Podcast
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an individual or entity that purchase and consumes goods to satisfy their needs and want
an individual or entity that purchase and consumes goods to satisfy their needs and want
studies how much the allocation of resources affects the economics well-being
studies how much the allocation of resources affects the economics well-being
allocation of resources refers to
allocation of resources refers to
a buyer's willingness to pay for a good and measures how much the buyer values the good
a buyer's willingness to pay for a good and measures how much the buyer values the good
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represents the difference between the consumers willing to pay for a good and what they actually have to pay in the market
represents the difference between the consumers willing to pay for a good and what they actually have to pay in the market
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the benefit or surplus that consumers receive when they are able to purchase a good at a lower price than the maximum price
the benefit or surplus that consumers receive when they are able to purchase a good at a lower price than the maximum price
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formula of consumer surplus
formula of consumer surplus
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individuals or entities that creates goods or service to meet consumer's demand
individuals or entities that creates goods or service to meet consumer's demand
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they are the vital part of supply
they are the vital part of supply
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the value that everything a seller must give up to produce a product
the value that everything a seller must give up to produce a product
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the amount seller paid for a good - the seller's cost
the amount seller paid for a good - the seller's cost
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a concept that describe how well financial markets incorporate and reflect all available information in the prices of financial assets
a concept that describe how well financial markets incorporate and reflect all available information in the prices of financial assets
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when we can say that allocation of resources is efficient?
when we can say that allocation of resources is efficient?
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what is the two conditions to achieve an efficient allocation in a marketplace
what is the two conditions to achieve an efficient allocation in a marketplace
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a competitive market has many buyers and sellers, with entry and exit being relatively easy, and prices are determined by forces of supply and demand
a competitive market has many buyers and sellers, with entry and exit being relatively easy, and prices are determined by forces of supply and demand
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it must be well-defined for a marketplace to function properly
it must be well-defined for a marketplace to function properly
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ensures that individuals can weigh their own benefits and costs, leading to a maximation of net benefits for all participants
ensures that individuals can weigh their own benefits and costs, leading to a maximation of net benefits for all participants
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property rights must be exclusive because
property rights must be exclusive because
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property rights must be transferable because
property rights must be transferable because
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the absence of transferability, then?
the absence of transferability, then?
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what satisfy the efficiency condition?
what satisfy the efficiency condition?
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addresses how well the economy's resources are used and allocated
addresses how well the economy's resources are used and allocated
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deals with how society's goods and rewards are, should be, distributed among its different members, and how the associated costs should be apportioned
deals with how society's goods and rewards are, should be, distributed among its different members, and how the associated costs should be apportioned
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refers to a situation in which allocation of goods and services in a free market is inefficient from a societal perspectives
refers to a situation in which allocation of goods and services in a free market is inefficient from a societal perspectives
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occurs when the market does not produce the most desirable or optimal outcome, leading to misallocation of resources
occurs when the market does not produce the most desirable or optimal outcome, leading to misallocation of resources
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give the 8 conditions / factors can lead to market failure
give the 8 conditions / factors can lead to market failure
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there are limited choices for buyers and a single or small group of companies have a lot of control over prices and products
there are limited choices for buyers and a single or small group of companies have a lot of control over prices and products
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goods or services that are nom-excludable and non-rivalrous
goods or services that are nom-excludable and non-rivalrous
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people who benefit from a good or service without contributing or paying them
people who benefit from a good or service without contributing or paying them
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government often provides public goods because private sectors underproduce due to free riders problems
government often provides public goods because private sectors underproduce due to free riders problems
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the positive or negative impact that an economic activity has on third parties who are not directly involved in the transaction
the positive or negative impact that an economic activity has on third parties who are not directly involved in the transaction
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leads to market inefficiency because the true cost to society is higher than what consumers and producers consider
leads to market inefficiency because the true cost to society is higher than what consumers and producers consider
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intervention of government to correct external costs through regulations or taxes, aligning private incentives with social welfare
intervention of government to correct external costs through regulations or taxes, aligning private incentives with social welfare
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resources like fisheries or forests that are collectively owned and used, often suffering from overuse and depletion without proper management
resources like fisheries or forests that are collectively owned and used, often suffering from overuse and depletion without proper management
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