Econ 1a Chapter 1

Econ 1a Chapter 1 - for whom- distribution of benefits # 28...

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Econ 1a Chapter 1 1. Scarcity- unlimited human wants under limited resources, tradeoff between 2 goods 2. Land- natural resources, labor- human effort measured in person hours, capital- all the produced means of production, human capital- knowledge, skills, expertise acquired and possessed by individual 3. Private and public difference is in ownership 3 types of econ. Questions What- #26 on chapter 1 questions, scarcity , how- like 24- different way of producing, and
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Unformatted text preview: for whom- distribution of benefits # 28 o What and how deals with production and whom deals with distribution Micro – individual decision making Macro- GDP Normative- too, should/ should not, ought, desirable Positive- how things are, how we think are Costs • Implicit and explicit • Sunk and fixed cost...
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This note was uploaded on 04/09/2011 for the course ECN 1A taught by Professor Hoynes during the Fall '10 term at UC Davis.

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