1.1.3

Free goods

May 25, 2018August 29, 2020 admin economic goods, free goods, market externalities, scarce goods, scarcity

I do not seem to get passed scarcity – which is no wonder since it is at the core of economics. Today I read the chapter on the economic problem in my textbook. The author differentiates between economic goods and free goods.

1.1.3 Reflection Theme 1

The Doughnut Model

May 16, 2018August 31, 2018 admin doughnut model, scarcity

I am so happy writing and researching, that I almost forget to set the stage for my posts.

1.1.3 Reflection Theme 1

Ways to allocate goods

May 15, 2018August 31, 2018 admin allocation, market

I am following the discussion series What Money Can’t Buy led by Michael Sandel. I think the questions raised in this series are important, and equally interesting.

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advertising elasticiy allocation assumptions business model climate change consumer surplus cost demand division of labour doughnut model economic goods economic model economic system excess supply experiments free goods functions of money government intervention income elasticity inferior goods luxuries market market externalities normal goods normative statement objectives positive statement price elasticity price mechanism private goods producer surplus production possibility frontier profit profit maximisation public goods rational economic man scarce goods scarcity specialisation subsidy supply supply curve systems thinking wants waste