Spontaneous Order and Economic Fundamentals

Flashcards covering the concepts of spontaneous order, social order, micro and macro economics, and types of spontaneous order from the lecture notes.

What elements are associated with micro (price theory) in the lecture notes?

Values, needs, wants, desires, preferences, etc.

What elements are associated with macro (coordination, money) in the lecture notes?

Economy, Markets, Institutions.

What function does the price system serve as a type of spontaneous order?

Information system.

What function does money serve as a type of spontaneous order?

Medium of exchange.

What example of financial intermediaries is given as a type of spontaneous order?

Banks.

What function do stock & bond markets serve as a type of spontaneous order?

Exchange of ownership.

What function do speculation and future markets serve as a type of spontaneous order?

Information.

What function does accounting serve as a type of spontaneous order,

It serves as an information system

According to the lecture notes, what is treated as a given about human beings?

You are human beings with consciousness.