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83031
Microeconomics
Descrição
A-Levels Economics Mapa Mental sobre Microeconomics, criado por amierosepickering em 11-05-2013.
Sem etiquetas
economics
economics
a-levels
Mapa Mental por
amierosepickering
, atualizado more than 1 year ago
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Criado por
amierosepickering
quase 11 anos atrás
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Resumo de Recurso
Microeconomics
Government Intervention
Subsidies
Supply curve shifts to the right
Costs the government more money
Can cause an increase in tax
Can cause a reallocation of funds
Will cause an opportunity cost of reducing those services
Price Ceiling
Reduces prices so things are more affordable for low income groups
Leads to an excess of demand
Can create a black market
Costs the government more money to set regulations
Price Floor
Especially on Demerit Goods
Leads to an excess of supply
Except on goods which demand is inelastic
Taxation
On Demand
Indirect Tax on goods
Decrease demand
On Supply
Cause a shift to the left on the supply curve
Increasing Price
Buffer Stock Schemes
Governments buy up excess supply of agricultural goods and sell it when supply is low
Agricultural Goods
Volatile Supply
Depends on factors such as weather
Causes fluctuations in prices
Advantages
Maintains farmers income
Consumers are able to afford goods
Disadvantages
Expensive
Requires significant amount of start up capital
Cost of storage
Merit & Demerit Goods
Merit
Under-consumed in a free market
Lack of information, people don't know the benefits
Demerit
Over-consumed in a free market
People are unaware of the lack of benefits the receive from consumption
E.g. Smoking & Alcohol
Negative Externalities
When demerit goods are consumed they have a negative effect on a third party
E.g. drinking to much alcohol and harm property of an innocent third party
Production
Social costs exceed private cost
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