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MGEA02H3 Chapter Notes - Chapter 1: Mixed Economy, Opportunity Cost, Human Capital

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meow1234
25 Sep 2022
School
UTSC
Department
Economics for Management Studies
Course
MGEA02H3
Professor
Jack Parkinson

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MGEA02H3 Full Course Notes
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MGEA02H3 Full Course Notes
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Document Summary

Chapter 1: an engine for growth and discovery. The decisions are made by rational (utility maximizing) individuals and profit maximizing firms through markets to allocate society"s economic resources to alternative possible uses: resources (factors of production, input): Land: production site and all the natural resources used in production (often merged into capital) Labour: effort by the workers and human capital (education, experience, healthcare: capital: buildings, machinery and equipment used to make output, entrepreneur: starting up businesses and innovation (creativity) Scarcity: constraints exist, and tradeoffs must be made: decisions: what how for whom, a decentralized market allows buyers and sellers to interact in output markets and input markets. Input markets: rent, interest, wage: command economy: central control (government, mixed economy: a mix of both command and market systems, opportunity cost: the value of the next best alternative when given up on another.

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Related Questions

Which of the following statements best describes the study of economics?
 
a. How to plan an economy
b. How to limit human wants so that scarce resources are sufficient
c. Why resources are scarce
d. The allocation of scarce resources among alternative uses
e. How to distribute income as equally as possible

Which one of the following is the most accurate definition of economics? 

(a) Economics is the study of stocks and bonds.

(b) Economics is the study of how people allocate unlimited resources.

(c) Economics is the study of how consumers choose to spend their income.

(d) Economics is the study of how society chooses to allocate scarce resources.

Economics is the study of how society chooses to allocate its scarce resources. In a mixed economy, elements of both central planning and market resource allocation are used in allocating productive resources. The United States economy is a mixed economy, with a bias towards market allocation of resources. This means most resources are allocated in the private sector by means of markets. Discuss whether you favor a larger or smaller role of government in the economy. Refer to concepts found in the reading to support your opinion.