Microeconomics

Mehr dazu

New Map cuba

von Nicholas Flores

Attractiveness of TUI

von CARLOS PARRA

Portfolio #3

von Jing Jing Li - Rick Hansen SS (2542)

Holland Colonization

von John Westbrook

Price P, Substitute Ps, Comp Pc, Income y, Taste t, Advertising A, Population pop

Increase in Demand shifts curve to the RIGHT, decrease = LEFT

Protectionism aims to restrict and limit free trade with countries to protect home producers from foreign suppliers

Over dependence on specific output, undermine local culture, dumping.

Free Trade V Protectionism

Free Trade

reduces conflict, encourages efficient production & entrepreneurship, greater choice for consumers, creates unemployment

Microeconomics

Demand Curve

Production Possibility Frontier/Curve

Going point to point = opportunity costs

All points outside the curve are unattainable

All points ON the curve are efficient

Economic systems

Free market economy

Low government interference US/EU

Cons = can be socially irresponsible, private wealth at expense of others

benefits = self interest, prices & market, private property

Command economy

Government decides price of produce = communist government

cons = lack of individual freedom, risk of exploitation of workers

benefits = social solidarity, great security for people

Four Principles

People are rational

Marginal Decision

Opportunity Cost

Scarcity L, Lb, K