Definitions for IB Economics
... service at a given price over a given period of time, all things being equal. Law of demand: consumers will demand more of a good at a lower price and less at a higher price, ceteris paribus – this is an inverse relationship Demand Function: is the relationship between quantity demanded (Qd) and pri ...
... service at a given price over a given period of time, all things being equal. Law of demand: consumers will demand more of a good at a lower price and less at a higher price, ceteris paribus – this is an inverse relationship Demand Function: is the relationship between quantity demanded (Qd) and pri ...
p.43 (3, 6-9)
... 4. Explain the concepts of allocative and productive efficiency and how they differ. 5. Construct a production possibilities curve when given appropriate data. 6. Illustrate economic growth, unemployment and underemployment of resources, allocative and productive efficiency, and increasing costs usi ...
... 4. Explain the concepts of allocative and productive efficiency and how they differ. 5. Construct a production possibilities curve when given appropriate data. 6. Illustrate economic growth, unemployment and underemployment of resources, allocative and productive efficiency, and increasing costs usi ...
Business Essentials, 7th Edition Ebert/Griffin
... – An industry or market that has only one producer (or else is so dominated by one producer that other firms cannot compete with it). • The sole supplier enjoys complete control over the prices of its products; its only constraint is a decrease in consumer demand due to increased prices. ...
... – An industry or market that has only one producer (or else is so dominated by one producer that other firms cannot compete with it). • The sole supplier enjoys complete control over the prices of its products; its only constraint is a decrease in consumer demand due to increased prices. ...
L2_20110304
... • An economy-wide respect for property rights is an important prerequisite for the price system to work and division of production among firms to be coordinated efficiently. • In many less developed countries, the system of justice does not work well – contracts are hard to enforce and theft and fra ...
... • An economy-wide respect for property rights is an important prerequisite for the price system to work and division of production among firms to be coordinated efficiently. • In many less developed countries, the system of justice does not work well – contracts are hard to enforce and theft and fra ...
Feminist Economics Challenges Mainstream Economics
... insists that the domain of social reproduction also constitutes an unsurpassable limit to the ability of the money mechanism to coordinate capital accumulation. The fact that social reproduction is not co-ordinated by markets and is not governed by the profit motive is not the result of purely conti ...
... insists that the domain of social reproduction also constitutes an unsurpassable limit to the ability of the money mechanism to coordinate capital accumulation. The fact that social reproduction is not co-ordinated by markets and is not governed by the profit motive is not the result of purely conti ...
Long roots of the crisis - Michael Roberts Blog
... The ultimate cause of crises in capitalism is lack of profitability. The Keynesian and Austerians (the supporters of austerity measures), deny this. So their solutions to crises do not work. Keynesian state-induced stimulus programmes (redistributive, monetary, and fiscal) cannot overcome the underl ...
... The ultimate cause of crises in capitalism is lack of profitability. The Keynesian and Austerians (the supporters of austerity measures), deny this. So their solutions to crises do not work. Keynesian state-induced stimulus programmes (redistributive, monetary, and fiscal) cannot overcome the underl ...
ON THE CONCEPT OF EFFICIENCY Prabhat Patnaik
... is a set of implicit prices (whose ratios are nothing else but these rates of transformation/substitution we have been talking about). If at these prices some other activity-set, formed by replacing a current activity by an activity outside the set, yields a profit, then a move to this set represent ...
... is a set of implicit prices (whose ratios are nothing else but these rates of transformation/substitution we have been talking about). If at these prices some other activity-set, formed by replacing a current activity by an activity outside the set, yields a profit, then a move to this set represent ...
Chapter 2
... we are willing to pay for an additional unit of it. We call this general principle the principle of decreasing ...
... we are willing to pay for an additional unit of it. We call this general principle the principle of decreasing ...
Institute of Actuaries of India Subject CT7 – Business Economics INDICATIVE SOLUTION
... v) Free market - A free market is one in which there is no government intervention; instead, individual producers and consumers are free to make their own economic decisions. In a free market, consumers choose what to buy (or demand), while producers choose what to produce (or supply) and how to pro ...
