Econ 2305 Lecture 1 Outline of Last Lecture N A Outline of Current Lecture Economics I Definition II Systems Capitalism I Definition Current Lecture The best way to reduce the usage of a certain product service is to tax it Economics social science dealing with the use of scarce resources to meet unlimited material wants Scarcity economizing problems ask for help question Economists are opinionated people 3 main questions for an economic system I What do we produce II How do we produce III Who will receive Choice 1 I Demand driven economy II Market Mechanism III Prices are signal free enterprise free marketing Choice 2 I Command system II Central Planning III Centralized Control IV Authority knows best Capitalism Capitalism I Limited Government II Private property ability to own whatever an individual wishes to own III System of markets and prices stabilizing IV Self interest driving force Invisible hand by Adam Smith V Competition regulating force VI Free enterprise
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