Microeconomics Lecture Notes Week 2
Microeconomics Lecture Notes Week 2 ECON 2010
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This 3 page Class Notes was uploaded by Alexis Newcomer on Monday January 25, 2016. The Class Notes belongs to ECON 2010 at Western Michigan University taught by Bill Kern in Winter 2016. Since its upload, it has received 35 views. For similar materials see Principles of Microeconomics in Economcs at Western Michigan University.
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Date Created: 01/25/16
Chapter 1 Lecture Week 2 119 amp 121 Characteristics of Market Svstem Private property Freedom of enterprise and choice Selfinterest Competition Market and prices Specialization 1 Division of Labor a Makes use of differences in ability b Learning by doing c Saving of time 2 Geographic Specialization Active but limited government Use of money 0 Reduces transaction costs 0 Medium of exchange Barter Transactions Coincidence of wants Problem with Command Economies L Coordination problem 2 Lack of reliable success indicators 3 4 Lack of entrepreneurial skills Incentive problems Resource Pri cob Households Sell resources supply 0 Buy products demand Businesses 0 Purchase resources demand 0 Sell products supply Households lncome Sources Wages and salaries 68 About 8 trillion Proprietors income 9 About 1 trillion Corporate lT s 14 About 16 trillion Interest 6 About 74 trillion Rent 3 About 3 trillion Expenditures Sales Revenues Corporations 82 Partnerships 14 Proprietorships 4 Services 65 6 trillion Nondurable goods 22 2 trillion Durable goods 13 12 trillion Businesses Types of Firms Sole proprietorships 72 Corporations 18 Partnerships 10
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