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mp The main concern of economics is what we do with our materials, and how that

affects the decisions we make.1

mp {ong term consequences end up mattering more than intentions.1

mp Àeople think of the Garden of Eden, when they think of a true economy, but that

was not an economy, because there was no scarcity.2

mp {ong term consequences have a greater effect than intentions.2

mp Jome countries have many resources but make terrible decisions, which lead to

terrible consequences, and as a result, they end up having a low standard of living.

Other countries with low resources make beneficial decisions, which lead to a

high standard of living.2

mp xapan, for example, does not have a lot of natural resources but it¶s economy is

better than Argentina which is very poor but has a lot of natural resources.2

mp Àeople think that economics is just about how to make money or predict the stock

market, but it is more than that.2

mp ët affects decisions on: 3

•p The kind of economic system a country has.

•p The kind of legal system a country has.

•p The kind of political system a country has.

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mp Always keep in mind that scarcity is always present, and many materials have

alternative resources.4

mp iddle-class America has everything that someone from a poorer country or an

American from an earlier time-period could want, but they are seen as ³just

getting by.´ 4

mp There are unmet needs in every country no matter how rich they are.4

mp One key to a successful economy is allocating resources. The UJJ used more

resources, but had less output than the UJ. 5

mp oney is the resource we use to eat, sleep, and live, but it is not what makes us

rich. ët has no value in and of itself. ët is the volume of goods that we are able to

buy with our money that makes us rich.5

mp Economics is about society as a whole. ët is about how the standard of living of

people will be affected by what goes on in the economy.6

mp Economics is a very specific science when one thing happens another thing will

happen for a specific reason.6

mp Àeople on both sides of the aisle use similar methods even though they have very

different ideas.6

mp Economics has been around for a long time, and its principles have been built

from a long tested bed of knowledge and analysis.7

mp Economics is also about using your time and resources wisely.7

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mp Economics is about making the most of the decisions that we all need to make.8

c  

mp ^oth sides must gain in economic trading.9

•p ët is not a zero sum situation if both sides don¶t benefit from trading.9

mp Through NAFTA, unemployment went down in the UJ, Canada, AND exico. ët

was thought people would move to exico, because of exico having lower

wages, 9 that didn¶t happen because all the countries in the NAFTA agreement

started buying more and making more.10

mp any people think that it is favorable to be exporting too much and less favorable

to be importing too much.10 This is not true, the benefits of international trade are

in the goods and services a countries receives through trade, not how wealthy it

becomes.11

mp Aith tariffs there is a lower amount of imports and exports, through countries

putting a tax on foreign goods to protect domestic goods. This does not help a

country because people do not receive the full benefits of trade.11

" 
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mp Absolute advantage

•p This is when a country can make or grow a product at the cheapest price

and has the best climate or circumstance for providing that product. Ahen
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a country has an absolute advantage other countries will buy that product

from that country instead of producing it themselves.12

mp Comparative advantage

•p Country A and Country ^ make pillows and sofas. Country A is better at

producing pillows and sofas than Country ^. Country ^ starts producing

just sofas. ët loses less pillows than Country A, therefore, Country ^ has

the comparative advantage. The products that Country ^ sell are relatively

cheaper because it has the comparative advantage.13

mp Economies of Jale

•p Jome countries like the UJ can have a specialized workforce, make and

invest the machinery needed and sell enough of their product, because

they have enough people willing to buy their product to make it affordable

and competitive to just sell to the people of their country.13

•p Other countries like the Australia are as wealthy but don¶t have enough

people to make their product just available to the people of there country.

They end up producing their product in other countries and selling their

products countries in other countries.14

 "    

mp The High-Aage Fallacy

•p ët is not just low wages that make a country successful in producing a

product. The UJ has higher wages then ëndia, but it can make more

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money in producing a product than ëndia. This is because the UJ workers

make more products in a shorter period of time and so the labor costs are

lower than a person in ëndia.15

•p Also, capital and resources are more abundant in a country with higher

wages, so it is cheaper to produce in that country.16

†p Javing xobs

•p Tariffs do not help, when foreign products have to pay a tariff to supply

steel to a country the steel corporations end up making money and saving

jobs, however when they have to compete in the markets they end up

losing money and jobs because the steel is so expensive.17

†p ënfant ëndustries

•p One mistake that economists make is wanting to protect small industries

until they can compete in the world market. The problem is that older

industries have more support because they have been through more,

whereas a new industry has only the government and tax dollars to help it

stand. 18

†p National Defense

•p Countries don¶t want to trade with countries that it is in might be in war

with because they are afraid that they might be providing weapons that

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that country might use to harm them with. 20 Jometime the reasons are

valid, but many times they aren¶t. 19

†p ³Dumping´

•p Jome countries accuse other countries of selling products in their market

that are lower than the production costs in that country. any times this is

an invalid argument, because the country accused sells more of a product

in the other country, with the bigger market. 20

       

