671 lines
38 KiB
HTML
671 lines
38 KiB
HTML
<html><head><meta http-equiv="Content-Type" content="text/html; charset=utf-8"/><title>Unit 1: Basic Economic Concepts</title><style>
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/* cspell:disable-file */
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/* webkit printing magic: print all background colors */
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html {
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-webkit-print-color-adjust: exact;
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}
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* {
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box-sizing: border-box;
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-webkit-print-color-adjust: exact;
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}
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html,
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body {
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margin: 0;
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padding: 0;
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}
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@media only screen {
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body {
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margin: 2em auto;
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max-width: 900px;
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color: rgb(55, 53, 47);
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}
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}
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a,
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h1,
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h2,
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h3 {
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h1 {
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margin-top: 1.875rem;
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h2 {
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figure {
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hr {
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border-bottom: 1px solid rgba(55, 53, 47, 0.09);
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img {
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@media only print {
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img {
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object-fit: contain;
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@page {
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table,
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th,
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th,
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th {
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ol,
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li > ol:first-child,
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ul {
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ul > li {
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ol {
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ol > li {
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.mono ol {
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/* Indent toggle children */
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border-radius: 3px;
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margin-right: 0.5em;
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margin-top: 0.3em;
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margin-bottom: 0.3em;
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display: inline-block;
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height: 29px;
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time {
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p > .user {
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td > .user,
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p {
