Name of a good society believes everyone is entitled to some minimal quantity of.
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Merit Good
methods of coordinating people's wants with other people's desires
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Coordination mechanisms
Since a natural monopoly is only one firm, it must serve all of its customers at a certain
output. By doing this, there is a risk of reduced ____ if the firm cuts costs to increase
,profits.
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quality
a policy that leaves people free to choose, but guides them toward a choice that a
paternalistic observer would see as good for them, we call these a nudge policy
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Libertarian paternalistic policy
Term for the reduction in inequity in incomes (provides a minimum amount of merit
goods).
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Income Redistribution
If the firm is producing at a loss of p<ATC, it must be provided a ____ that equals the
loss, bringing it back to zero economic profit
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subsidy
, a problem in which the incentives facing the decision maker does not match the
incentive needed for the mechanism to achieve its desired end
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Incentive compatibility problem
The word used for the reduction of something (used in environmental chapter)
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abatement
KARL MARX AND FRIEDRICH ENGELS... Focuses at the class level rather than the
individual, Divides the economy into capitalists and workers
-Labor theory value (Owners of the means of production exploit workers and pay
them subsistence wages)(A majority of worker's effort is turned into profits for the
capitalists)
-Alienation (People are creative, but work becomes degrading, monotonous, and
suitable for machines rather than for free, creative people)
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Marxian
a model that statistically discovers a pattern in the data
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Merit Good
methods of coordinating people's wants with other people's desires
Give this one a try later!
Coordination mechanisms
Since a natural monopoly is only one firm, it must serve all of its customers at a certain
output. By doing this, there is a risk of reduced ____ if the firm cuts costs to increase
,profits.
Give this one a try later!
quality
a policy that leaves people free to choose, but guides them toward a choice that a
paternalistic observer would see as good for them, we call these a nudge policy
Give this one a try later!
Libertarian paternalistic policy
Term for the reduction in inequity in incomes (provides a minimum amount of merit
goods).
Give this one a try later!
Income Redistribution
If the firm is producing at a loss of p<ATC, it must be provided a ____ that equals the
loss, bringing it back to zero economic profit
Give this one a try later!
subsidy
, a problem in which the incentives facing the decision maker does not match the
incentive needed for the mechanism to achieve its desired end
Give this one a try later!
Incentive compatibility problem
The word used for the reduction of something (used in environmental chapter)
Give this one a try later!
abatement
KARL MARX AND FRIEDRICH ENGELS... Focuses at the class level rather than the
individual, Divides the economy into capitalists and workers
-Labor theory value (Owners of the means of production exploit workers and pay
them subsistence wages)(A majority of worker's effort is turned into profits for the
capitalists)
-Alienation (People are creative, but work becomes degrading, monotonous, and
suitable for machines rather than for free, creative people)
Give this one a try later!
Marxian
a model that statistically discovers a pattern in the data
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