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Unformatted text preview: ur Fundamental Problem!
(experience/education) Physical Capital
(man-made goods) Hopper
(some economic system) Goods
(shoes/jeans/food/etc) Govt. Provided
(medical care/car maintenance/haircuts/etc) 3 QUESTIONS FOR SOCIETY
7 1. What How much?
How many acres of corn to plant? How many
How many SUV’s ? How many tanks? How
many Prii? 2. How should we make the goods/services? What is the best (most efficient) combination
of inputs to make the good/service? 3. How do we allocate the goods/services that we do
make? Economic Systems
8 Less Government
Hong Kong Australia More Government
Venezuela North Korea also: Index of Economic Freedom 2012; Heritage Foundation and The Wall Street Journal 9 ECONOMICS AS A SOCIAL
Normative vs. Normative concerned with how the...
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This note was uploaded on 02/19/2013 for the course ECON 201 taught by Professor Baker during the Spring '07 term at University of Tennessee.
- Spring '07