gs_-03_--_Scarcity_tradeoffs_and_production - ANNOUNCEMENT...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Nov. 18, 2009 Econ 11 -- Lecture #3 1 ANNOUNCEMENT ± I HAVE NOW SUCCEEDED IN UPLOADING FILES IN THE “ UVLE SYSTEM.” ± Once you have entered the School of Economics in UVLE, go to 2 nd sem. Courses and Economics 11. From there, you will find the various folders for the course. Go to “Lectures”…. ± (ASK YOUR RESPECTIVE TEACHING FELLOW FOR FURTHER ASSISTANCE IF NEEDED.) Nov. 18, 2009 Econ 11 -- Lecture #3 2 LECTURE #3: SCARCITY AND PRODUCTION ² ECONOMIC THINKING – MORE EXAMPLES o INSTITUTIONS & MARKETS o THE GREAT NATIONALISM DEBATE ² SCARCITY & TRADE-OFFS ² PRODUCTION POSSIBILITY FOR AN ECONOMY ² PROPERTIES OF THE PRODUCTION POSSIBILITY FRONTIER “INSTITUTIONS” & MARKETS ² “INSTITUTIONS”: Definition o “Rules, enforcement mechanisms, and organizations that facilitate the performance of economic activity.” ² EXAMPLES: o Clarity of customary rules of transactions: measures, standards, and understanding are respected by buyers and sellers (“transactors”). o Sanctity of contracts. o Property and legal rights of contractors. Nov. 18, 2009 Econ 11 -- Lecture #3 4 “INSTITUTIONS & MARKETS” GOVERNMENT POLICIES AND BUSINESS PRACTICES POLITICS CULTURE, ETC . HISTORY ALL THESE FACTORS HELP TO SHAPE OUR Nov. 18, 2009 Econ 11 -- Lecture #3 5 “INSTITUTIONS & MARKETS” -- 2 GOVERNMENT ORGANIZATIONS AND POLICIES WEAK GOVERNANCE STRONG GOVERNANCE GOVERNANCE = IMPLEMENTATION RULES, REGULATIONS, LAWS, “STANDARDS”, CONTRACTUAL & PROPERTY RIGHTS MANY POOR AND LOW INCOME DEVELOPING COUNGTIES MANY INDUSTRIAL & HIGH INCOME COUNTRIES THE GREAT NATIONALISM DEBATE ² In many countries after attaining independence, the new leaders decided to take over the enterprises of FOREIGNERS who used to be their colonial masters.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/18/2010 for the course SE 67256 taught by Professor Dr.gerardosicat during the Spring '10 term at University of the Philippines Diliman.

Page1 / 5

gs_-03_--_Scarcity_tradeoffs_and_production - ANNOUNCEMENT...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online