†p Tariffs can be seen it two ways if a foreign product has a tariff the domestic

product can lift the price up by the charge of the tariff 21 or if it¶s a quota the

politician can lie and say it was a tariff that drove the price up.22 All countries end

up with ³unfair´ tariffs to protect themselves. 22 Also, for perishable it can take so

long to get through customs that companies decide it¶s not worth it. 22

c  c   

†p The UJ outsources because poorer countries have a comparative advantage to

making computer parts.24 Even though Americans lose jobs, American companies

can now sell more computers and with that wealth create more jobs.23

 

mp Each person sees the exchange of his knowledge for goods and services.24

mp No master mind tells every man what to do.25


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mp ëf the government takes control, people will feel like they can¶t do what the

government does because they will think that the government is all-powerful.26

mp Free people can do amazing things in a free society when they are not held back

by government..27

r    

mp The problem is how to best use the resources known to people.28

mp Jomebody has to plan how best to use the resources.

mp There are three ideas about who could do the planning:

•p Central government 28

•p Divided among the people29

•p Among organized industries or monopolies29

mp How the knowledge is dispersed?

•p The central government disperses it among all.29

•p Àeople are given extra knowledge to join their plans with their friends.29

mp Aho should people ask for knowledge?

•p Experts29

•p Àeople who work under other people.29

mp ost people just want to ask the experts.29

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mp Ae can also gain knowledge from common people who have experienced

particular circumstances. Àeople think these people are disreputable and

dishonest, they think everyone should have this knowledge.30

mp There are always changes that need to be made in the economy.31

mp The central government can only look at statistics to see what needs to be done

next. They cannot see or adjust to the little changes that are always happening.32

mp ëndividual people are able to make adjustments to changes as they see them.32

mp Ahen something is disappearing people are able to easily make adjustments,

sometimes without knowing what the original problem was, through the price

system.33

c 

mp A market economy is different from a feudal or communist economy, because

there is no one to tell the little people what to do. Choices are made through

prices.34

mp Great ^ritain cannot produce enough food to feed its country, but through price

they get all the food they need.35

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mp ëf a producer can produce something at a lower price that information is conveyed

faster to everyone through prices, than any government official. 36

mp Àrices determine how much of a resource goes where, and how the products

delivered to the people. 36

mp any people think that high prices are unfair, but this is not the case, high prices

convey how scarce an item is and the fact that many people want it.37

mp Jcarcity is not caused by prices; there is scarcity in every culture. ëf we didn¶t

have prices the items would be bid off another way. 37

mp Àrices allow people to adjust to a shortage of something, or a technological

advance without having to even know how the problem came to be. 37

mp Àrices guide producers and consumers by providing incentives to affect their use

of resources and products. Àroducers don¶t know what consumers want, but they

know what sells and they know to sell off and fix what doesn¶t sell.38

mp Àrices tell producers what works and what doesn¶t and an incentive to stop using

what doesn¶t. This means that resources are used more efficiently. 38

mp Àrices connect you with any country in the world that operates under a price

system. 39

mp A price system lets you get how much of something you want, and lets them

know how much they¶ll supply it to you for. 39

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mp Jupply and demand allows resources to move to places where they aren¶t

available and where they¶ll charge a higher price for them. 40

mp High demand allows producers to raise the price and produce more of an item and

draw resources away from other items to produce that item. {ow demand requires

producers to lower the price and produce less of an item. 40

mp During, the era of the Joviet Union the government tried to make all the decisions

for the economy. They had a surplus of moleskins, which only some people

wanted, that were rotting in their warehouse, while that had millions of starving

people who didn¶t get the food they needed.41

  c  

mp Àroducers are not greedy, if they were greedy they wouldn¶t make any money

because the consumer would from a cheaper producer and that producer would

get the profit. 42

mp esource Allocation by Àrices

•p ëf the demand in one product goes up, the producers who also use an

ingredient in that product will pay higher prices for those products. The

producer will only buy enough of a product to cover the higher costs.43

mp ëncremental Jubstitution

•p Ahen there is price competition, producers will only use what they need

to use, and what consumers will buy. 44


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mp Àrices for an item coordinate to what they would be worth if they were used in