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</style></head><body><article id="7c9752a3-4677-4dfe-9420-f6b61b92c4a2" class="page sans"><header><h1 class="page-title">Unit 1: Basic Economic Concepts</h1><table class="properties"><tbody><tr class="property-row property-row-created_time"><th><span class="icon property-icon"><svg viewBox="0 0 14 14" style="width:14px;height:14px;display:block;fill:rgba(55, 53, 47, 0.45);flex-shrink:0;-webkit-backface-visibility:hidden" class="typesCreatedAt"><path d="M7.01356 14.0001C8.8042 14.0001 10.5958 13.3107 11.9575 11.9324C14.681 9.21201 14.6808 4.7603 11.9571 2.04013C9.23336 -0.680043 4.77573 -0.680043 2.05199 2.04013C0.727519 3.36277 0 5.13301 0 6.99553C0 8.8764 0.727811 10.6285 2.05199 11.9509C3.43207 13.3106 5.22243 14.0001 7.01356 14.0001ZM3.72947 7.00914V8.461V8.65543H3.92382H5.34563H8.2794H8.4738V8.461V5.52541V3.37947V3.18502H8.2794H6.82747H6.63307V3.37947V6.81467H3.92382H3.72947V7.00914ZM1.83985 6.99553C1.83985 5.61698 2.38099 4.32597 3.36061 3.3477C5.36746 1.34337 8.64803 1.34062 10.6585 3.33944C10.6613 3.34219 10.6639 3.34494 10.6668 3.3477C12.676 5.3546 12.6763 8.63642 10.6668 10.6434C8.65705 12.6504 5.37031 12.6504 3.36061 10.6434C2.38099 9.66506 1.83985 8.37408 1.83985 6.99553Z"></path></svg></span>Created</th><td><time>@August 23, 2021 9:47 AM</time></td></tr><tr class="property-row property-row-multi_select"><th><span class="icon property-icon"><svg viewBox="0 0 14 14" style="width:14px;height:14px;display:block;fill:rgba(55, 53, 47, 0.45);flex-shrink:0;-webkit-backface-visibility:hidden" class="typesMultipleSelect"><path d="M4,3 C4,2.447715 4.447715,2 5,2 L12,2 C12.5523,2 13,2.447716 13,3 C13,3.55228 12.5523,4 12,4 L5,4 C4.447715,4 4,3.55228 4,3 Z M4,7 C4,6.447715 4.447715,6 5,6 L12,6 C12.5523,6 13,6.447716 13,7 C13,7.55228 12.5523,8 12,8 L5,8 C4.447715,8 4,7.55228 4,7 Z M4,11 C4,10.447715 4.447715,10 5,10 L12,10 C12.5523,10 13,10.447716 13,11 C13,11.55228 12.5523,12 12,12 L5,12 C4.447715,12 4,11.55228 4,11 Z M2,4 C1.44771525,4 1,3.55228475 1,3 C1,2.44771525 1.44771525,2 2,2 C2.55228475,2 3,2.44771525 3,3 C3,3.55228475 2.55228475,4 2,4 Z M2,8 C1.44771525,8 1,7.55228475 1,7 C1,6.44771525 1.44771525,6 2,6 C2.55228475,6 3,6.44771525 3,7 C3,7.55228475 2.55228475,8 2,8 Z M2,12 C1.44771525,12 1,11.5522847 1,11 C1,10.4477153 1.44771525,10 2,10 C2.55228475,10 3,10.4477153 3,11 C3,11.5522847 2.55228475,12 2,12 Z"></path></svg></span>Tags</th><td><span class="selected-value select-value-color-orange">In Class</span></td></tr></tbody></table></header><div class="page-body"><p id="53a748c4-de79-45ff-a77c-8205212f719b" class="">The basic principle of economics is that we have <span style="border-bottom:0.05em solid">unlimited wants & needs</span>, but a <span style="border-bottom:0.05em solid">limited supply of resources</span>. This concept is known as <strong>scarcity</strong>.</p><h2 id="dcbfeb0c-2a92-4d52-8087-5e934097b416" class="">What is Economics?</h2><ul id="a5d1f8e3-393d-4eb1-a642-856dbfff952f" class="bulleted-list"><li style="list-style-type:disc">Economics is the <span style="border-bottom:0.05em solid">science of scarcity</span>. </li></ul><ul id="022a2e91-7517-4aa2-9e41-0e8996c30e6a" class="bulleted-list"><li style="list-style-type:disc">Scarcity means that we have unlimited wants but limited resources.</li></ul><ul id="05563953-245b-4e32-8e80-3f90508d519d" class="bulleted-list"><li style="list-style-type:disc">Since we are unable to have everything we desire, we must make <span style="border-bottom:0.05em solid">choices</span> on how we will use our resources.</li></ul><ul id="6097b744-b424-4005-97d6-3378b5ca1000" class="bulleted-list"><li style="list-style-type:disc">Economics is the study of these <span style="border-bottom:0.05em solid">choices</span>.</li></ul><ul id="af1ca4eb-fde0-4b32-914d-58d65c08ed61" class="bulleted-list"><li style="list-style-type:disc">In Microeconomics, we will primarily study the choices of individuals and firms. <ul id="b0eb9155-254c-4537-8c08-bfdb7562137e" class="bulleted-list"><li style="list-style-type:circle">Study of <strong>small economic markets</strong> such as individuals, firms, and industries (ex: supply and demand in specific markets, production costs, labor markets, etc.)