Microeconomics

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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