ECON 203 Lecture 1: lecture1-8

• School: University of Calgary
• Department: Economics
• Course: ECON 203
• Professor: Peter Tracey

Document Summary

E , services produced in a country in a given period of time. Increased wealth accompanies specialization trade accompanies specialization urbanization accompanies specialization social complexity increases specialization. Improvements in transportation accompany specialization specialization expands with the market. Smith argued producers would like to conspire with one another stifle competition . political lobbyists representing producer interests are more heavily engaged than those representing consumer interests. This can lead to a regulatory process that favors existing producers to the detriment of the new would-be producers and consumers. Modern specialization is so extensive that only a minority of people in modern economy directly provide. Specialization goods and services for immediate consumption means that we rely on tasks performed by strangers . The roun about process creates a time gap between the initial steps in the production process and the final sale of goods and services .