</li></ul></li></ul><h2 id="18376aed-6265-44e7-a85d-ed2e1c2f57c8" class="">How is Economics used?</h2><ul id="265935cf-9eab-42b6-98d4-29ca5f5c64cc" class="bulleted-list"><li style="list-style-type:disc">Economists use the scientific method to make generalizations and abstractions to develop theories. This is called <strong>theoretical economics.</strong></li></ul><ul id="ce841c11-ce2f-4fcc-98dd-2ed28171d45f" class="bulleted-list"><li style="list-style-type:disc">These theories are then applied to fix problems or meet economic goals. This is called <strong>policy economics.</strong></li></ul><h2 id="2b5da599-66d7-4157-9e34-b79926cf5c6c" class="">Positive vs. Normative</h2><ul id="0a81f71c-4df3-46f5-993d-50fbdc58afec" class="bulleted-list"><li style="list-style-type:disc">Positive Statements: Basted on facts. Avoids value judgements (what is).</li></ul><ul id="6f6ae3cb-9b2c-42fc-b1fb-db24e1c99070" class="bulleted-list"><li style="list-style-type:disc">Normative Statements: Includes value judgements (what ought to be).</li></ul><h2 id="43cf0426-8d5e-4571-8b8b-e45fead11e81" class="">5 Key Economic Assumptions</h2><ol type="1" id="3f1c939a-63b9-4b38-b02a-ccfbe4e71d5a" class="numbered-list" start="1"><li>Society's wants are unlimited, but ALL resources are limited (scarcity).</li></ol><ol type="1" id="b32a9e83-5eb0-4ec6-bbfa-ac2fb191d0cd" class="numbered-list" start="2"><li>Due to scarcity, choices must be made. Every choice has a cost (a trade-off).</li></ol><ol type="1" id="6fb78efe-0df5-4d53-92f9-70598cd25df7" class="numbered-list" start="3"><li>Everyone's goal is to maximize their satisfaction. Everyone acts in their own "self-interest."</li></ol><ol type="1" id="07fa0188-129c-493e-ad56-57704cc5267f" class="numbered-list" start="4"><li>Everyone makes decisions by comparing the <strong>marginal costs</strong> and <strong>marginal benefits</strong> of every choice.</li></ol><ol type="1" id="6663062d-de39-4a95-984f-ee455b1c2161" class="numbered-list" start="5"><li>Real-life situations can be modeled through simple graphs.</li></ol><h2 id="2e3bac02-6e35-452a-8cf2-df15cbc34536" class="">Marginal Analysis</h2><ul id="3dc49926-5362-45db-8bfc-2f72ff57a8df" class="bulleted-list"><li style="list-style-type:disc">The term <strong>marginal</strong> means additional, or one more.</li></ul><ul id="a16fd7c9-4801-4433-91ef-9cbe7c4ea2e6" class="bulleted-list"><li style="list-style-type:disc">"Thinking on the margin," or <strong>marginal analysis</strong> involves making decisions based on the additional benefit vs. the additional cost.</li></ul><ul id="1a143e42-13d8-4e24-8e65-00112f389a53" class="bulleted-list"><li style="list-style-type:disc">The marginal analysis approach to decision making is more commonly used than the "all or nothing" approach.</li></ul><ul id="1d759403-c3d3-4fea-81cd-b82a648cf114" class="bulleted-list"><li style="list-style-type:disc">You will continue to do something until the marginal cost outweighs the marginal benefit.</li></ul><h2 id="45fa3901-0e78-4068-a4ba-a2e375e78453" class="">Trade-offs and Opportunity Cost</h2><ul id="31855d92-4be6-4399-b29c-83985a550ba8" class="bulleted-list"><li style="list-style-type:disc"><strong>Trade-offs</strong> are all the alternatives that we give up whenever we choose one course of action over others.</li></ul><ul id="26aa21a1-8afd-4299-b595-0a0206f6f95e" class="bulleted-list"><li style="list-style-type:disc">The most desirable alternative given up as a result of a decision is known as the <strong>opportunity cost</strong>.</li></ul><h2 id="2d4b80da-c2c5-4593-8d69-1a75e003ffc0" class="">The Four Factors of Production</h2><ul id="d14ed2a0-d5ea-4a41-bf4f-99df95778d50" class="bulleted-list"><li style="list-style-type:disc">Land</li></ul><ul id="4e5ec486-8061-481e-979c-7fab6b07af83" class="bulleted-list"><li style="list-style-type:disc">Labor</li></ul><ul id="1792c22b-ebd5-40e4-969b-676cddd33123" class="bulleted-list"><li style="list-style-type:disc">Capital</li></ul><ul id="ea8ef79b-595a-4997-835d-782ee5cbf552" class="bulleted-list"><li style="list-style-type:disc">Entrepreneurship</li></ul><p id="3c7633cd-c86c-4e9f-85b1-40d05a099e0e" class="">These four factors of production are all SCARCE resources.