MACRO ECON

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Author:
toproadrunner
ID:
141679
Filename:
MACRO ECON
Updated:
2012-03-15 22:18:09
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MACRO ECON
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MACRO ECON
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  1. LAW OF SUPPLY
    A GREATER QUANTITY IS SUPPLIED AT HIGHER PRICES
  2. MOVEMENT ALONG THE PRICE CURVE
    A CHANGE IN THE MARKET PRICE THAT SIMPLY INCREASES OR DECREASES THE QUANTITY SUPPLIED/DEMANDED
  3. SUPPLY/DEMAND SHIFT
    CHANGE IN ONE OF THE INDEPENDENT VARIABLES OTHER TAN PRICE EX. INCOME
  4. COMMON VALUE AUCTION
    VALUE OF ITEM IS THE SAME TO ALL BIDDERS. bUT THE BIDDERS SON;T KNOW THE VALUE OF THE ITEM. EX. OIL LEASE
  5. ASCENDING PRICE AUCTION
    BIDDERS BID A GREATER AMOUNT THAN THE PREVIOUS HIGH BID, AND THE BIDDER THAT FIRST OFFERS THE HIGHEST BID, WINS THE ITEM.
  6. SEALED BID AUCTION
    ALL BIDDERS SUBMIT THIER PRIVATE BIDS. THE BIDDER WHO SUBMITTED THE HIGHEST BID, WINS.
  7. SECOND PRICE SEALED BID AUCTION
    THE BIDDER WHO SUBMITTED THE HIGHEST BID, WINS. HOWEVER, HE PAYS THE SECOND HIGHEST BID.
  8. DESCENDING PRICE AUCTION (DUTCH)
    BEGINS WITH HIGHEST PRICE AND THE PRICE IS REDUCED UNTILL A BIDDER IS WILLING TO PAY FOR IT. SOMETIMES, YOU CAN SAY THE QUANTITY YOU WILL BE PURCHASING EX. US TREASURY
  9. OBSTACLES TO EFFICIENT ALLOCATION
    1. PRICE CONTROLS 2. TAXES AND TRADE RESTRICTIONS 3. EXTERNAL COSTS 4.EXTERNAL BENEFITS 5, PUBLIC GOODS AND COMMON RESOURCES
  10. OBSTACLE OF EFFICIENT ALLOCATION OF RESOURCES:

    PRICE CONTROLS
    PRICE CEILINGS AND PRICE FLORS
  11. OBSTACLE OF EFFICIENT ALLOCATION OF RESOURCES

    TAXES AND TRADE RESTRICTIONS
    TAXES INCREASE THE PRICE THAT BUYERS PAY AND DECREASE THE AMT THAT SELLERS RECEIVE. QUOTAS ARE GOV-IMPOSED PRODUCTIONS LIMITS -LESS THAN EFFICIENT QUANTITY OF THE GOOD
  12. OBSTACLE OF EFFICIENT ALLOCATION OF RESOURCES

    EXTERNAL COSTS
    EX. COST IMPOSED ON FISHERMEN BY A FIRM THAT POLLUTES THE OCEAN AS PART OF ITS PRODUCTION PROCESS.
  13. OBSTACLE OF EFFICIENT ALLOCATION OF RESOURCES

    EXTERNAL BENEFITS
    TROPICAL GARDEN ON THE GROUNDS OF AN INDUSTRIAL COMPLEX.

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