another item. 45

mp Economic Jystems

•p The amount of resources that are used should depend on how much is

really needed not how much people convince you should need. 46

•p Àroducers are just guided by how much they can sell a product for and

how much it costs to produce a product, and consumers just have to worry

about the prices of the products they want to buy.47

•p ën a capitalist society people demand to get paid and so they can only

make a certain number of mistakes before they do not have the money to

pay their labor, buy supplies, or go bankrupt. ën a Feudal or Communist

society leaders stay in power and end up wasting many resources in the

process.48

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mp There is not a ³fixed´ supply of any good. There will be more of it when it is

economically feasible to supply and the demand is high and less of it when the

demand is low and it is too expensive to supply. 49

mp esources get the best use when they are directed at products people want.50

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mp ationing by Àrices

•p Àroducers do not have much choice about what price is charged, because

there is so much competition. Through competition, prices constantly

change.51

mp Competition forces production, and prices to move where there is the highest

return. 52

mp ³ eal Value´

•p ³ eal´ values don¶t exist, the only reason people trade is that the value of

one thing is worth more to them then what they currently own. ëf

everything had a ³real´ value there would be no need to trade. Also, if

people traded and one was objectively worth more value than the other

item, the other person would feel they were being cheated.53

mp Àrices and Jupplies

•p High prices, competition, and demand cause quick delivery of supplies

when a country is in need. 53-54

c %

mp Àrice controls restrict the free market process of supply and demand.55

mp Àrice ceilings restrict the price from rising above a certain price.55

mp Àrice floor restrict a price from falling below a certain price.55

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mp A ³shortage´ happens when the amount demanded goes over the amount

supplied.56

mp A ³surplus´ happens when the amount demanded falls below the amount

supplied.56

 c     

mp Aith ³price ceilings´ there is not an increase in demand without an increase in

population.57

mp Demand Under ent Control

•p Àeople who don¶t need as big of an apartment are more likely to buy one

that is too big.58

•p Àeople who need one that size are going to be left in an apartment that is

too small for them or be without an apartment.58

mp Jupply Under ent Control

•p ent control also reduces the amount of apartments built. They can be

built but there is no incentive to build them.59

mp The Àolitics of ent Control

•p Aith rent control new apartments eventually need to be built and the only way

to do this is to exempt them from rent control. This means that luxury homes

under rent control become cheaper than homes without rent control.60

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•p Ahen there are houses without rent control and houses with rent with rent

control builders tend to want to build more, more expensive homes.61

mp Jcarcity vs. Jhortage

•p The difference between a ³shortage´ and scarcity is a shortage happens

because of price and scarcity is due to a lack of resources. There is a shortage

when an item is too expensive and less people are willing to purchase it. There

is scarcity when there are fewer goods relative to what people want.62

•p Aith price control there is no incentive to move goods to where there is a high

demand and move goods away from where there is low demand.63

mp ^lack arkets

•p Aith price controls there are black markets where prices are higher than the

prices under price controls and under what they would be in the free market. 64

mp ]uality Deterioration

•p Under price controls the quality of the apartment goes down when there is less

incentive to keep it nice, because it will be sold anyways.65

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mp Aith price floors people starve because they can¶t afford the surpluses of food.66

mp There are subsidies from the item that go to the top farmers.67
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mp The real losses are the waste of scarce resources that have alternative uses.55

mp Aith price floors poor people with little money spend too much money on goods

leaving little money towards other things that they need. Àeople with food stamps

are able to buy less food.55

½ c  '   (  !!)

mp Àoliticians will pay attention to an economist¶s advice so far as they still get

elected.68

mp Economists should try to convince the people instead.69

mp The FD passed the Fair {abor Jtandards Act (F{JA). ët changed the work-age

requirements, the length of the workweek, pay rates for overtime work, and

national minimum wage provision.70

mp 30-50,000 plus people lost their jobs as a result of the F{JA.70

mp This was particularly true for Àuerto ico, because their economy was already so

bad.71

mp The minimum wage went back down to 12.5 cents per hour.71

mp The question is not will it create unemployment, but by how much will

unemployment go up because of it.72

mp There are two sectors- a covered minimum wage and a sector that isn¶t covered by

