Please enable JavaScript.
Coggle requires JavaScript to display documents.
Economics SL (MICRO (Market failure (Asymmetric Information,…
Economics SL
MICRO
Government Intervention
indirect Taxes
Ad Valorem Tax
Specific Taxes
Subsidies
subsidy effect
D1 = Qd = 12 – 2P
S1 = Qs = 1 + 2P
Price controls
Price Ceilings
Price Floors
Competitive Markets
Demand
Opportunity Costs
The Law of Demand
Q=a-bP
Determinants of Demand
Income
Price of Related Goods
Tastes and Preferences
Demographic Changes
Future Expectations
Number of Potential Buyers
Seasonal Changes
Government Policy
Supply
Determinants of Supply
Costs of Production
Technological Change
Prices of Related Goods
Future Expectations
Number of Firms in the Market
Government Intervention
Individual & Market Supply
Market Equilibrium
Role of price mechanism
Elasticities
Types
Cross-price elasticity of demand
Price elasticity of demand
Price elasticity of supply
Perfectly Inelastic
Perfectly Elastic
Market failure
Asymmetric Information
Positive/Negative Externalites of Production/Consumption
Common Access Resources
Government Failure
Abuse of Monopoly Power
MACRO
Macroeconomic objectives
Low unemployment
unemployment rate = number of unemployed / total labour force * 100
Unemployment: causes and solutions
Disequilibrium unemployment (frictional)
Equilibrium unemployment (seasonal, structural, frictional)
Solutions (leads onto fiscal and monetary)
Low and stable rate of inflation
Measuring inflation (+ difficulties: selection of goods, different income distributions, changes in consumption patterns, changes in quality over time)
Consequences of inflation
Consequences of deflation
Inflation: causes and solutions
Causes of inflation
Demand-pull inflation
Cost-push inflation
Inflationary wage-price spiral
Solutions to inflation
Economic growth
Increase in actual growth
Increase in potential output
How to achieve economic growth
Consequences of economic growth
Equity in distribution of income
The Lorenz curve
Poverty and it's causes (low income, unemployment, lack of human capital)
Consequences of poverty (low living standards, lack of of access to health care education, pressure on government finances, lower economic growth)
Redistributing income (taxation, providing socially desirable goods and services, transfer payments)
Overall Economic Activity
The Business Cycle
Booms
Recessions
Automatic Stabilizers
Measures of Economic Activity
GDP
GNI
Aggregate demand and aggregate supply
Aggregate Demand
Aggregate Supply
LRAS
SRAS
Equilibrium
Keynesian vs Neo-Classical
Policies
Supply Side
The role of supply-side policies
Interventionists supply-side policies
Market-based supply-side policies
Evaluation of supply-side policies
Fical
The government of buget
The role of fiscal policy
Evaluation of fiscal policy
Monetary
Interest rates
The role of monetary policy
Evaluation of monetary policy
INTERNATIONAL
Exchange rates
Terms of trade
xzncbkxz
xkbzckbxz
DEVELOPMENT