?

a. A study of why inflation and unemployment periodically plague the U.S. economy.

b. An analysis of how individuals and societies deal with the problem of scarcity.

c. An investigation of the quantities and prices of the various goods produced by the nations of the world.

d. An examination of the role that money plays in the economy.

e. A study of how goods and services are distributed throughout the world.

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1. A consequence of the economic problem of scarcity is that:

a. Choices have to be made about how resources are used.

b. There is never too much of any good or service produced.

c. The production of goods and services must be controlled by the government.

d. The production-possibilities curve is bowed outward.

2. Microeconomics is concerned with issues such as:

a. The level of inflation in the economy

b. The demand for bottled water by individuals.

c. Maintaining a strong level of economic growth.

d. All of the choices.

3. In economics, scarcity means that:

a. A shortage of a particular good will cause the price to fall

b. A production possibilities curve cannot accurately represent the tradeoff between two goods.

c. Society's desires exceed the want-satisfying capability of the resources available to satisfy those desires.

d. The market mechanism has failed

4. A city's decision to limit smoking in public areas is an example of

a. The invisible hand at work.

b. The market mechanism at work.

c. Market failure.

d. Government intervention

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