Quiz 1: Fundamentals of Micro, Supply and Demand
Which word is defined as, “a legal order and normative ideal within a society by which individuals and their various associations are given the maximum range of liberty in pursuit of their proper ends, with a minimum of interference from superior authorities, i.e., only to the extent necessary to orient general activity towards the common good, and governed by the principles of conflicting rights, prudence, and, ultimately, of charity.”
And
“The virtue that inclines one to co-operate with others in order to help make the institutions of society better serve the common good. While the obligation of social justice falls upon the individual, that person cannot fulfill the obligation alone, but must work in concert with others, through organized bodies, as a member of a group whose purpose is to identify the needs of society, and, by the use of appropriate means, to meet these needs locally, regionally, nationally, and even globally.”
Comparative and Absolute advantage:
Assume Crusoe and Friday wish to maximize their production.
1 Coconut 1 Fish
Crusoe 20 min 20 min
Friday 30 min 25 min
Who has the absolute advantage?
Comparative and Absolute advantage:
Assume Crusoe and Friday wish to maximize their production.
1 Coconut 1 Fish
Crusoe 20 min 20 min
Friday 30 min 25 min
Looking at comparative advantage, who would produce what?