Part 1 Review (1)

Part 1 Review (1) - Qualifications: Competition...

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Part 1 Review Intro to the foundations of economics
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Basic facts and premises Scarcity (unlimited ends, limited means) Premises of human action (rational) Production possibility curve Study of trade-offs (no free lunch) Consumption vs economic growth Opportunity costs Increasing costs
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Principles The Law of Comparative Advantage The Law of Diminishing Marginal Utility The Law of Supply and Demand The Law of One Price (Price-Equalization) The Rate-of-Return Equalization Principle The Invisible Hand Principle (Applications)
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Unformatted text preview: Qualifications: Competition & well-defined property rights (enforced) Public choice Size and growth of government Role of self-interest in politics Short-sighted Effect Special Interest Effect and Rent Seeking Logrolling, earmarking, and pork barrel legislation Keys to prosperity Private Ownership. Gains from Trade. Human Ingenuity. Market Prices and the Invisible Hand Principle. Profits and Losses....
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Part 1 Review (1) - Qualifications: Competition...

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