Midterm Review-econ

Midterm Review-econ - M idterm Review 1. I haven’t read...

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Unformatted text preview: M idterm Review 1. I haven’t read the reading you have to go into it and pick out key points. But this might help … • Economics is fundamentally a study of scarcity . The dichotomy between the infinite wants of the individual and the finite resources of our world. Thus the primary goal of the economist is the fullfill as many wants (demand) using the least amount of available resources (supply). • I would say economist care more about the quantititave distribution of resources, How much is being allocated? and where its being allocated? I don’t know jek…you gotta go back to your reading. 2. Check out the table in this cite, memorize like 4 key differences. I think it helps looking at a table instead of me typing shit up for you… http://www.cesj.org/thirdway/comparison3rdway.htm • Majority of Western Europe (European Union) and America are major propents of capitalism and free trade. We are currently operating under a liberal order, with the WTO at its centre – pursuing a lessaiz-faire agenda. liberal order, with the WTO at its centre – pursuing a lessaiz-faire agenda....
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This note was uploaded on 05/06/2010 for the course PO 101 taught by Professor Bird during the Spring '08 term at BU.

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Midterm Review-econ - M idterm Review 1. I haven’t read...

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