</p><h2 id="49a386a4-6e69-4a6a-bbb5-18c8836e613b" class="">Economic Systems</h2><p id="fa5accc3-3777-420f-8164-1554a0720456" class="">An economic system is an organized method to provide for the wants & needs of a society. </p><p id="fb7c35dd-ca38-42ec-a2bf-88fd3bb40528" class="">Every economic system must answer three basic economic questions:</p><ol type="1" id="8de9b643-3fb8-4603-9b5f-aab9900a32ca" class="numbered-list" start="1"><li>What to produce?</li></ol><ol type="1" id="e39fd42c-b0c2-4ae4-9863-4a38d2e920f0" class="numbered-list" start="2"><li>How to produce?</li></ol><ol type="1" id="57e6312b-b52d-4b75-baaa-5bc4b6b7541b" class="numbered-list" start="3"><li>For whom to produce?</li></ol><h2 id="e1c0a80e-7a51-4423-9668-659960839fb1" class="">The Production Possibilities Curve (PPC)</h2><ul id="b5800970-a46a-46f6-9b20-bf9af25b29b1" class="bulleted-list"><li style="list-style-type:disc">An economic model for explaining the concept of opportunity cost</li></ul><ul id="3b0b2675-7852-42a4-ba52-c934541912aa" class="bulleted-list"><li style="list-style-type:disc">A production possibilities curve is a model that shows alternative ways that an economy can use its scarce resources.</li></ul><ul id="fe34040a-2de0-41e1-a77e-bc02bf7e0001" class="bulleted-list"><li style="list-style-type:disc">This model graphically demonstrates scarcity, trade-offs, opportunity costs, and efficiency.</li></ul><h3 id="f42b7dca-0630-49b0-849a-bc956990fb9e" class="">4 Key Assumptions</h3><ul id="fbf57289-0450-4a4c-96b0-3f61e88d7ecf" class="bulleted-list"><li style="list-style-type:disc">Only two goods can be produced</li></ul><ul id="7043bf83-ce19-4c25-99a7-fa0edbb952c4" class="bulleted-list"><li style="list-style-type:disc">Full employment of resources</li></ul><ul id="08c0f1bd-3349-4850-82b5-4e3acaef0c4e" class="bulleted-list"><li style="list-style-type:disc">Fixed Resources</li></ul><ul id="2ca6cdc2-2a06-4110-b9e7-85aa6376206f" class="bulleted-list"><li style="list-style-type:disc">Fixed Technology</li></ul><p id="9d8c8ca2-f181-4f90-9b68-0f50a44d8c44" class="">Any point which lies on the graph is the most efficient, while any point inside the curve does not make the most efficient use of all available resources.</p><h2 id="cc2cbf3d-bf60-4f7e-8d4b-721b1f98c4a1" class="">Law of Increasing Opportunity Cost</h2><ul id="b0cc49d3-b119-4a9f-80db-c48d576c5652" class="bulleted-list"><li style="list-style-type:disc">As you produce more of any good, the opportunity cost will increase</li></ul><ul id="3a2b98e7-df5f-4a81-9ec0-4a9c901b9f13" class="bulleted-list"><li style="list-style-type:disc">Resources are NOT easily adaptable to producing both goods</li></ul><ul id="9af62424-a1af-4762-baa3-686f4e768ac9" class="bulleted-list"><li style="list-style-type:disc">Result is a <span style="border-bottom:0.05em solid">bowed out</span> (Concave) PPC</li></ul><h2 id="639d56f9-9546-4136-986e-26c7abe6a4cc" class="">Per Unit Opportunity Cost</h2><figure id="31ddfbc8-8580-405c-8bce-6ab441b1cf26" class="equation"><style>@import url('https://cdnjs.cloudflare.com/ajax/libs/KaTeX/0.13.2/katex.min.css')</style><div class="equation-container"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><mtext>How much each marginal unit costs</mtext><mo>=</mo><mfrac><mtext>Opportunity cost</mtext><mtext>Units gained</mtext></mfrac></mrow><annotation encoding="application/x-tex">\textrm{How much each marginal unit costs} = \frac{\textrm{Opportunity cost}}{\textrm{Units gained}}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="base"><span class="strut" style="height:0.8888799999999999em;vertical-align:-0.19444em;"></span><span class="mord text"><span class="mord textrm">How much each marginal unit costs</span></span><span class="mspace" style="margin-right:0.2777777777777778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2777777777777778em;"></span></span><span class="base"><span class="strut" style="height:2.24077em;vertical-align:-0.8804400000000001em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.3603299999999998em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord textrm">Units