ECN Week 3
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This 1 page Class Notes was uploaded by Andrew Bashor on Sunday February 28, 2016. The Class Notes belongs to POL/ECN/HIS 370 at a university taught by Dr. Pellillo in Spring 2016. Since its upload, it has received 13 views.
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Date Created: 02/28/16
▯ Geography quiz – February 18 ▯ ▯ Read chapters one and two in Russian Econ book ▯ ▯ Country briefs due by Friday ▯ ▯ Communist Party Political monopoly on Soviet Union Leader of party decided just about everything o What to produce o Who to appoint o What military actions to take o What actions the government should take Influenced all decisions made ▯ ▯ Economic production – USSR and comparison All large scale o Economies faltered after privitization o One small plant served one big country o Different strategies to meet objectives, all obsurd Fragile after the collapse o Products were generally low quality o Machinery generally did not get updated Market vs. Planning production* o Market produces for the consumer and responses Downward price vs. quantity curve Negative relationship between price and quantity - demand Positive relationship between price and quantity - supply Want a balancing – equilibrium in market If prevailing price is low, will be scarcity In market economy, eventually work toward equilibrium If price is high, surplus Price sold lower and lower, equilibrium reached
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