ECON 2001 Lecture Notes - Lecture 2: Opportunity Cost, Gross Domestic Product, Minimum Wage Law
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Document Summary
How america produces: factors of production - resource inputs used to produce goods and services, such as, land, labor, capital, entrepreneurship, differences in gdp explains in how part how those resources are used. Stock and productivity: america has over trillion in machinery, factories, and buildings, which leads the u. s. to be capital-intensive, capital-intensive - production processes that use a high ratio of capital to labor inputs, differences between countries . Ex: a factory produces pollution that harms local citizens: externalities - costs (or benefits) of a market activity borne by a third party, protecting employees. Rule of law (contract, fraud: protecting the environment. Regulation of safety on products: monopoly - a firm that produces the entire market supply of a particular good or service, the government also protects the consumers. This discourages investment in their nations from the world"s richer nations.
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