Econ 101- .docx

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ECON 101
Ratna Shrestha

Chapter 1 September 6, 2013 10 principles of economics Make choices, allocating resources, skill sets Labour workers will work Different resources used to produce Price is determined by cost of production as well as the price the consumers are willing to pay Slide 5 People face tradeoffs: limited resources, giving up something in order to gain something else Tradeoffs lead to opportunity cost Efficiency is the size of the pie Equity is the division of the pie to the population If efficiency is maximize equity is more consumed Obama Care: health care provides subsidize (support financially) Premium: eg Auto insurance (ICBC), buying insurance JJ: To the market portable laptop computer if there's only one company in the world is a laptop and no matter how bad as I thought it meant people you have to buy it I’ll positive comments that didn’t feel like going to Monopoly will make more profits September 9, 2013 Market benefits individuals can cause the govt to act and restraint. Eg. Smoking in the classroom which harms the students and the govt can ban smoking from school grounds. Causes of market f
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