Chapter 01 - 24.02.2011 Chapter 1 Introduction Ive often...

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24.02.2011 1 Chapter 1 Introduction I’ve often wondered what goes into a hot dog. Now I know and I wish I didn’t. William Zinsser ECON201 - Spring 2011 1-2 Chapter 1 Outline 1.1 Microeconomics: The Allocation of Scarce Resources 1.2 Microeconomic Models 1.3 Uses of Microeconomic Models ECON201 - Spring 2011 1-3 1.1 Microeconomics: The Allocation of Scarce Resources Scarcity implies trade-offs Resources (workers, raw materials, capital, and energy) are available in limited supply. Which goods and services should be produced? How should we produce those goods and services? Who gets to consume those goods and services? Decision-makers Individuals (consumers) Firms Government
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24.02.2011 2 ECON201 - Spring 2011 1-4 1.1 Microeconomics: The Allocation of Scarce Resources Prices determine resource allocation Which goods? How to produce? Who gets them? Prices answer these important questions by
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Chapter 01 - 24.02.2011 Chapter 1 Introduction Ive often...

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