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Unformatted text preview: willingness and the ability to pay. b. ALLOCATION: i. Tradition this is the way it has always been. India-many primitive economies. ii. Command-Central authority makes the allocation decisions.-Communist iii. Market system – consumer votes with dollars – more votes more of the good is produced. iv. Personal characteristics: you are the economic czar of a store Merchandise? 1. Age? 2. Occupation? 3. Sex? 4. Strength? 5. Political party? 6. Good luck? 7. First in line 8. Hair color? v. Those who want the good will acquire it, the mechanism. But we automatically discriminate against a certain group (leaving somebody out for some reason)....
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This note was uploaded on 10/02/2011 for the course ECON 200 taught by Professor Cramer during the Spring '07 term at Arizona.
- Spring '07