Lecture 1 Outline of Last Lecture:N/A Outline of Current Lecture Economics I. Definition II. Systems CapitalismI. 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 systemII. Central Planning III. Centralized ControlIV. Authority knows best = Capitalism - Capitalism:I. Limited Government II. Private property: ability to own whatever an individual wishes to ownIII. System of markets and prices (stabilizing)IV. Self interest (driving force) – “Invisible hand” by Adam SmithV. Competition (regulating force)VI. Free enterprise Econ
View Full Document
Unlocking...