Bcor 1015 exam 1 Study guides, Class notes & Summaries

BCOR 1015 MIDTERM 1 EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS the main economic questions (rational economic problem) - Answer️️ -1. What product am I making 2. who is going to make it 3. who gets the product scarcity is either... - Answer️️ -real or articficial hayek - Answer️️ -believed that knowledge is incomplete, prices are the signals, decision making must be decentralized Hayeks view on markets - Answer️️ -markets are a systematic process that allows us to pool kn...

BCOR 1015 Final Exam 2023 Questions and Answers Verified What are Hayeks views on planning and decision making? he believes in decentralized knowledge HAYEK: what is decentralized knowledge? spreading knowledge amongst people is Hayek against centralization? yes HAYEK: how does the price system coordinate resources? price signals are used to make decisions and send information to other groups because prices are lower or higher what are price signals? signals wrapped up in incentives;...

BCOR 1015 Final Exam 2023 Questions and Answers Verified What are Hayeks views on planning and decision making? he believes in decentralized knowledge HAYEK: what is decentralized knowledge? spreading knowledge amongst people is Hayek against centralization? yes HAYEK: how does the price system coordinate resources? price signals are used to make decisions and send information to other groups because prices are lower or higher what are price signals? signals wrapped up in incentives;...

The main economic questions (rational economic problem) - ANSWER-1. What product am I making 2. who is going to make it 3. who gets the product scarcity is either... - ANSWER-real or articficial hayek - ANSWER-believed that knowledge is incomplete, prices are the signals, decision making must be decentralized Hayeks view on markets - ANSWER-markets are a systematic process that allows us to pool knowledge hayek thinks economic problems arise due to ... - ANSWER-change Hayek th...

BCOR 1015 Final Exam Questions and Answers (100% Pass) What are Hayeks views on planning and decision making? - Answer️️ - he believes in decentralized knowledge HAYEK: what is decentralized knowledge? - Answer️️ -spreading knowledge amongst people is Hayek against centralization? - Answer️️ -yes HAYEK: how does the price system coordinate resources? - Answer️️ - price signals are used to make decisions and send information to other groups because prices are lower or hig...

BCOR 1015 Final Exam 2023 Questions and Answers Verified What are Hayeks views on planning and decision making? he believes in decentralized knowledge HAYEK: what is decentralized knowledge? spreading knowledge amongst people is Hayek against centralization? yes HAYEK: how does the price system coordinate resources? price signals are used to make decisions and send information to other groups because prices are lower or higher what are price signals? signals wrapped up in incentives;...

BCOR 1015 Final Exam 2023 Questions and Answers Verified What are Hayeks views on planning and decision making? he believes in decentralized knowledge HAYEK: what is decentralized knowledge? spreading knowledge amongst people is Hayek against centralization? yes HAYEK: how does the price system coordinate resources? price signals are used to make decisions and send information to other groups because prices are lower or higher what are price signals? signals wrapped up in incentives;...

BCOR 1015 Final Exam 2023 Questions and Answers Verified What are Hayeks views on planning and decision making? he believes in decentralized knowledge HAYEK: what is decentralized knowledge? spreading knowledge amongst people is Hayek against centralization? yes HAYEK: how does the price system coordinate resources? price signals are used to make decisions and send information to other groups because prices are lower or higher what are price signals? signals wrapped up in incentives;...

BCOR 1015 Final Exam 2023 Questions and Answers Verified What are Hayeks views on planning and decision making? he believes in decentralized knowledge HAYEK: what is decentralized knowledge? spreading knowledge amongst people is Hayek against centralization? yes HAYEK: how does the price system coordinate resources? price signals are used to make decisions and send information to other groups because prices are lower or higher what are price signals? signals wrapped up in incentives;...