ECON lecture 4 - Economics 101 Introduction to...

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Unformatted text preview: Economics 101 Introduction to Microeconomics Lecture # 4 January 30, 2008 Last Time: What’s Needed to Run a “Specialized” Economy? a.Institutions (Govt.-Planned/Markets) b.1nfrastructure c.Political Economy (the interface) 1.Prerequisites for Voluntary Exchange a. Inherent Attributes of Goods & Services (“Public” vs. “Private) b.Govt. Essentials for Markets to Work 2.Magic of a Market: All Can Contribute a. Use of PPF and Opportunity Cost b. Comparative Advantage b.Absolute Advantage c. Gains from Trade d.Differences in Culture and Tastes 3.Putting It All Together a. Demand & Supply b. One Creates the Other Political Economy Possibilities Economic Mechanisms Forms of I ' Gov’t; Flamed Markets Autocratic XX XX Democratic '? A .. XX Transparency #2 :223 ESE CHEozoum goSmh .nwEmmE MEG: =< .>_._mQEou Eat—2 :oEmzoz © Eariaou Amammnzma $522 m w m m H 3. 50 225895 “sauna m>SU mezemmom cogsvenw of. S B 655:3: w>SU meznzmmon. Cozustoi 2t. @5228 Inherent Attributes of Goods and Services Private I Public Non— joint Jointly Consumed Rival Non-rival Asymmetric Symmetric Excludable I Non-excludable Note: How do these attributes relate to the notion of “ownership”? m_ 2;; m_ wF m. up w m w raft ya I Sinai will wmmEguq 3:35an0 S|MEL|S mp 232 m. wF m_ a— m m w “E: £3, “E 3:558 Ill Carr: um I SEE El mmflcwpuq wEEEQEoU S|MEL|S fig 5% “En. E Em II it 5? it 3:555 Ill 3min: 3m III E a. tn. E II wmegud wpzfimano slmeqs ...
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