b10chap2 - 10/4/2011 Chapter 2: Understanding How Economics...

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10/4/2011 1 Chapter 2: Understanding How Economics affects Business affects ` http://www.youtube.com/watch?v=0C3XQ3B Td4o 1. The share of all productive assets that are owned and managed by the government 2. The degree to which government regulates economic activity, and 3. The degree to which fairness of economic outcomes is treated as a major public policy goal.
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10/4/2011 2 Socialism Mixed Economy Capitalism (Little Control) Emphasizes efficiency and effort Communism (Highly Controlled) Emphasizes fairness = equality of economic outcomes “The Big Tradeoff” Less inequality (of wealth and income, a.k.a. economic outcomes.) 1. Less effort 2. “Brain drain” 3. Fewer inventions and less innovation
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10/4/2011 3 1. Much less effort 2. Poor “allocative efficiency” 3. Poor “productive efficiency” 4. Severe economic depression North Korea Today
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10/4/2011 4 True or False? Socialists believe that the
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This note was uploaded on 11/26/2011 for the course BUSINESS 10 taught by Professor Lilly during the Fall '11 term at DeAnza College.

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b10chap2 - 10/4/2011 Chapter 2: Understanding How Economics...

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