RES-ECON 162 Lecture Notes - Lecture 7: Upper Class, Opportunity Cost, Asian Americans
18 Apr 2016
School
Department
Course
Professor
Document Summary
The more you use or the more units you consume the less satisfied you become. Consumers trying to create harmony, buy products that look good together. We consume a lot of things, a lot of different types of things. We want more and more, materialistic, never satisfied. Consumerism: social movement to augment the rights and power of the consumer vis- -vis the seller. Tariff: a tax or duty paid on a particular class of imports or exports . Quota: limits number allowed to be sold in the u. s. Prof. believes in free trade and doesn"t believe they are good for consumers. Absolute advantage: occurs when country has monopolistic position or produces an item at the lowest price. Comparative advantage: occurs when country can supply an item more efficiently and at lower cost than it can supply other products. Economics of scale: cost per unit decreases as the quantity of production increases.
