MARKET 1 Lecture Notes - Lecture 15: Opportunity Cost, Price Controls, Interest Rate
Document Summary
Causes of the industrial revolution: abundance of coal and access to colonies, cultural attributes such as hard work and literacy, europe"s scientific revolution. How people, institutions, and society make choices under the conditions of scarcity. Where all the production and exchange activities take place. How much buying and selling goes on in the economy over a period. Property of distributing economic prosperity fairly amongst society"s members: what must be given up obtaining some other item; value of the benefits foregone. Individual, firm or organisation that has some impact on the economy. Things that have been produced and are used to produce other things. Minimum payment required to keep a factor of production in its current use. Economy that address the 3 key questions of the economic problem by allocating resources through the decentralised decisions of many firms and households as they interact in commodity markets.
