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Economics

AP US Ch. 9 outline

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International trade
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outline

Chapter 7 Questions Level 1 Mercantilism What was the mercantile system/theory? put upon by the British. Shaped the idea of major policies. Believed that wealth was power; a country?s economic wealth could be measured by the amount of gold or silver. Basic goal: export more than what was being imported. Relied on strong central governments to be enforced. What occurred during the Boston Tea Party? What were the Acts that were established? Describe each. Level 2 Questions. What impact did the Navigations Act (NA) have upon the colonies economic system? Explain. 1763 NA.

Oligopoly

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Economics
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Oligopoly
Imperfect competition
Monopoly
Anti-competitive behaviour
Competition
Barriers to entry
Market power
Profit
Technology
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oligopoly
game theory
market structures

Profit maximisation conditions An oligopoly maximises profits by producing where marginal revenue equals marginal costs. Ability to set price Oligopolies are price setters rather than price takers. Entry and exit Barriers to entry are high The most important barriers are: economies of scale patents access to expensive and complex technology strategic actions by incumbent firms designed to discourage or destroy nascent firms Additional sources of barriers to entry: government regulation favoring existing firms making it difficult for new firms to enter the market. Number of firms "Few" ? a "handful" of sellers Long run profits Oligopolies can retain long run abnormal profits

Monopolistic Competition

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Economics
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monopolistic
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market structures

competing producers sell products that are differentiated from one another as good but not perfect substitutes such as from branding, quality, or location ?ignores the impact of its own prices on the prices of other firms Characteristics There are many producers and many consumers in the market, and no business has total control over the market price. Consumers perceive that there are non-price differences among the competitors' products. There are few barriers to entry and exit.[4] Producers have a degree of control over price Short Run firms can behave like monopolies in the short ru including by using market power to generate profit. ? Long Run ?the market becomes more like a perfectly competitive?one where firms cannot gain economic profit

AP Macroeconomics notes part 1

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Economics
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Deflation
Economic growth
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AP Macroeconomics Study Guide ? Version 1.00 I. Basic Economic Concepts Economic Goals 1. Economic growth ? produce more and better goods and services 2. Full employment ? suitable jobs for all citizens who are willing and able to work 3. Economic efficiency ? achieve the maximum production using available resources 4. Price-level stability ? avoid large fluctuations in the price level (inflation + deflation) 5. Economic freedom ? businesses, workers, consumers have a high degree of freedom in economic activities 6. Equitable distribution of income ? try to minimize gap between rich and poor 7. Economic security ? provide for those who are not able to earn sufficient income 8. Balance of trade ? try to seek a trade balance with the rest of the world

AP econ scoring guide

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Economics
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AP Economics

AP? Macroeconomics 2008 Scoring Guidelines Form B The College Board: Connecting Students to College Success The College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. Founded in 1900, the association is composed of more than 5,400 schools, colleges, universities, and other educational organizations. Each year, the College Board serves seven million students and their parents, 23,000 high schools, and 3,500 colleges through major programs and services in college admissions, guidance, assessment, financial aid, enrollment, and

4.3 Vocabulary

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Economics
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Consumer theory
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Elasticity
Demand
Microeconomics
Price elasticity of demand


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Tragedy of the Commons

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Biology
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William Forster Lloyd
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Tragedy of the Commons

Foreign Policy: What happens after Gadhafi? (CNN Opinion) After Gadhafi, the first challenge will be security. Failure to maintain public order is what got us into big trouble in Iraq, where Saddam Hussein?s ?stay behind? operation stirred civic unrest and destroyed government buildings. The murder in Libya last month of the overall rebel commander is a reminder that internecine warfare among the more than forty-five rebel militias is a real possibility. People who lost family and tribal members to the Gadhafi regime may seek to settle scores. Former regime elements may seek to defend themselves and to ?privatize? state assets. Criminals will see opportunities to traffic in arms, drugs and even people.

Externalities

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Market failure
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Internet
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Day 7 Spillover or Externality: When the price paid for a good does not cover ALL the costs of use (e.g. gasoline) (they don?t go away, they exist and always are there and are paid for one way or another) Costs thus ?spill over? to 3rd parties who then must pay (negative) Are OVERPRODUCED Supply shifts to the left -> Taxes, Lawsuits, Fines, Regulations Economic activity that produced external benefits will tend to be under-produced. The demand curve which measures only private benefits, will not accurately reflect all benefits. The school subsidizes Aposhian to get the flu shot. List of every different kind of tax you pay in February: sales - 8.5%; regressive (burdens lower more than higher) corporation income - 34%; capital gains payroll

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