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What is your most scarce or precious resource? Many
of you will consider money as your most scarce
resource. Although this may run a seemingly close
second to your most precious expendable commodity,
it won’t ever be your most critical resource. Time is
your most critical resource constraint in that you can
only spend it and you have a fixed supply over your
lifetime. Therefore, it is important to use your time
most wisely of all. Studying this natural market
process and economics are quite worthy choices when
considering how to spend your most scarce resource. Slide
4 Economic systems differ depending upon the
ownership of the factors of production on the one
hand, and the methods used to coordinate, motivate,
and direct economic activity on the other. What determines how economic systems
will differ from one another?
Economic systems differ as to: Ponder this question for a moment. Who owns the
factors of production in our system and how is
economic activity orchestrated therein? Once we can
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This note was uploaded on 09/10/2009 for the course ECO 2251 taught by Professor Kirkland during the Spring '09 term at Troy.
- Spring '09