gained</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord textrm">Opportunity cost</span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.8804400000000001em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span></span></div></figure><h2 id="44680150-9fb2-411b-a543-2e18a37bc40b" class="">Two Types of Efficiency</h2><h3 id="d4f1f54b-f333-4014-99e7-5028df32d24c" class="">Productive Efficiency</h3><ul id="4b894bac-d605-4626-94aa-345d5be69e70" class="bulleted-list"><li style="list-style-type:disc">Products are being produced in the least costly way</li></ul><ul id="6986b92f-2217-4613-b5fd-69ad69032065" class="bulleted-list"><li style="list-style-type:disc">This is any point ON the PPC</li></ul><h3 id="8d48e179-0990-4b78-bd8f-db537afbde40" class="">Allocative Efficiency</h3><ul id="832ee6c5-6434-47cb-8b6a-f6ba9b2965a4" class="bulleted-list"><li style="list-style-type:disc">The products being produced are the ones most desired by society</li></ul><ul id="f6a4b9da-767e-486f-a7ba-58e790fa6684" class="bulleted-list"><li style="list-style-type:disc">The <em>optimal</em> point on the PPC depends on the desires of society</li></ul><h2 id="5a062deb-60c6-44b6-8fb3-fb052e57306e" class="">Shifting the PPC</h2><ol type="1" id="cd56f54d-657b-4f4e-b681-596f6a21c7e3" class="numbered-list" start="1"><li>Change in resource quantity or quality</li></ol><ol type="1" id="34c7db86-1e8e-405b-8340-5e15c87868b9" class="numbered-list" start="2"><li>Technology improves</li></ol><ol type="1" id="78ff88a3-5689-4d74-8fb3-83f8af22402e" class="numbered-list" start="3"><li>More education or training</li></ol><h1 id="7461363a-066e-4a06-b3be-1739ebf0d402" class="">Comparative Advantage</h1><p id="3bd97705-2ad9-4b2e-a15a-24f2237cfbf6" class="">While the absolute advantage merely compares the efficiency of production, comparative advantage compares the opportunity costs of production.</p><h2 id="e348c8b4-bad4-458f-b4fc-90e986580c08" class="">Output Method</h2><p id="552c6c62-5005-4e33-a836-ab281268bb57" class="">OOO - <span style="border-bottom:0.05em solid">O</span>utput: <span style="border-bottom:0.05em solid">O</span>ther goes <span style="border-bottom:0.05em solid">O</span>ver</p><h2 id="4a553701-0a09-4b62-84e7-5217fb8a0308" class="">Input Method</h2><p id="ec98e9ea-ebb6-4a4a-a960-8d914949bc3b" class="">IOU - <span style="border-bottom:0.05em solid">I</span>nput: <span style="border-bottom:0.05em solid">O</span>ther goes <span style="border-bottom:0.05em solid">U</span>nder</p><h1 id="c0d45b18-9c55-4e2a-97b8-3e4c547eee4e" class="">Marginal Utility & Marginal Cost</h1><p id="a1aad08b-5865-4757-9408-6e756ee7cadf" class="">The formula to find utility maximization is:</p><figure id="c6967c37-2177-4d24-a06e-5b9b5ab83aab" class="equation"><style>@import url('https://cdnjs.cloudflare.com/ajax/libs/KaTeX/0.13.2/katex.min.css')</style><div class="equation-container"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><mfrac><mrow><mi>M</mi><msub><mi>U</mi><mi>x</mi></msub></mrow><msub><mi>P</mi><mi>x</mi></msub></mfrac><mo>=</mo><mfrac><mrow><mi>M</mi><msub><mi>U</mi><mi>y</mi></msub></mrow><msub><mi>P</mi><mi>y</mi></msub></mfrac></mrow><annotation encoding="application/x-tex">\frac{MU_x}{P_x} = \frac{MU_y}{P_y}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="base"><span class="strut" style="height:2.19633em;vertical-align:-0.8360000000000001em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.36033em;"><span style="top:-2.3139999999999996em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.13889em;">P</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.151392em;"><span style="top:-2.5500000000000003em;margin-left:-0.13889em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">x</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.10903em;">M</span><span class="mord"><span class="mord mathnormal" style="margin-right:0.10903em;">U</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.151392em;"><span style="top:-2.5500000000000003em;margin-left:-0.10903em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">x</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.8360000000000001em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2777777777777778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2777777777777778em;"></span></span><span