ECO 2023 Lecture Notes - Lecture 2: Smog, Big Questions, Opportunity Cost
26 Aug 2016
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Micro: study of individual firms, consumers, part of the market. Macro: study of the overall (aggregate) economy; ex- great depression, unemployment rates. Economics is concerned about the people/how business affects citizens. Monopoly of vaccines, beijing smog, japan fish limits, line for products in venezue. Tradition: how we did it last year = how we will do it this year. Command: government planners determine answer to 3 ?s & create plans for producers. Private v social interest makes advances difficult because people tend to be priva. Told to make 20 nails, town needs 30, you only do what you"re told. Markets- any arrangement that allows buyers to buy and sellers to sell. Property rights- socially determined legal rights that govern use/disposal of prope. Shows the limits of production with multiple products. Any point on the line = production efficient tes ezuela cers privately motivated operty (land, labor) Any point below the line = production inefficient.
