Ahtg 100 - Study guides, Class notes & Summaries

Individuals should specialize in the production of goods or services in which they have the lowest opportunity cost and then trade. This best describes which of the following economic principles? - ️️Law of Comparative Advantage Jonathan Haidt argues that people have six moral tastebuds. Conservatives and liberals (progressives) have three of these in common, but conservatives have three additional ones that liberals tend to lack. The "extra" tastebuds that liberals lack include all t...

according to john judis, what are current populists fighting against? - ️️market liberalism according to Justice ch 6, how does Rawls believe that we would write a social contract if we did so before we knew what our standing in society would be? - ️️we would create a contract that would protect us if we became poor in case we were so unfortunate according to Justice ch 6, the leaky toilet example illustrates multiple moral limits of contracts. all of the following are moral limits inc...

What does opportunity cost refer to? - ️️The cost of the next-best alternative. Not necessarily a monetary cost, but what you are giving up. What does specialization refer to? - ️️Without being completely self-sufficient, we need to specialize in something we can exchange with others. What is a command/planned economy? - ️️An economic system where the government controls exchanges and the allocation of resources--government agencies decide what will be produced and by whom. What i...