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Econ 1000 notes, highly organized, 99 final grade CA$7.16   Add to cart

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Econ 1000 notes, highly organized, 99 final grade

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This is full lecture note, everything you need to ace your 1000 level Econ exams.

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  • October 6, 2024
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  • 2023/2024
  • Class notes
  • S. khan
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miyagi
Chapter 5 : Efficiency and
Equity
Type Lecture

Date @October 11, 2023

Reviewed Done


Resource Allocation
1) Market price

People who are willing to pay the market price

2) Command system

Clear lines of authority

3) Majority Rule

Decision affects lots of people and self-interest must be suppressed

4) Contest

Efforts are hard to monitor and reward directly

5) First-come, first served

One at a time

6) Lottery

When there is no efficient way to distinguish potential users

7) Personal Characters (e.g. marriage partners/ racial prejudice)
8) Force

War/ theft

Transfer wealth and establish legal framework




Chapter 5 : Efficiency and Equity 1

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