Week One of Notes: 8/24-8/31
Week One of Notes: 8/24-8/31 Econ 116
Popular in Survey of Economic Ideas
Popular in Economcs
This 3 page Class Notes was uploaded by Jackline Kingori on Tuesday September 1, 2015. The Class Notes belongs to Econ 116 at Ball State University taught by Dr. James McClure in Fall 2015. Since its upload, it has received 89 views. For similar materials see Survey of Economic Ideas in Economcs at Ball State University.
Reviews for Week One of Notes: 8/24-8/31
I was sick all last week and these notes were exactly what I needed to get caught up. Cheers!
-Ms. Cruz Herzog
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: 09/01/15
Economics 116 Notes Professor McClure 8124115 39 lJ lr 7 HH l r quot l aquot i I o What was on the paper if you can 0 Example on pg 13 0 Adam Smith Pin Factoryquot 1 person 20 pins a day 0 Adam Smith s important idea 0 Specialization of labor is limited by the size of the market Ex Little town population 20000 but are creating 48000 pins 8126115 0 Adam Smith 0 Wrote The Wealth of Nations 0 3 questions 0 What 0 How 0 For whom to Produce 8128115 0 Chapter 3 0 Currently Impossible 0 3 ways that current impossible outcome become possible 1 Tech Advance a General affect society ex Cell phones and personal computers b Gun speci c c Butter speci c 2 Specialization according to comparative advantage m trade a TWO STEPS 3 Saving and Investing 0 Line Shape 0 Shape of PPF Tradeoff o Marginal Cost of the xaxis variable is the absolute value of the slope of PPF number y unit of the product of the vertical axis Graph for Specialization 0 France wine amp Germany beer 0 In France the marginal cost of a 6 pack of Beer 2 bottles of wine 0 Marginal cost of yaxis variable is the absolute of the inverse of the slope of the PPF units of the Xaxis variable product 0 In France the marginal wine is half a six pack of Beer 0 Comparative Advantage having the lower marginal cost 1 Marginal cost is measuring what is on the Xaxis
Are you sure you want to buy this material for
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'