January-25 - ECON203Notes 23:35...

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ECON 203 Notes  23:35 Technology and Capital Goods  Advanced technology and capital good are encouraged Specialization (you can think about it at the state, federal, local level.)  Division of Labor  Geographic specialization  Use of Money  Makes trade easier  If you didn’t have money you would be left with the use of goods. You can only hope you  want the other will trade for what you produce.  NO money makes things complicated.  Money = store of value (a form that is recognized)  Active, but Limited Government  Government may be needed to alleviate market failures  Government can increase effectiveness of a market system  The Five Fundamental Questions  1.) What goods and services will be produced?  Goods wans services that create a profit “Dollars Votes” Method for consumers to determine which goods will be produced.  Determines which products and industries survive or fail. 
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