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Class: ECON 3650 - ; Subject: Economics; University: Georgia College & State University; Term: Fall 2010;
Typology: Quizzes
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DEFINITION 2 What you get from govt from what you pay mkt works when there is a preto-efficiency all mutual benefits have been exhausted. All allocation of resources have been used equality TERM 3
DEFINITION 3 Desire ability of alternative states. if all markets are perfect comparative if no missing mkt then comparative equality is predo-efficiency in the mkt. To fix promote free entry. or price floor TERM 4
DEFINITION 4 Externalities and information asymmetric for public goods aysmtic info can destroy a market TERM 5
DEFINITION 5 1.property rights 2.working for wages well established 3.Market 4.Free exit and free entry
1.externalites-altruism is a public good 2.public goods-a good for which my utility depends on the total amount provided 3.information aysmetries 4.imperfect competition TERM 7
DEFINITION 7 Public goods: non-rivial, non-excludable Private goods:rival, excludable Impure good TERM 8
DEFINITION 8 1.short sightedness 2.inflexibility 3.diff govt agencies have conflicting goals 4. interest groups distorts political process 5/elected officials and govt agencies have their own self- interest 6.ignorant and stupid voters TERM 9
DEFINITION 9
DEFINITION 10 1.protection of property and other rights:national defense. 2.govt production of goods and services 3.govt regulation of private transactions 4.Redistribution:min standard living 5. Stabilization
if other person defects you will do it next time. dont need govt to intervene to max utility. TERM 17
DEFINITION 17 indiv. pref of voter-> political process-> demand for public sector goods and services. majority voting -> political process TERM 18
DEFINITION 18
DEFINITION 19 rational for voters to be ignorant of public issues. Cost of being informed is greater than benefit of being informed for vote. Special interest have high incentive to be informed b/c benefits are high TERM 20
DEFINITION 20
vote for my program and i will vote for yours but you dont agree with it. but if you didnt do this neither program would pass. TERM 22
DEFINITION 22 are any excess payments to suppliers about that which would occur in a competitive market TERM 23
DEFINITION 23 agency/Burea= govt office economic agents -objective - constraints market value agency output >,=,< cost of the agency TERM 24
DEFINITION 24 median voter, special interest, elected offices, all voters TERM 25
DEFINITION 25 Agencies, elected offices