Public Expenditure Analysis and Management
... problems of collective action (free rider behavior, prisoner’s dilemma) • Pradhan and Campos (1996) defined it in terms of the “tragedy of the commons”. • Effective systems devise institutional arrangements and incentives to enable achievement of budgetary goals at 3 levels – Fiscal discipline – Str ...
... problems of collective action (free rider behavior, prisoner’s dilemma) • Pradhan and Campos (1996) defined it in terms of the “tragedy of the commons”. • Effective systems devise institutional arrangements and incentives to enable achievement of budgetary goals at 3 levels – Fiscal discipline – Str ...
production possibilities frontier
... • Economics is divided into two subfields: • Microeconomists study decisionmaking by households and firms in the marketplace. • Macroeconomists study the forces and trends that affect the economy as a whole ...
... • Economics is divided into two subfields: • Microeconomists study decisionmaking by households and firms in the marketplace. • Macroeconomists study the forces and trends that affect the economy as a whole ...
Chapter 14
... Absence of transaction costs Product homogeneity: products are identical in the eyes of their purchasers Presence of a large number of sellers, each accounts for a small fraction of market supply ...
... Absence of transaction costs Product homogeneity: products are identical in the eyes of their purchasers Presence of a large number of sellers, each accounts for a small fraction of market supply ...
The External Environment for Strategy
... Understand how to explain the firm’s external environment Describe the general, industrial, and competition environment Identify the firm’s five competitive forces Explain the environmental dimensions Define the strategic groups Describe how firms need to know about their competitors ...
... Understand how to explain the firm’s external environment Describe the general, industrial, and competition environment Identify the firm’s five competitive forces Explain the environmental dimensions Define the strategic groups Describe how firms need to know about their competitors ...
Ch.9
... Barriers to Entry • Network Externalities –The added benefits for all users of a good or service that arise because other people are using it too –Joining a large network is more beneficial than joining a small network ...
... Barriers to Entry • Network Externalities –The added benefits for all users of a good or service that arise because other people are using it too –Joining a large network is more beneficial than joining a small network ...
Microeconomics
Microeconomics (from Greek prefix mikro- meaning ""small"") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources. Typically, it applies to markets where goods or services are bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.This is in contrast to macroeconomics, which involves the ""sum total of economic activity, dealing with the issues of growth, inflation, and unemployment."" Microeconomics also deals with the effects of national economic policies (such as changing taxation levels) on the aforementioned aspects of the economy. Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon 'microfoundations'—i.e. based upon basic assumptions about micro-level behavior.One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. Microeconomics also analyzes market failure, where markets fail to produce efficient results, and describes the theoretical conditions needed for perfect competition. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory. Also considered is the elasticity of products within the market system.