TAILIEUCHUNG - Lecture Principles of Microeconomics: Chapter 14 - James D. Miller

Chapter 14 - Challenge to market effectiveness 4: Inadequate property rights. After reading this chapter, you should be able to answer the following questions: What are property rights? How do property rights create wealth? What is the tragedy of the commons? What are different categories of goods? What is a public good? Why does the market fail to produce public goods? What is intellectual property? How do real estate property rights help people? | Chapter 14 Challenge To Market Effectiveness 4: Inadequate Property Rights McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All Rights Reserved. Learning Objectives What are property rights? How do property rights create wealth? What is the tragedy of the commons? What are different categories of goods? What is a public good? Why does the market fail to produce public goods? What is intellectual property? How do real estate property rights help people? 14- Property Rights To have property rights in a good means one can use the good oneself, sell it to others or prevent others from using the good. A prime reason for widespread devastating poverty is the lack of adequate property rights. When property rights aren’t secure, markets have difficulty creating wealth. 14- Pain Before Pleasure Businesspeople must invest their time and resources before earning a profit. Without property rights, the initial pain of investment often leads to disappointment rather .

• Kinh tế học
• Principles of Microeconomics
• Lecture Principles of Microeconomics
• Inadequate property rights
• Market effectiveness
• Property rights
• Securing property rights
• Ten principles of economics
• Scarce resources
• Scarcity implies choice
• Choice implies cost
• Thinking like an economist
• Economic models
• Circular flow diagram
• Production possibilities frontier
• The gains from trade
• Production possibilities
• Comparative advantage
• Absolute advantage
• Market forces
• Supply and demand
• Market economies
• Competitive markets
• Price elasticity of demand
• Price elasticity
• Midpoint method
• Demand curves
• Controls on prices
• Price ceiling
• Price floor
• Market outcomes
• Market failures
• Negative externalities
• Positive externalities
• Market inefficiency
• Public goods
• Common resources
• Types of goods
• Cost benefit analysis
• Tax system
• Federal government
• Marginal tax rate
• Budget surplus
• Costs of production
• Total revenue
• Total cost
• Opportunity costs
• Firms in competitive markets
• Average revenue
• Marginal revenue
• Sunk costs
• Monopoly resources
• Government created monopolies
• Natural monopolies
• Monopoly’s revenue
• Monopolistic competition
• Nash equilibrium
• Equilibrium for oligopoly
• Game theory
• Long run equilibrium
• Perfect competition
• Production possibility frontier
• Opportunity cost
• Rational people
• Indirect effects
• Law of demand
• Factors change demand
• Law of supply
• Market demand
• Demand intersect
• Demand determine prices
• Change in demand
• Change in supply
• Elastic demand curve
• Policy analysis with supply
• Policy analysis with demand
• Wealth creation
• Production cost
• Total surplus
• International trade
• Additional benefits of trade
• Average costs
• Break even price
• Increasing marginal costs
• Long run analysis
• Firms profit graphically
• Accounting profit
• Monopolist pricing
• Price discrimination
• Antitrust laws
• Disruptive innovation in oligopolies
• Predatory pricing