Microeconomics

Microeconomics - Microeconomics Brennan Demand and supply...

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Microeconomics 04/02/2008 17:30:00 Brennan   Demand and supply determine the price Business Sole Proprietorship 77% Partnership 8% Corporation 5% o Public Company o Corporate Lawyer Stocks Common Stocks Preferred, bonds
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Microeconomics 04/02/2008 17:30:00 Legal System Competition Progressive Income Tax As your income increases, they increase taxes to redistribute wealth Monopolist Only One seller Oligopolies Only a few sellers Economic Stability C+I+G  o Consumption Investment Government Government Utilized the G to control 2 Diseases, Inflation and Unemployment o Republican Look at Inflation as a cancer o Democrats look at Unemployment as a cancer  G= Changing spending and taxes Open Market Operation o Buying and Selling Bonds
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Ch 5 04/02/2008 17:30:00 Foreign Exchange The Gold Standard o 1880-1934 Gold standard measured in grains Appreciation and Depreciation of currency o Depreciation Lowering the value of the currency in terms of other currencies o Appreciation Increasing the value of the currency in terms of other currencies Fixed rate of exchange  Floating o The value of the currency will be determined through the market forces  of supply and demand FOREX o Money market Currency trader, in money market o Pg 97
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Review for Exam 04/02/2008 17:30:00 Chapter 1 Scarcity o Lack of resources Marginal Analysis Pg. 5 o Benefit and cost What is the difference between Macro and Micro o Micro: The study of one unit, (a firm, an industry, an aspect) and the  market system in America, (Pure Competition, Monopoly, Monopolistic  Competition, Oligopoly)  o Macro: the study of the economy as a whole, in aggregates,  Policies Pg. 6 o Fiscal Congress, Senate, President (C, G) To fight either inflation or  unemployment o Monetary  The Federal Reserve (I) Ben Bernacke, government has no  control Pg. 11-12 Production Possibility Curves o 2 questions Ceteris Paribus o What is it? o All things unchanged Chapter 2 Pg. 29 Command Economy o The government decides what to produce
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Pg. 29 Private Property Competition Pg. 31 o Lower prices, better quality, and choices Pg. 32 Specialization o Every country specializes in a few things.  Things a country can do  better than anyone else can. Pg. 38 Demise of the Command System Household and Business o Pg. 39 Economic Efficiency o Less Labor, Higher Output o Specialization achieves this Chapter 3 o Quantity and Price determines the law of demand o Price goes down, quantity demanded will increase, creating a downward 
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Microeconomics - Microeconomics Brennan Demand and supply...

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