Professor Kerry Tan
Economics 102: Microeconomic Principles
January 22, 2015
Chapter 1: Economics: Foundations and Models
1. Does Bill Gates, one of the richest people in the world, face scarcity? Does everyone?
1. Intro a. Equilibrium i. Market impediments 1. Ceilings 2. Floors 2. Ceilings a. Chronic shortage b. Off market activities c. Winners i. People who get the "rent controlled apartments" d. Losers i. People who don't get th