New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Microeconomics Lecture Notes Week 2

by: Alexis Newcomer

Microeconomics Lecture Notes Week 2 ECON 2010

Marketplace > Western Michigan University > Economcs > ECON 2010 > Microeconomics Lecture Notes Week 2
Alexis Newcomer
GPA 3.43
Principles of Microeconomics
Bill Kern

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

These notes extensively cover what was said in lecture
Principles of Microeconomics
Bill Kern
Class Notes
25 ?




Popular in Principles of Microeconomics

Popular in Economcs

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.


Reviews for Microeconomics Lecture Notes Week 2


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

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


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Amaris Trozzo George Washington University

"I made $350 in just two days after posting my first study guide."

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.