... v) Free market - A free market is one in which there is no government intervention; instead, individual producers and consumers are free to make their own economic decisions. In a free market, consumers choose what to buy (or demand), while producers choose what to produce (or supply) and how to pro ...
... and retail sectors which has the potential to result in several kinds of market distortions, that tilt the economy from its gowth especially in taxation, labour employment and produce marketing. This Informality leads to lower tax revenues to Government from a sector that uses public services and fa ...
History of economic thought
... were published some three hundred and seventy years after Ibn Khaldun's death. Not only did Ibn Khaldun plant the germinating seeds of classical economics, whether in production, supply, or cost, but he also pioneered in consumption, demand, and utility, the cornerstones of modern economic theory. A ...
... were published some three hundred and seventy years after Ibn Khaldun's death. Not only did Ibn Khaldun plant the germinating seeds of classical economics, whether in production, supply, or cost, but he also pioneered in consumption, demand, and utility, the cornerstones of modern economic theory. A ...
P 1
... • Labor and capital only earn what is needed to maintain them so their earnings only replace the value used up in the act of production • Land is a free gift from God and does not need to be maintained. Landlord receipts in excess of payments to labor and capital are the only source national wealth ...
... • Labor and capital only earn what is needed to maintain them so their earnings only replace the value used up in the act of production • Land is a free gift from God and does not need to be maintained. Landlord receipts in excess of payments to labor and capital are the only source national wealth ...
ECONOMICS and How It AFFECTS Business
... government officials, decide what to produce and how much, what to charge, and how much to pay workers. They also decide whether to produce goods in their own countries or have them made in other countries. No country is purely capitalist, however. Often the government gets involved in issues such a ...
... government officials, decide what to produce and how much, what to charge, and how much to pay workers. They also decide whether to produce goods in their own countries or have them made in other countries. No country is purely capitalist, however. Often the government gets involved in issues such a ...
Rosa Luxemburg, the critique of political economy, and the political
... Criticism of this position is easy enough. On the terrain of economic analysis it is enough to cite Lenin, Bukharin and Sweezy, who found that Rosa Luxemburg confused the problem of ‘where demand comes from to realise surplus value’ with the problem of ‘where money comes from to monetize profits’. O ...
... Criticism of this position is easy enough. On the terrain of economic analysis it is enough to cite Lenin, Bukharin and Sweezy, who found that Rosa Luxemburg confused the problem of ‘where demand comes from to realise surplus value’ with the problem of ‘where money comes from to monetize profits’. O ...
Macro Economy Review
... The household sector buys production from the business sector in exchange for payment through product markets. The business sector buys resources from the household sector in exchange for payment through resource markets. Revenue received by the business sector for selling goods is used to pay ...
... The household sector buys production from the business sector in exchange for payment through product markets. The business sector buys resources from the household sector in exchange for payment through resource markets. Revenue received by the business sector for selling goods is used to pay ...
Chapter 7
... material well-being, it now relies primarily on GDP because it allows easy comparison to other countries’ income accounting methods. The difference is that GDP includes the value of goods and services produced within the nation’s borders, and GNP includes the value of goods and services produced by ...
... material well-being, it now relies primarily on GDP because it allows easy comparison to other countries’ income accounting methods. The difference is that GDP includes the value of goods and services produced within the nation’s borders, and GNP includes the value of goods and services produced by ...
PDF
... Introduction: Economic development is a continuous, stochastic process considering that development depends on a multitude of historical, political, economic, cultural, ethnic and other factors. In the process of development, each country puts effort into strengthening their manufacturing potential, ...
... Introduction: Economic development is a continuous, stochastic process considering that development depends on a multitude of historical, political, economic, cultural, ethnic and other factors. In the process of development, each country puts effort into strengthening their manufacturing potential, ...
Sample
... microeconomic or macroeconomic issues What are the fundamental microeconomic questions? The fundamental microeconomic questions are (1) What goods and services will the economy produce and in what quantities? (2) What method of production will be used to produce the economy’s output of goods and ser ...
... microeconomic or macroeconomic issues What are the fundamental microeconomic questions? The fundamental microeconomic questions are (1) What goods and services will the economy produce and in what quantities? (2) What method of production will be used to produce the economy’s output of goods and ser ...