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Economics 1021A/B Lecture Notes - Economic Surplus, Demand Curve, Marginal Cost

30 views4 pages
24 Apr 2012
School
Western University
Department
Economics
Course
Economics 1021A/B
Professor
Michael Parkin

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ECON 1021A/B Full Course Notes
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ECON 1021A/B Full Course Notes
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Document Summary

Market price: people who can afford an item, and who want to buy it. Command: someone says this resource will be used for this purpose. Contest: the participants are rewarded for their hard work and effort, prizes to the winner. Sharing equally: resources getting shared equally. Lottery: randomly chosen who gets the resources. Personal characteristics: have to have certain characteristics in order to get the resources/job. Force: can be used in a positive or negative way. Value is what we get, price is what we pay. The value of one more unit of a good or service is its marginal benefit. We measure value as the maximum price that a person is willing to pay. A demand curve is a marginal benefit curve. The relationship between the price of a good and the quantity demanded by one person is called individual demand.

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Related Questions

41) At West, recognized as the "jewel in Vancouver's culinary crown", reservations are essential. At Le Bistro Chez Michel, a restaurant in North Vancouver, reservations are recommended. At Vij's, a restaurant not too far from the University of British Columbia, reservations are not accepted. West allocates scarce table resources by Le Bistro Chez Michel allocates scarce table resources by and Vij's allocates scarce table resources by A) market price; market price and force; force B) first-come, first-served; first-come, first-served; first-come, first-served C) a command system; a combination of a command system and first-come, first-served; first-come, first-served D) personal characteristics; personal characteristics; first-come, first-served E) personal characteristics; personal characteristics and first-come, first-served; first-come, first-served

State the two characteristics of economic resources and explain the problem of resource allocation in economics.

Economics is the study of how society chooses to allocate its scarce resources. In a mixed economy, elements of both central planning and market resource allocation are used in allocating productive resources. The United States economy is a mixed economy, with a bias towards market allocation of resources. This means most resources are allocated in the private sector by means of markets. Discuss whether you favor a larger or smaller role of government in the economy. Refer to concepts found in the reading to support your opinion.