StudyGuideOutline

StudyGuideOutline - Limits, Alternatives & Choices Scarcity...

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–Macro vs. Microeconomics –The Economizing Problem •(Unlimited wants/scarce resources) –Productions possibilities curve •Law of increasing opportunity costs –Economic Resources – factors of production –Command vs. Market System –Private property – freedom of choice –Self-interest – competition – specialization –Invisible hand [Adam Smith] –What will get produced? How? Who Gets? How will system accommodate change? –Consumer Sovereignty –Circular Flow Model (businesses, households, product markets, resource markets ) –Law of Demand – Law of Supply –Market Equilibrium –Businesses – legal forms: sole proprietorships, partnerships, corporations –Public Sector - Roles
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This note was uploaded on 01/13/2012 for the course EC 11 taught by Professor Kelly during the Spring '07 term at Fairfield.

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StudyGuideOutline - Limits, Alternatives & Choices Scarcity...

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