[ECON 110] - Final Exam Guide - Comprehensive Notes fot the exam (38 pages long!)

• School: Queen's University
• Department: Economics
• Course: ECON 110
• Professor: Ian Cromb

Document Summary

Automatic coordination: defenders of the market economy argue that compared with alternatives, the decentralized market system is more flexible and adjusts more quickly to changes. 16. 4 broader social goals: even in the absence of market failures, the government may choose to intervene in markets to achieve broader social goals. Preferences for public provision: private vs public provision, debate about the efficiency of both options, changes in the nature and distribution of goods that may take place. Social responsibility: activities regarded as social responsibilities, military service, jury duty, etc. A general principle: even if free markets generated allocatively efficient outcomes, they would be unlikely to generate outcomes consistent with most people"s social goals, there is often a tradeoff between achieving these social goals and increasing allocative efficiency. The tools of government intervention: the canadian government can intervene in an economy in numerous ways, 1.