the minimum wage. The covered sector transfer to the uncovered sector when

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they lose jobs, and those who don¶t lose jobs get a raise reducing the wage of the

uncovered sector.73

mp ët is worse for any worker to receive a higher wage, but lower non-pecuniary

benefits.74

mp Ahen low skill labor is too expensive companies replace them with machines.75

mp Aith minimum wage, employers do not have to hire by labor costs. They can hire

by racial, sexual, or religious preferences.76

mp The minimum wage exceeds young people¶s work productivity, so that they don¶t

get on-the-job training.77

mp Aith minimum wage, industries do not move to labor-rich regions of the

country.78

mp Unions support the minimum wage because it increases the wages of the non-

union workers so that union workers have less competition when looking for

jobs.79

mp ^usinesses also like the minimum wage because it forces competitors to pay

higher prices for labor.80

mp Aith the minimum wage people who are unemployed stop looking for work.

They choose to just receive the welfare check or turn to criminal activity.81

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mp ën the UJ the North profits more from the minimum wage because it is richer, the

Jouth on the other hand can¶t handle the minimum wage as well, and people are

fired, while hours are shortened.82

mp Ahen the N A ended the Jouth was very competitive, because of price

differentials.76

mp A problem with the minimum wage law is that it tries to solve the poverty

problem, while ignoring the North Jouth struggle.83

mp The Colberg Hypothesis says that largely industrialized regions will always vote

for the minimum wage so that labor does not move away.84

a   c 

mp Àaying off vested interests

•p ën order to equalize the North and the Jouth, taxes would have to be

raised.85

•p The visibility of the payments and what they would mean would make the

taxpayers abolish the minimum wage.79

mp Two-tier minimum wage

•p Congress would not pass a lower minimum wage for teenagers. ët¶s been

proposed before and Congress has rejected it.79


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mp ënflation

•p This doesn¶t work because it distorts production prices and causes

unemployment.79

mp Education

•p This is the best way to fix the problem. The politician will try to

disillusion voters, but if economists change their minds we won¶t have this

problem anymore.86

c *

mp The government sets up rules and contracts for parties when they transact. 87

mp The government also takes care of cost and benefits the market cannot take care

of.88

mp ët¶s good that the government is an enforcer of rules because that has helped

countries flourish.82

mp The cost of scarce resources is how they are not used with a corrupt government

and the people who leave because of it.89

mp Corruption can take place through appointing celebrities and relatives to office.90

mp The people who are in power should be trust worthy and not always changing

their minds.91

mp Discrimination is okay if it is known before the person is elected into power.92

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mp Àeople who are not given equal rights can still flourish in an economy.93

mp Ahere people are given property rights they are most likely to produce good

products because if they do not produce good products they will lose money.94

mp ët is best when the rich buy large estates and sell off land to the poor. ën

California and Virginia95 where this does not happen the large estates become

scarce and go up in value.96

mp The public and the legal system need to be honest for the economic system to run

smoothly.97

mp Ahen people are honest businesses can spend less money protecting their goods

and spend more time making money.98

mp Ahen the only way to avoid losing money is to disobey the law people lose

respect for the law.99

mp ën a free market honest people learn to avoid dishonest scams and the scam artists

business and publicity.100

mp External Costs: costs that are not involved in the cost of production101

mp The government can pass laws that protect people from the external costs.101

Example: Clean air act101

mp External ^enefits: ^enefits that are free with other people buying a product.102
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mp The government is best at providing external benefits like the military.103

mp The president and other elected officials make decisions that would help them get

elected in the short term but would not help the country in the long term.104

mp Decisions should be made categorically instead of incrementally so politicians

don¶t change their mind suddenly.104

mp The problem with dealing with issues categorically is that politicians are

pressured to make the issue disappear.105 Example: Clean water.106

mp Jometimes having a little of a bad thing can be a good thing, with a little

saccharin people can avoid getting cancer.107

mp Àoliticians go back to old laws even after the conflicts that created those laws

have passed.108

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" c!+,   

mp Ae want to take away the light of the Jun because he is the ultimate competition

to us. ëf we light our candles more often we will prosper from more labor being

done, more candles and oil will be produced.

mp ^y doing this we will help the consumer, but hurt the producer.

mp An orange from Àaris is more expensive than an orange from {isbon, because in

Àaris you have to pay for artificial light and for the orange in {isbon the light is

free.109

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!Frédéric ^astiat,p%5#
 8p' 2 2  (pJ 
  (1845) 57-62.p

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