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Econ 103 Notes, Week 10 (Test)

by: Dylan Peacock

Econ 103 Notes, Week 10 (Test) Econ 103

Marketplace > George Mason University > Economcs > Econ 103 > Econ 103 Notes Week 10 Test
Dylan Peacock
GPA 3.4

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Test Upload
Microeconomic Principles
Thomas Rustici
Class Notes
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This 1 page Class Notes was uploaded by Dylan Peacock on Monday April 18, 2016. The Class Notes belongs to Econ 103 at George Mason University taught by Thomas Rustici in Fall 2016. Since its upload, it has received 17 views. For similar materials see Microeconomic Principles in Economcs at George Mason University.


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Date Created: 04/18/16
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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