ECON 103 Quiz: ECON103 Quiz 2 2017 Fall
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ECON 103 Full Course Notes
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Class 4, quiz 2: to be done at home and handed in to ta section. Note that you may work with one other person from your ta section. Read chapter 1 in real world micro, especially items 1. 1 ( free-market outcomes are not. Fair and not free ) and 1. 2 ( shaking the invisible hand ). Adam smith argued that the market exchange of commodities by independent producers could lead to a social optimum where everyone would work to advance their own interests by producing commodities that people want rather than by fighting. The free market provides an ideology that you work for what you earn. This allows the ability for people to have the same playing field, and will not be in favor the wealthy and powerful. Although the wealthy and middle-class work for their rewards, the poor are often assisted by the government.
