ECON lecture 3 - Economics 101 Introduction to...

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Unformatted text preview: Economics 101 Introduction to Microeconomics Lecture #3 Jan. 28, 2008 1. Basic Econ. Problem: S.O.R.T. - Scarce & Real = Opportunity Cost (Trade-offs) - Of a Hierarchy of Needs & Wants 2. What is It Possible to Provide? - Production Possibilities (tradeoffs) - Expanding the Frontier 3. Dominant Economic Trend: Specialization and the Division of Labor 4. Requisites for Specialization - Organizations & Institutions (Gov’t & Markets) for Matching - Infrastructure and Services 5. Fundamental Attributes of What We Value (Private vs. Public Goods) Transparency #2 59:3 steam fiatfiuum gram» image“ 2;?» En 2.395.“. 25mm; :Egmnom QM. ."fixiacu Egan: gag m w. MN. m .Eufim wisU $E=£$am :cmfigoa fit. .Efiufimfi yinu mmtwmnmwmom 53:?!“ «cu. S EMEEQE mfiméfim Transparency #3 eczmuw 5:5”. gfitmqfi 33$ aanu mflzmfimwcm cczuzfici ...Ew E mtfiw .3228 that fix ..Emufiau Emu; 20:323.. 0 Evian“... mmmmmmwmfiw mafia w w. m m... , w m N M a it?) 93% mmfimfiwfia mama—69a 3o \\.\\ ....... .......:.... . ..y. am.” 3.58 fimmam .\\ ., msfiuzwafi .52 fiawfifimh mxfimmmcm wanu $3538.... Savanna 2: E maim ...
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