LECTURE 10.13 FREE-CHOICE ECONOMY

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

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/23/2012 for the course ECON 162 taught by Professor Mammen during the Fall '12 term at UMass (Amherst).

Page1 / 2

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

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online