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Unformatted text preview: you must use government services Market (free enterprise, capitalism) Gov’t uses indirect means to influence economic planning taxation and subsidizing FREE CHOICE Workin for WAGES ** People cant be “tied” to a job no slavery etc. Markets for Goods and Services ** People have choices Property rights ** Right to consume or use good so long as it doesn’t harm others Include the right to exclude others from using property Fundamental Questions What goods are going to be produced – voted on by citizens with dollars Farming – how will land be cultivated Goods allocated to people who have financial means to pay market price for goods Scarcity – we must choose how to utilize our resources How to allocate given the opportunity cost Guns and Butter = analytical proxies for civilian and war goods...
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This note was uploaded on 04/19/2008 for the course ECON 201 taught by Professor Williams during the Fall '08 term at UVA.
- Fall '08
- Opportunity Cost