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RUTGERS / Economics / ECON 220 / What is the command system in economics?

What is the command system in economics?

What is the command system in economics?

Description

School: Rutgers University
Department: Economics
Course: Intro to Microeconomics
Professor: Professor blair
Term: Fall 2016
Tags: intro to microeconomics and Microeconomics
Cost: Free
Name: Intro to Micro Class 1
Description: Notes from first chapter covered in class
Uploaded: 02/02/2017
4 Pages 302 Views 1 Unlocks
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"}.lst-kix_rxuygc1wp6z4-2 > li{counter-increment:lst-ctn-kix_rxuygc1wp6z4-2}.lst-kix_lb7uihhm9yfk-4 > li:before{content:"(" counter(lst-ctn-kix_lb7uihhm9yfk-4,decimal) ") "}.lst-kix_lb7uihhm9yfk-5 > li:before{content:"(" counter(lst-ctn-kix_lb7uihhm9yfk-5,lower-latin) ") "}.lst-kix_lb7uihhm9yfk-6 > li:before{content:"(" counter(lst-ctn-kix_lb7uihhm9yfk-6,lower-roman) ") "}.lst-kix_oe9d8y9gslm-5 > li{counter-increment:lst-ctn-kix_oe9d8y9gslm-5}.lst-kix_61cuuspthql1-3 > li:before{content:"● "}.lst-kix_61cuuspthql1-4 > li:before{content:"○ "}.lst-kix_4xo8kdtkv3xp-0 > li:before{content:"● "}.lst-kix_4xo8kdtkv3xp-2 > li:before{content:"■ "}ol.lst-kix_lb7uihhm9yfk-3.start{counter-reset:lst-ctn-kix_lb7uihhm9yfk-3 0}.lst-kix_61cuuspthql1-5 > li:before{content:"■ "}.lst-kix_4xo8kdtkv3xp-1 > li:before{content:"○ "}.lst-kix_61cuuspthql1-7 > li:before{content:"○ "}ol.lst-kix_rxuygc1wp6z4-2.start{counter-reset:lst-ctn-kix_rxuygc1wp6z4-2 0}.lst-kix_61cuuspthql1-6 > li:before{content:"● "}.lst-kix_61cuuspthql1-8 > li:before{content:"■ "}.lst-kix_4xo8kdtkv3xp-4 > li:before{content:"○ "}.lst-kix_63qscokdsuiq-1 > li:before{content:"○ "}.lst-kix_lb7uihhm9yfk-2 > li:before{content:"" counter(lst-ctn-kix_lb7uihhm9yfk-2,decimal) ". "}.lst-kix_4xo8kdtkv3xp-3 > li:before{content:"● "}.lst-kix_63qscokdsuiq-0 > li:before{content:"● "}ol.lst-kix_rxuygc1wp6z4-7.start{counter-reset:lst-ctn-kix_rxuygc1wp6z4-7 0}.lst-kix_63qscokdsuiq-2 > li:before{content:"■ "}ul.lst-kix_rxfyhbaa884m-1{list-style-type:none}ul.lst-kix_rxfyhbaa884m-2{list-style-type:none}ul.lst-kix_rxfyhbaa884m-3{list-style-type:none}ul.lst-kix_rxfyhbaa884m-4{list-style-type:none}.lst-kix_63qscokdsuiq-3 > li:before{content:"● "}.lst-kix_rxuygc1wp6z4-0 > li{counter-increment:lst-ctn-kix_rxuygc1wp6z4-0}ul.lst-kix_rxfyhbaa884m-0{list-style-type:none}.lst-kix_63qscokdsuiq-4 > li:before{content:"○ "}.lst-kix_lb7uihhm9yfk-8 > li:before{content:"(" counter(lst-ctn-kix_lb7uihhm9yfk-8,lower-roman) ") "}.lst-kix_63qscokdsuiq-5 > li:before{content:"■ "}.lst-kix_63qscokdsuiq-7 > li:before{content:"○ "}ul.lst-kix_rxfyhbaa884m-5{list-style-type:none}.lst-kix_lb7uihhm9yfk-7 > li:before{content:"(" counter(lst-ctn-kix_lb7uihhm9yfk-7,lower-latin) ") "}ul.lst-kix_rxfyhbaa884m-6{list-style-type:none}ul.lst-kix_rxfyhbaa884m-7{list-style-type:none}ul.lst-kix_rxfyhbaa884m-8{list-style-type:none}.lst-kix_63qscokdsuiq-6 > li:before{content:"● "}.lst-kix_lb7uihhm9yfk-1 > li{counter-increment:lst-ctn-kix_lb7uihhm9yfk-1}.lst-kix_63qscokdsuiq-8 > li:before{content:"■ "}ul.lst-kix_bzf93tmn11sh-2{list-style-type:none}ul.lst-kix_bzf93tmn11sh-1{list-style-type:none}ul.lst-kix_335x8uwcisxc-8{list-style-type:none}ul.lst-kix_bzf93tmn11sh-0{list-style-type:none}.lst-kix_lb7uihhm9yfk-8 > li{counter-increment:lst-ctn-kix_lb7uihhm9yfk-8}ul.lst-kix_bzf93tmn11sh-6{list-style-type:none}ul.lst-kix_bzf93tmn11sh-5{list-style-type:none}ol.lst-kix_rxuygc1wp6z4-1.start{counter-reset:lst-ctn-kix_rxuygc1wp6z4-1 0}ul.lst-kix_bzf93tmn11sh-4{list-style-type:none}ul.lst-kix_bzf93tmn11sh-3{list-style-type:none}ul.lst-kix_335x8uwcisxc-2{list-style-type:none}ul.lst-kix_335x8uwcisxc-3{list-style-type:none}ol.lst-kix_lb7uihhm9yfk-8.start{counter-reset:lst-ctn-kix_lb7uihhm9yfk-8 0}ul.lst-kix_335x8uwcisxc-0{list-style-type:none}ul.lst-kix_bzf93tmn11sh-8{list-style-type:none}ul.lst-kix_335x8uwcisxc-1{list-style-type:none}ul.lst-kix_bzf93tmn11sh-7{list-style-type:none}ul.lst-kix_335x8uwcisxc-6{list-style-type:none}ul.lst-kix_335x8uwcisxc-7{list-style-type:none}ul.lst-kix_335x8uwcisxc-4{list-style-type:none}ul.lst-kix_335x8uwcisxc-5{list-style-type:none}ol.lst-kix_oe9d8y9gslm-5{list-style-type:none}ol.lst-kix_oe9d8y9gslm-6{list-style-type:none}ol.lst-kix_oe9d8y9gslm-3{list-style-type:none}ol.lst-kix_oe9d8y9gslm-4{list-style-type:none}ol.lst-kix_oe9d8y9gslm-1{list-style-type:none}ol.lst-kix_oe9d8y9gslm-2{list-style-type:none}ol.lst-kix_oe9d8y9gslm-0{list-style-type:none}ol.lst-kix_oe9d8y9gslm-7{list-style-type:none}.lst-kix_rxuygc1wp6z4-4 > li{counter-increment:lst-ctn-kix_rxuygc1wp6z4-4}ol.lst-kix_oe9d8y9gslm-8{list-style-type:none}.lst-kix_4xo8kdtkv3xp-8 > li:before{content:"■ "}.lst-kix_oe9d8y9gslm-3 > li{counter-increment:lst-ctn-kix_oe9d8y9gslm-3}.lst-kix_4xo8kdtkv3xp-5 > li:before{content:"■ "}.lst-kix_4xo8kdtkv3xp-6 > li:before{content:"● "}.lst-kix_4xo8kdtkv3xp-7 > li:before{content:"○ "}.lst-kix_61cuuspthql1-2 > li:before{content:"■ "}ul.lst-kix_ru7yi9qq0xoe-1{list-style-type:none}ul.lst-kix_ru7yi9qq0xoe-0{list-style-type:none}.lst-kix_61cuuspthql1-1 > li:before{content:"○ "}ul.lst-kix_ru7yi9qq0xoe-3{list-style-type:none}ul.lst-kix_ru7yi9qq0xoe-2{list-style-type:none}ul.lst-kix_ru7yi9qq0xoe-5{list-style-type:none}ul.lst-kix_ru7yi9qq0xoe-4{list-style-type:none}ul.lst-kix_ru7yi9qq0xoe-7{list-style-type:none}ul.lst-kix_ru7yi9qq0xoe-6{list-style-type:none}.lst-kix_61cuuspthql1-0 > li:before{content:"● "}ul.lst-kix_ru7yi9qq0xoe-8{list-style-type:none}ol.lst-kix_rxuygc1wp6z4-3{list-style-type:none}ol.lst-kix_rxuygc1wp6z4-4{list-style-type:none}.lst-kix_oe9d8y9gslm-6 > li:before{content:"(" counter(lst-ctn-kix_oe9d8y9gslm-6,lower-roman) ") "}ol.lst-kix_rxuygc1wp6z4-5{list-style-type:none}ol.lst-kix_rxuygc1wp6z4-6{list-style-type:none}.lst-kix_ci398uozyglx-8 > li:before{content:"■ "}ol.lst-kix_rxuygc1wp6z4-6.start{counter-reset:lst-ctn-kix_rxuygc1wp6z4-6 0}ol.lst-kix_rxuygc1wp6z4-7{list-style-type:none}ol.lst-kix_rxuygc1wp6z4-8{list-style-type:none}ol.lst-kix_rxuygc1wp6z4-0{list-style-type:none}.lst-kix_oe9d8y9gslm-0 > li:before{content:"" counter(lst-ctn-kix_oe9d8y9gslm-0,upper-roman) ". "}.lst-kix_oe9d8y9gslm-8 > li:before{content:"(" counter(lst-ctn-kix_oe9d8y9gslm-8,lower-roman) ") "}ol.lst-kix_rxuygc1wp6z4-1{list-style-type:none}.lst-kix_lb7uihhm9yfk-5 > li{counter-increment:lst-ctn-kix_lb7uihhm9yfk-5}ol.lst-kix_rxuygc1wp6z4-2{list-style-type:none}.lst-kix_ci398uozyglx-0 > li:before{content:"● "}ul.lst-kix_kwbmzke1xgsk-4{list-style-type:none}.lst-kix_oe9d8y9gslm-2 > li:before{content:"" counter(lst-ctn-kix_oe9d8y9gslm-2,decimal) ". "}ul.lst-kix_kwbmzke1xgsk-5{list-style-type:none}ul.lst-kix_kwbmzke1xgsk-2{list-style-type:none}.lst-kix_lb7uihhm9yfk-6 > li{counter-increment:lst-ctn-kix_lb7uihhm9yfk-6}ul.lst-kix_kwbmzke1xgsk-3{list-style-type:none}ul.lst-kix_kwbmzke1xgsk-0{list-style-type:none}.lst-kix_oe9d8y9gslm-4 > li:before{content:"(" counter(lst-ctn-kix_oe9d8y9gslm-4,decimal) ") "}ul.lst-kix_kwbmzke1xgsk-1{list-style-type:none}.lst-kix_rxuygc1wp6z4-6 > li:before{content:"(" counter(lst-ctn-kix_rxuygc1wp6z4-6,lower-roman) ") "}ul.lst-kix_61cuuspthql1-1{list-style-type:none}ul.lst-kix_61cuuspthql1-0{list-style-type:none}ul.lst-kix_61cuuspthql1-3{list-style-type:none}ul.lst-kix_61cuuspthql1-2{list-style-type:none}ol.lst-kix_oe9d8y9gslm-5.start{counter-reset:lst-ctn-kix_oe9d8y9gslm-5 0}.lst-kix_335x8uwcisxc-5 > li:before{content:"■ "}.lst-kix_pxu3v1fiyi66-0 > li:before{content:"● "}.lst-kix_pxu3v1fiyi66-4 > li:before{content:"○ "}.lst-kix_rxuygc1wp6z4-6 > li{counter-increment:lst-ctn-kix_rxuygc1wp6z4-6}ol.lst-kix_lb7uihhm9yfk-5.start{counter-reset:lst-ctn-kix_lb7uihhm9yfk-5 0}.lst-kix_rxuygc1wp6z4-8 > li:before{content:"(" counter(lst-ctn-kix_rxuygc1wp6z4-8,lower-roman) ") "}.lst-kix_335x8uwcisxc-7 > li:before{content:"○ "}.lst-kix_pxu3v1fiyi66-2 > li:before{content:"■ "}.lst-kix_335x8uwcisxc-1 > li:before{content:"○ "}.lst-kix_pxu3v1fiyi66-8 > li:before{content:"■ "}.lst-kix_lb7uihhm9yfk-7 > li{counter-increment:lst-ctn-kix_lb7uihhm9yfk-7}ol.lst-kix_oe9d8y9gslm-2.start{counter-reset:lst-ctn-kix_oe9d8y9gslm-2 0}ol.lst-kix_lb7uihhm9yfk-2.start{counter-reset:lst-ctn-kix_lb7uihhm9yfk-2 0}.lst-kix_335x8uwcisxc-3 > li:before{content:"● "}.lst-kix_pxu3v1fiyi66-6 > li:before{content:"● "}.lst-kix_rxuygc1wp6z4-5 > li{counter-increment:lst-ctn-kix_rxuygc1wp6z4-5}.lst-kix_rxfyhbaa884m-1 > li:before{content:"○ "}.lst-kix_oe9d8y9gslm-7 > li{counter-increment:lst-ctn-kix_oe9d8y9gslm-7}.lst-kix_5myfnt9gqrpf-7 > li:before{content:"○ "}ul.lst-kix_63qscokdsuiq-0{list-style-type:none}ul.lst-kix_63qscokdsuiq-1{list-style-type:none}ul.lst-kix_63qscokdsuiq-2{list-style-type:none}.lst-kix_pewmonbim02f-6 > li:before{content:"● "}.lst-kix_oe9d8y9gslm-1 > li{counter-increment:lst-ctn-kix_oe9d8y9gslm-1}.lst-kix_rxfyhbaa884m-5 > li:before{content:"■ "}.lst-kix_pewmonbim02f-4 > li:before{content:"○ "}ol.lst-kix_oe9d8y9gslm-4.start{counter-reset:lst-ctn-kix_oe9d8y9gslm-4 0}.lst-kix_226d68epkldu-3 > li:before{content:"● "}.lst-kix_pewmonbim02f-2 > li:before{content:"■ "}.lst-kix_oe9d8y9gslm-2 > li{counter-increment:lst-ctn-kix_oe9d8y9gslm-2}ol.lst-kix_rxuygc1wp6z4-4.start{counter-reset:lst-ctn-kix_rxuygc1wp6z4-4 0}.lst-kix_rxfyhbaa884m-7 > li:before{content:"○ "}.lst-kix_226d68epkldu-5 > li:before{content:"■ "}.lst-kix_oe9d8y9gslm-8 > li{counter-increment:lst-ctn-kix_oe9d8y9gslm-8}.lst-kix_226d68epkldu-7 > li:before{content:"○ "}ul.lst-kix_63qscokdsuiq-3{list-style-type:none}ul.lst-kix_61cuuspthql1-8{list-style-type:none}ul.lst-kix_63qscokdsuiq-4{list-style-type:none}ul.lst-kix_63qscokdsuiq-5{list-style-type:none}ul.lst-kix_63qscokdsuiq-6{list-style-type:none}.lst-kix_pewmonbim02f-0 > li:before{content:"● "}.lst-kix_rxuygc1wp6z4-4 > li:before{content:"(" counter(lst-ctn-kix_rxuygc1wp6z4-4,decimal) ") "}ul.lst-kix_61cuuspthql1-5{list-style-type:none}ul.lst-kix_63qscokdsuiq-7{list-style-type:none}ul.lst-kix_61cuuspthql1-4{list-style-type:none}ul.lst-kix_63qscokdsuiq-8{list-style-type:none}ul.lst-kix_61cuuspthql1-7{list-style-type:none}ul.lst-kix_61cuuspthql1-6{list-style-type:none}ul.lst-kix_kwbmzke1xgsk-8{list-style-type:none}ul.lst-kix_kwbmzke1xgsk-6{list-style-type:none}ul.lst-kix_kwbmzke1xgsk-7{list-style-type:none}.lst-kix_rxuygc1wp6z4-2 > li:before{content:"" counter(lst-ctn-kix_rxuygc1wp6z4-2,decimal) ". "}ol.lst-kix_oe9d8y9gslm-3.start{counter-reset:lst-ctn-kix_oe9d8y9gslm-3 0}.lst-kix_lb7uihhm9yfk-0 > li{counter-increment:lst-ctn-kix_lb7uihhm9yfk-0}.lst-kix_rxuygc1wp6z4-0 > li:before{content:"" counter(lst-ctn-kix_rxuygc1wp6z4-0,upper-roman) ". "}.lst-kix_ci398uozyglx-2 > li:before{content:"■ "}ol.lst-kix_lb7uihhm9yfk-4.start{counter-reset:lst-ctn-kix_lb7uihhm9yfk-4 0}.lst-kix_ci398uozyglx-4 > li:before{content:"○ "}ol.lst-kix_rxuygc1wp6z4-3.start{counter-reset:lst-ctn-kix_rxuygc1wp6z4-3 0}.lst-kix_ci398uozyglx-6 > li:before{content:"● "}.lst-kix_rxfyhbaa884m-3 > li:before{content:"● "}.lst-kix_z7w641ourbo-1 > li:before{content:"○ "}.lst-kix_z7w641ourbo-2 > li:before{content:"■ "}ul.lst-kix_226d68epkldu-8{list-style-type:none}.lst-kix_bzf93tmn11sh-4 > li:before{content:"○ "}.lst-kix_bzf93tmn11sh-6 > li:before{content:"● "}ul.lst-kix_226d68epkldu-6{list-style-type:none}ul.lst-kix_226d68epkldu-7{list-style-type:none}.lst-kix_oe9d8y9gslm-4 > li{counter-increment:lst-ctn-kix_oe9d8y9gslm-4}ul.lst-kix_226d68epkldu-4{list-style-type:none}ul.lst-kix_226d68epkldu-5{list-style-type:none}.lst-kix_bzf93tmn11sh-3 > li:before{content:"● "}.lst-kix_bzf93tmn11sh-7 > li:before{content:"○ "}.lst-kix_z7w641ourbo-6 > li:before{content:"● "}.lst-kix_z7w641ourbo-0 > li:before{content:"● "}.lst-kix_z7w641ourbo-7 > li:before{content:"○ "}.lst-kix_z7w641ourbo-8 > li:before{content:"■ "}.lst-kix_bzf93tmn11sh-5 > li:before{content:"■ "}.lst-kix_kwbmzke1xgsk-3 > li:before{content:"- "}.lst-kix_rxuygc1wp6z4-1 > li{counter-increment:lst-ctn-kix_rxuygc1wp6z4-1}.lst-kix_kwbmzke1xgsk-2 > li:before{content:"- "}ul.lst-kix_226d68epkldu-2{list-style-type:none}.lst-kix_z7w641ourbo-5 > li:before{content:"■ "}ul.lst-kix_226d68epkldu-3{list-style-type:none}ul.lst-kix_226d68epkldu-0{list-style-type:none}ul.lst-kix_226d68epkldu-1{list-style-type:none}ol.lst-kix_lb7uihhm9yfk-6.start{counter-reset:lst-ctn-kix_lb7uihhm9yfk-6 0}.lst-kix_kwbmzke1xgsk-1 > li:before{content:"- "}.lst-kix_bzf93tmn11sh-0 > li:before{content:"● "}.lst-kix_bzf93tmn11sh-2 > li:before{content:"■ "}.lst-kix_z7w641ourbo-3 > li:before{content:"● "}.lst-kix_z7w641ourbo-4 > li:before{content:"○ "}ol.lst-kix_oe9d8y9gslm-6.start{counter-reset:lst-ctn-kix_oe9d8y9gslm-6 0}.lst-kix_kwbmzke1xgsk-0 > li:before{content:"- "}.lst-kix_bzf93tmn11sh-1 > li:before{content:"○ "}ul.lst-kix_pewmonbim02f-5{list-style-type:none}ul.lst-kix_pewmonbim02f-6{list-style-type:none}ul.lst-kix_pewmonbim02f-7{list-style-type:none}ul.lst-kix_pewmonbim02f-8{list-style-type:none}.lst-kix_ljky93y45w5f-0 > li:before{content:"● "}ul.lst-kix_pewmonbim02f-1{list-style-type:none}ul.lst-kix_pewmonbim02f-2{list-style-type:none}ul.lst-kix_pewmonbim02f-3{list-style-type:none}ul.lst-kix_pewmonbim02f-4{list-style-type:none}ul.lst-kix_pewmonbim02f-0{list-style-type:none}.lst-kix_ljky93y45w5f-2 > li:before{content:"■ "}.lst-kix_rxuygc1wp6z4-3 > li{counter-increment:lst-ctn-kix_rxuygc1wp6z4-3}ol.lst-kix_rxuygc1wp6z4-5.start{counter-reset:lst-ctn-kix_rxuygc1wp6z4-5 0}.lst-kix_5myfnt9gqrpf-0 > li:before{content:"● "}.lst-kix_ljky93y45w5f-1 > li:before{content:"○ "}.lst-kix_kwbmzke1xgsk-4 > li:before{content:"- "}.lst-kix_5myfnt9gqrpf-1 > li:before{content:"○ "}.lst-kix_226d68epkldu-2 > li:before{content:"■ "}.lst-kix_ljky93y45w5f-6 > li:before{content:"● "}.lst-kix_ljky93y45w5f-8 > li:before{content:"■ "}.lst-kix_kwbmzke1xgsk-5 > li:before{content:"- "}.lst-kix_226d68epkldu-1 > li:before{content:"○ "}.lst-kix_5myfnt9gqrpf-3 > li:before{content:"● "}.lst-kix_ru7yi9qq0xoe-0 > li:before{content:"● "}.lst-kix_5myfnt9gqrpf-2 > li:before{content:"■ "}.lst-kix_ljky93y45w5f-3 > li:before{content:"● "}.lst-kix_ljky93y45w5f-7 > li:before{content:"○ "}.lst-kix_kwbmzke1xgsk-6 > li:before{content:"- "}.lst-kix_5myfnt9gqrpf-5 > li:before{content:"■ "}.lst-kix_ru7yi9qq0xoe-2 > li:before{content:"■ "}.lst-kix_ru7yi9qq0xoe-3 > li:before{content:"● "}.lst-kix_226d68epkldu-0 > li:before{content:"● "}.lst-kix_ljky93y45w5f-4 > li:before{content:"○ "}.lst-kix_kwbmzke1xgsk-7 > li:before{content:"- "}.lst-kix_bzf93tmn11sh-8 > li:before{content:"■ "}.lst-kix_pewmonbim02f-8 > li:before{content:"■ "}.lst-kix_ru7yi9qq0xoe-1 > li:before{content:"○ "}.lst-kix_5myfnt9gqrpf-4 > li:before{content:"○ 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0}ul.lst-kix_z7w641ourbo-0{list-style-type:none}ul.lst-kix_z7w641ourbo-2{list-style-type:none}ul.lst-kix_z7w641ourbo-1{list-style-type:none}ul.lst-kix_z7w641ourbo-4{list-style-type:none}ul.lst-kix_z7w641ourbo-3{list-style-type:none}ul.lst-kix_z7w641ourbo-6{list-style-type:none}ul.lst-kix_z7w641ourbo-5{list-style-type:none}ul.lst-kix_z7w641ourbo-8{list-style-type:none}ul.lst-kix_z7w641ourbo-7{list-style-type:none}ol.lst-kix_lb7uihhm9yfk-7.start{counter-reset:lst-ctn-kix_lb7uihhm9yfk-7 0}ol.lst-kix_lb7uihhm9yfk-1{list-style-type:none}ol.lst-kix_lb7uihhm9yfk-0{list-style-type:none}.lst-kix_oe9d8y9gslm-0 > li{counter-increment:lst-ctn-kix_oe9d8y9gslm-0}ol.lst-kix_lb7uihhm9yfk-5{list-style-type:none}ol.lst-kix_lb7uihhm9yfk-4{list-style-type:none}ol.lst-kix_lb7uihhm9yfk-3{list-style-type:none}ol.lst-kix_lb7uihhm9yfk-2{list-style-type:none}ol.lst-kix_oe9d8y9gslm-0.start{counter-reset:lst-ctn-kix_oe9d8y9gslm-0 0}ol.lst-kix_lb7uihhm9yfk-0.start{counter-reset:lst-ctn-kix_lb7uihhm9yfk-0 0}ol.lst-kix_lb7uihhm9yfk-8{list-style-type:none}ol.lst-kix_lb7uihhm9yfk-7{list-style-type:none}.lst-kix_oe9d8y9gslm-6 > li{counter-increment:lst-ctn-kix_oe9d8y9gslm-6}ol.lst-kix_lb7uihhm9yfk-6{list-style-type:none}ol.lst-kix_rxuygc1wp6z4-0.start{counter-reset:lst-ctn-kix_rxuygc1wp6z4-0 0}ol.lst-kix_oe9d8y9gslm-7.start{counter-reset:lst-ctn-kix_oe9d8y9gslm-7 0}ul.lst-kix_4xo8kdtkv3xp-8{list-style-type:none}ul.lst-kix_4xo8kdtkv3xp-7{list-style-type:none}.lst-kix_oe9d8y9gslm-5 > li:before{content:"(" counter(lst-ctn-kix_oe9d8y9gslm-5,lower-latin) ") "}ul.lst-kix_ljky93y45w5f-0{list-style-type:none}ul.lst-kix_ljky93y45w5f-1{list-style-type:none}ul.lst-kix_ljky93y45w5f-2{list-style-type:none}ul.lst-kix_ljky93y45w5f-3{list-style-type:none}ul.lst-kix_ljky93y45w5f-4{list-style-type:none}ul.lst-kix_4xo8kdtkv3xp-0{list-style-type:none}ul.lst-kix_ljky93y45w5f-5{list-style-type:none}ul.lst-kix_ljky93y45w5f-6{list-style-type:none}.lst-kix_oe9d8y9gslm-1 > li:before{content:"" 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Intro to MicroeconomicsWe also discuss several other topics like How did scientists first see microbes?
Don't forget about the age old question of ∙ What was the basic change in the industrial revolution?

