Unformatted text preview: Efficiency vs. Equity Argument – Explains the idea that as a society produces more resources at a lower cost that the distribution of resources may not be equitable or “fair”. Obviously this depends on your definition of “fair”. Other important general economics topics What does it mean to think at the margin? What are MARGINAL COSTS AND MARGNINAL BENEFITS? You should understand the difference between nominal and real prices. What is the proper role of government? The importance of productivity – What leads to long term growth? Ch. 2 -Production Possibility Frontier – Shows what a society could produce if they are using all resources efficiently and there is no unemployment. We can find op. cost by looking at the slope of the PPF....
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This note was uploaded on 12/21/2011 for the course ZOL 320 taught by Professor Kopachik during the Fall '11 term at UCSB.
- Fall '11