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Unformatted text preview: China vs US Chinese – Command but some aspects of Market such as the factory worker fixing bikes at night Capitalism Communism Property Rights Private Public Choice Free Paternalistic Employment Free Iron Rice Bowl (cannot fire) Fair Rational Noble = (Egalitarianism) Noble – people start differently but finish all together Demand – the quantity consumers are willing and able to buy at various prices Supply – the quantity the firms are willing and able to produce at various prices Quantity = F(Price), go to Ralphs look at price and then decide the quantity Law of demand – prices go up people buy less, vice versa, Δ Q/ Δ P < 0 negatively, inversely related Law of supply - Δ Q/ Δ P > 0 positively related, price is the reward Finish chapter 3...
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This note was uploaded on 07/05/2011 for the course ECON 1 taught by Professor Nagata during the Spring '08 term at UCLA.
- Spring '08