class="base"><span class="strut" style="height:2.332438em;vertical-align:-0.972108em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.36033em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.13889em;">P</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.15139200000000003em;"><span style="top:-2.5500000000000003em;margin-left:-0.13889em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight" style="margin-right:0.03588em;">y</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.286108em;"><span></span></span></span></span></span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.10903em;">M</span><span class="mord"><span class="mord mathnormal" style="margin-right:0.10903em;">U</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.15139200000000003em;"><span style="top:-2.5500000000000003em;margin-left:-0.10903em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight" style="margin-right:0.03588em;">y</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.286108em;"><span></span></span></span></span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.972108em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span></span></div></figure><h1 id="3cf2ffe1-94ff-4ccb-8d3f-523aaa1d35fb" class="">Factor & Product Markets</h1><h2 id="840acc56-31c5-4087-8556-92a3b1cdda68" class="">Factor Market</h2><ul id="a6ab6c40-92b8-487e-b161-c1433f332ccc" class="bulleted-list"><li style="list-style-type:disc">Factors of production ⇒ money</li></ul><ul id="aa58e193-9532-499e-9cab-24474532b210" class="bulleted-list"><li style="list-style-type:disc">Households sell</li></ul><ul id="b07b98d8-c74b-4562-8a32-81115d4bdcfe" class="bulleted-list"><li style="list-style-type:disc">Firms buy</li></ul><h2 id="f58ecb5f-260c-4c4b-878c-4d03d7ee1b07" class="">Product Market</h2><ul id="200a0f38-017c-4065-a03e-fcb4780d181c" class="bulleted-list"><li style="list-style-type:disc">Money ⇒ Products / Goods and Services</li></ul><ul id="e0adddf7-4746-4f0e-b3f0-db54933f8c4b" class="bulleted-list"><li style="list-style-type:disc">Firms sell</li></ul><ul id="3258343d-7c29-4f71-b8b1-ee33a2666cf4" class="bulleted-list"><li style="list-style-type:disc">Households buy</li></ul><figure id="c5180a79-b1d4-4bec-af89-24ac7d1d8ccf" class="image"><a href="Unit%201%20Basic%20Economic%20Concepts%207c9752a346774dfe9420f6b61b92c4a2/Untitled.png"><img style="width:666px" src="Unit%201%20Basic%20Economic%20Concepts%207c9752a346774dfe9420f6b61b92c4a2/Untitled.png"/></a><figcaption>The circular flow diagram of the Factor and Product markets, representing the circular flow of exchange.</figcaption></figure><figure class="block-color-gray_background callout" style="white-space:pre-wrap;display:flex" id="9f94ac4c-ceb4-47e2-bb51-a042a2eacffb"><div style="font-size:1.5em"><span class="icon">💡</span></div><div style="width:100%">This diagram represents the exchange of goods and services in a pure market economy.</div></figure><h2 id="a20d8811-f805-4a95-a7f6-641079c809c3" class="">Government Involvement</h2><figure id="f3b6f7ad-ae24-4316-a4cb-fcd9c6335d49" class="image"><a href="Unit%201%20Basic%20Economic%20Concepts%207c9752a346774dfe9420f6b61b92c4a2/Untitled%201.png"><img style="width:960px" src="Unit%201%20Basic%20Economic%20Concepts%207c9752a346774dfe9420f6b61b92c4a2/Untitled%201.png"/></a></figure><p id="fe9c36f1-c4e3-42dc-a019-465a2d01f074" class="">The government in a mixed-market economy acts as an intermediary between many aspects of the Factor and Product markets.</p><h2 id="515701a8-729d-4eb3-88d5-ea259787a8b7" class="">Financial Institutions & Government</h2><figure id="ead9fcb5-208b-441e-bab6-23b20688b4b3" class="image"><a href="Unit%201%20Basic%20Economic%20Concepts%207c9752a346774dfe9420f6b61b92c4a2/Untitled%202.png"><img style="width:445px" src="Unit%201%20Basic%20Economic%20Concepts%207c9752a346774dfe9420f6b61b92c4a2/Untitled%202.png"/></a><figcaption>No, just no.</figcaption></figure><p id="5647325d-ad1f-404e-9c10-83ed48ae7356" class="">
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