Last Modified: 2011-07-02
Related Textbooks:The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else
- any good or product can be produced in several ways.
- requires that the least amount of resources be used to manufacture products and services.
- consumer often face several choices to satisfy their needs or wants.
- requires that, given the same cost, individuals consume their cost preferred （首选的）goods.
- common resources have the potential to be overused.
- A problem where every individual's use of a resources depletes (耗尽) the stock, or value, for other consumers.
- consumption efficiency requires that individuals consume the goods and resources that they want and not consume the goods that they don't want.
- It is often a case the use of a resource by one individual necessarily leads the consumption by other individuals.
- eg. neighbors play music loudly
- eg. use of vaccines—if the person sitting next to you get a flu shot, you are more protected, even though may not get a vaccines.
- when resources are scare, not easily found, or easily transported, not everyone is able to acquire and use them.
- requires that the individuals with most needs/wants willing to pay are those who obtains the resources available.
- new goods, products and services methods are constantly coming in to existence.
- occurs when old goods are replaced by new goods that are more desirable and old production techniques are replaced by new methods that require few resources.
- all individuals with the same characteristics should be treated equally. same people the same
- all individuals with different characteristics should be treated differently. different people the different
- enormous set up costs; machinery
- natural monopolies; location ex:oil
- sole aquisition of primary resources; a dam can only be made so may times on one river.
- patent rights
- proprietary info.
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