GEOG 216 Lecture Notes - Lecture 3: Airbnb, Excludability, Ebay
20 Sep 2016
School
Department
Course
Professor
Document Summary
Lecture 3: the structure & organization of economies. An economic system": scale independent", helps us meet our material needs, ecosystem, scale independent, global, national, provincial, or state economy, household, etc. Production possibilities frontier (ppf: tradeoffs, valuation, preferences, opportunity cost, growth. Economic agents: anybody or any group that"s acting together to make consumption and production decisions, making choices, us, firms, government, companies, etc, can act individually or together. Tell us what is acceptable and what is not: ex. Factors of production (l, l, k: 3 factors, combined to produce goods and services, land. Natural resources, trees, water, etc: labor. Physical and mental work that is applied in the process: capital. Any wealth generated by humans that is invested in production and influences production. Goods and services: influence markets that emerge to enable the exchange of these services, private versus public goods. The use of diminishes the prospect for all of us. Often see market emerging where we see private goods.
