midterm

midterm - ECON 203 Ch1 Scarcity lacking resources but...

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ECON 203 Ch1 Scarcity- lacking resources but society can counteract this by importing Macro econ-study of the whole market Micro Econ- study of only one unit of the economy Economic theory Positive econ-statements that are factual Normative econ- value judgement Ppc Sloping down surve, inside is attainable, outside I unattainable Opportunity costs- the alternative choice Economic growth- higher standard of living- can achieve by controlled population and GDP should be growing more than POP GDP/POPulation= per capita income Ch 2 Economic system: Pure communism, socialism, mixed econ, pure capitalism Pure communism: gov owns everything Pure capitalism: private investments Mixed Econ: USA- govt capitalism because gov helps with welfare, social security, highway work Market system: sellers sell goods and services and buyers buy these products Competition creates: lower prices, quality control, choice. Technology will lead to better efficiency
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This note was uploaded on 12/01/2009 for the course ECON 205 at USC.

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midterm - ECON 203 Ch1 Scarcity lacking resources but...

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