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LECTURE 10.13 FREE-CHOICE ECONOMY - Lecture 9 Free Choice...

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Lecture 9: Free – Choice Economy 10/13/11 EXAM 1 ON TUESDAY OCTOBER 24 @ 9:30 am IN CLASS -50 MC ON CHAPTERS 1-3 AND CLASS NOTES Freedom of Choice o For freedom of choice Free entry Can enter and go as they please Full information Consumers need info. to make appropriate choices Exceptions - Advertising o Over-exaggerate the product In reality, only partial information is accurate o Don’t know how product will affect you Price system Exceptions – medical costs are too high o Can’t afford to have medical attention o In a free-choice economy Wealth Product is good for you o Ex. education Nealth This product is neutral (impact is neutral) but it costs you money o Ex. mouthwash, deodorants Don’t do anything to you (deodorant doesn’t clean you, mouthwash doesn’t clean your mouth) Illth Product is bad for you o Ex. alcohol, cigarettes Economic freedom – consumers’ implied right to choose goods and services that they want o
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