Day 1

Chapter 1

  • Limits, Alternative and choices (and Graphing)
  • Economics - “household management” in Greece [Okionomia]
  • Definition: A science, concerned with aspects of social behaviors, and institutions that are involved in using scarce resources to produce and distribute goods and services to satisfy human wants and needs.

  • Command System (Communism and Socialism)
  • Government own everything (not private owned)
  • Central planning board makes all major decisions
  1. Production goals
  2. allocation of resources
  3. Level of capital goods and consumer goods
  4. Wages and prices (by planning board)

                                        Capital : increases output capacity to meet future demandsIf you want to learn more check out How do buffers resist pH?

Communism vs. Socialism

Communism - no incentive, government owns everything earned and created

Socialism - ex. Venezuela $24/month implodingWe also discuss several other topics like What is meant by birds of passage?

  • Similar: government ownership of all resources
  • Different:
  •  1. Communism → crashes capitalism and uses armed strength to destroy any resistance to its socialist philosophy
  • 2. Socialism gradually arise from free market through systematic elimination of private ownership

We also discuss several other topics like criminology: theories, patterns, and typologies 12th edition

Central Planning Board

  1. What is produced (goods and services)
  2. How will be produced
  3. Who will get these

If you want to learn more check out What are the types of optimal solutions?

Free Market System vs Command : incentive → entrepreneurship - wealthy

Free Market System

  • Capitalism
  • Economic freedom of choice
  • Free enterprise

  • Voluntary exchange
  • Consumes sovereignty - consumer demand drives market
  • Dollar votes → money spent on item is a vote for it

  • Private ownership of resources
  • Intellectual property

  • Profit motive/self interest

  • Competition → better product at better prices

        *markets and prices coordinate and direct economic activity

Tenets of Socialism and Capitalism

  • Definition of wealth differs between socialism and capitalism
  • Socialism
  • Distribution of wealth
  • How to slice the pie

  • Capitalism
  • Creation of wealth
  • Make the pie as large as possible

  • ZeroSum Fallacy- when someone makes money someone else must be losing it.

  • Wealth distribution: lowers incentive to be rich which decr. # of wealthy, in turn not helping wealth to be distributed

  • Scarcity - our economic wants far exceed the productive capacity of our scarce limited resources
  • Restricts resources and choices

  • Explicit cost and implicit cost
  • Explicit Cost : Tuition, dorm, food
  • Implicit costs: possible income that could have been earned getting job right out of high school
  • Opportunity cost - to obtain one of one thing, society and individuals must forgo the opportunity of getting the next best thing.

  • “No such thing as a free lunch”

Example: tuition - $15k         Explicit

        Job - $25k         Implicit

             $40k          Opportunity

  • Purposeful behavior
  • Utility: please, happiness, or satisfaction from consuming resource.
  • We spend our time and resources maximizing satisfaction

  • Pitfalls of Sound Reasoning
  • Biases: we think we know how things “should” be based on personal experience
  • Loaded Terminology: connotated words
  • Post Hoc Fallacy: because one thing follows something else, the first thing cause the second thing
  • Fallacy of Composition: what’s good for one specific person or sector but not good for all
  • Correlation Not Causation: just because they are correlated, does not mean they caused one another

  • Marginal cost vs marginal benefit?
  • Marginal analysis - comparisons of marginal benefits and marginal cost, usually for decision making
  • Marginal - incremental, additional or a change in.

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