gs_-03_--_Scarcity_tradeoffs_and_production

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

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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.
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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.

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

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