UT Arlington ECON 4306 - ChAP 1 ECON 4306 (3 pages)

Previewing page 1 of 3 page document View the full content.
View Full Document

ChAP 1 ECON 4306



Previewing page 1 of actual document.

View the full content.
View Full Document
View Full Document

ChAP 1 ECON 4306

16 views


Pages:
3
School:
University of Texas at Arlington
Course:
Econ 4306 - Comparative Economic Systems

Unformatted text preview:

ChAP 1 ECON 4306 Audio recording started 11 43 AM Tuesday January 17 2017 Economic the study of the allocation of scarce resources to unlimited human wants For there to be scarcity there need to be a final amount of good and unlimited want Ultimately economy is about stuff How do you get the stuff o Audio recording started 11 00 AM Thursday January 19 2017 Polyani Reading The Economic Fallacy We assumed that because money was used in one economic system it was automatically used in another econ system o Bring about scarcity Substantive vision of econ how we get our stuff o The material substantive vision of econ v the formal scarcity vision Material aspect real econ Formal aspect no money for stuff rec 18 00 What drives prices up shortages o That s what happening in Venezuela Substantive Econ o o Scarcity leads to choice and opportunity cost Opportunity cost offers abundance and not scarcity Wealthy person makes choices based on abundance the poor based on scarcity They re opportunity cost comes from diff sources Economy Market System Water providing in Barcelona Farmers mkt where people bargain for what both parties want Command System Trade amongst equals Goods are allocated by some ppl gov group of ppl etc Traditional System Tells us what we should do how a good should be provided Family churches etc Different Economic Institutions Allocation Mechanism Command mkt traditional Forms of Ownership Command ownership Traditional ownership Audio 1 mp4 Audio recording started 11 02 AM Tuesday January 24 2017 o Private property gives people an incentive to create money Aligns the private interest of the owner with the social interest of society Private ownership social ownership and traditional ownership Types of Incentives Material Incentives o Private property Right to deny use this is related to material incentive Moral Incentives Don t work very well You see it in communist China It redistribute goods to another group Income Redistribution Private property is one way



View Full Document

Access the best Study Guides, Lecture Notes and Practice Exams

Loading Unlocking...
Login

Join to view ChAP 1 ECON 4306 and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view ChAP 1 ECON 4306 and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?