ECON 210 Lecture Notes - John Maynard Keynes, Opportunity Cost, Demand Curve
10 Dec 2013
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Document Summary
Economics- the study of wealth or how to improve society, the study of wealth is the totality of an individual. Economics is how a society use scarce resources to produce various goods. Maxwell rule- when you are at war kill everyone. Adam smith father of capitalism-government gets the proceeds. Situation where q country better produce a product over another due to low cost of productions. A product better produce a product over anoter due to low cost of production. John maynard keynes father of socialism or the depression economist. Production possibility curve- a curve that measures the amount of reasources available to a specific society. The further away society is from the point of origin the more successful the country is. Opportunity cost- is the best thing you must give up to get it. Producers in both countries benefit from trade exporting their surpluses to respective countries. Consumers in both countries benefit from trade by paying lower prices for commodities.
