TAILIEUCHUNG - Lecture Principles of microeconomics - Chapter 4: Supply and demand: An introduction

This chapter introduces you to the market mechanism for allocating goods and services among buyers and sellers. You will also learn why markets usually do a better job of allocating goods and services than bureaucratic rules and regulations. | Supply and Demand: An Introduction Slide 4 - What is Chapter 4 about? Slide 4 - I. What, How and For Whom? Central Planning vs. the Market Slide 4 - Universal Questions All economic systems must answer the following questions: What should be produced? How should it be produced? For whom will it be produced? There is more than one way to get answers to these questions. Slide 4 - Planning: Central agency decides: Production targets (What/how much) Planning of how to achieve the targets (How) Distribution of the goods and services produced (For whom) Examples Former Soviet Union Cuba, North Korea, China In practice, always some market & some planning – issue is % of each Central Planning is not prevalent today But planning common within organizations Slide 4 - The Market: Private markets are the dominant form of economic organization nowadays Individuals & firms interact, within a framework of laws, regulations & customs Decentralized decisions on Which careers to .

• Kinh tế học
• Principles of microeconomics
• Lecture Principles of microeconomics
• Market imperfections
• Labour markets
• Market coordination
• Supply curve
• 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
• Market effectiveness
• Monopolist pricing
• Price discrimination
• Antitrust laws
• Disruptive innovation in oligopolies
• Predatory pricing