The efficiency of market equilibrium

notsoblonde95
Mind Map by notsoblonde95, updated more than 1 year ago
notsoblonde95
Created by notsoblonde95 almost 7 years ago
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NCEA Lvl3 Economics (The efficiency of market equilibrium) Mind Map on The efficiency of market equilibrium, created by notsoblonde95 on 08/23/2013.

Resource summary

The efficiency of market equilibrium
1 Consumer and producer surplus
1.1 Equation: 1/2(b) x h
1.2 Definition of consumer surplus: the difference between what consumers are willing to pay and what they actually pay
1.3 Definition of producer surplus: the difference between total earnings and total costs
2 Sales tax
2.1 Definition: An indirect tax collected by a third party (firms) which is the passed on to the government
3 Subsidy
3.1 Definition: A payment by the government to firms to keep their costs down, and as a result will increase supply
4 The incidence of a sales tax
5 The incidence of a subsidy
6 Tariffs and trade
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