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Mason - ECON 103 - Class Notes - Week 10

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Mason - ECON 103 - Class Notes - Week 10

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background image Theory 
Abstract
1) Scarcity –forces choice on active 
2) Only individual’s choice
3) Rational choice
4) unlimited wants
Price Theory:
Why are prices what they are?
History of Price Theory: 1) Aristotle 300BC The Equality of Exchange
No Trade is Possible if all that is traded is equal in value
2) Economics is about difference, movement,  it’s dynamic. 
3) Socialization – St. THomas
The Just – Price D 4) Mercantilism: 1500 – 1778 Mercantlisim and colbertism  Physiocrats
They thought money was net worth of a national
Money is bartering mechanism, actual value is goods and services
Productivity determines 
Don’t confuse the medium of exchange with the goods being 
exchanged
Trade was a 0 sum game: it’s a positive sum game, to benefit one 
another
Work of life
Economies are people

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School: George Mason University
Department: Economics
Course: Microeconomic Principles
Professor: Donald Boudreaux
Term: Summer 2015
Tags:
Name: Econ 103 Notes, Week 10 (Test)
Description: Test Upload
Uploaded: 04/18/2016
1 Pages 11 Views 8 Unlocks
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