Search for notes by fellow students, in your own course and all over the country.
Browse our notes for titles which look like what you need, you can preview any of the notes via a sample of the contents. After you're happy these are the notes you're after simply pop them into your shopping cart.
Title: Allocative Efficiency, Comparative Advantage & Free Market Introduction.
Description: A clear explanation of what Allocative and Technical Efficiency is and how it is used to allocate resources within an economy. Comparative Advantage is also discussed with an example to ensure you completely understand the concept. There is a miniature introduction on how free markets work and what they are and the role of government in them. Also there is a brief description of what normative and positive statements are.
Description: A clear explanation of what Allocative and Technical Efficiency is and how it is used to allocate resources within an economy. Comparative Advantage is also discussed with an example to ensure you completely understand the concept. There is a miniature introduction on how free markets work and what they are and the role of government in them. Also there is a brief description of what normative and positive statements are.
Document Preview
Extracts from the notes are below, to see the PDF you'll receive please use the links above
comparative advantage than other people
...
He stated that;
“ Every individual … neither intends to promote the public interest, nor knows how
much he is promoting it … he intends only his own security; and by directing that
industry in such a manner as its produce may be of the greatest value, he intends
only his own gain, and he is in this, as in many other cases, led by an invisible hand to
promote an end which was no part of his intention
...
Economics involve making statements where some of the statements are
descriptive
...
-
- There are two types of statements:
1) Positive: Descriptive, what is or what will be
...
2) Normative: recommendation, based on value judgements
...
What policies should be introduced
...
However, in a free market the government can play a crucial role
...
Free market requires the principles of ownership, principle that trade is made
possible because I can sell something
...
Free markets do not always work
...
Governments redistribute income and wealth in the interests of equity
Title: Allocative Efficiency, Comparative Advantage & Free Market Introduction.
Description: A clear explanation of what Allocative and Technical Efficiency is and how it is used to allocate resources within an economy. Comparative Advantage is also discussed with an example to ensure you completely understand the concept. There is a miniature introduction on how free markets work and what they are and the role of government in them. Also there is a brief description of what normative and positive statements are.
Description: A clear explanation of what Allocative and Technical Efficiency is and how it is used to allocate resources within an economy. Comparative Advantage is also discussed with an example to ensure you completely understand the concept. There is a miniature introduction on how free markets work and what they are and the role of government in them. Also there is a brief description of what normative and positive statements are.