Lecture 07 - American Heritage September 21, 2011 September...

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Unformatted text preview: American Heritage September 21, 2011 September 21, 2011 Essay #2 due Thursday, Sept. 22 nd or Friday, Sept. 23 rd Has to be turned in two places to not be assessed the late penalty: a hard copy at the START of your lab & electronic via blackboard by the START of your lab this week. Coming Soon : Midterm #1:Tuesdsay, Oct. 4 th- Friday, Oct. 7 th Today s Objectives Identify values at the core of economic systems. Specify the characteristics of a market system. Begin to explore relationships between government and a market economy. Adam Smith 1. Value of markets 2. Self-interest as motivation 3. Specialization 4. Invisible Hand Specialization Adam Smith and the division of labor Don t try to do everything! It s more costly and less efficient Focus your resources on producing only a few goods It lowers costs and increases efficiency Why is specialization more efficient? This great increase in the quantity of work, which, in consequence of the division of labor, the same number of people are capable of performing, is owing to three different circumstances; 1. first, to the increase of dexterity in every particular workman; 2. secondly, to the saving of the time which is commonly lost in passing from one species of work to another; 3. and lastly, to the invention of a great number of machines which facilitate and abridge labor, and enable one man to do the work of many. How do we decide what to specialize in? specialize in?...
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This note was uploaded on 10/25/2011 for the course AMERICAN H 100 taught by Professor Dr,holland during the Fall '08 term at BYU.

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Lecture 07 - American Heritage September 21, 2011 September...

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