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Demand
Supply
Law of Demand
Law of Supply
Market Demand
Market Supply
Substitute Good
Factors Affecting Demand
Demand Curve
Competitive Supply
Joint Supply
Factors Affecting Supply
Supply Curve
Equilibrium Price
Price Mechanism
Effects of Scare Resources
What is an incentive?
Effects of Incentives
Rising Prices
Falling Prices
Price Elasticity of Demand
Factors Affecting PED
Elastic Ped and Supplier
What happens if supply is inelastic (PED)?
What happens if the price drops below average cost (PED)?
Inelastic PED and Supplier
Income Elasticity of Demand (YED)
YED < 0
YED > 0
0 < YED < 1
YED > 1
What is cross-price elasticity of demand (XED)?
XED > 0
XED < 0
XED = 0
Price Elasticity of Supply (PES)
Factors affecting PES
What is Opportunity Cost?
What are the three main forms of government intervention?
Indirect Tax
Specific Tax
Ad Valorem/Percentage. Tax
Why would a government impose an indirect tax?
What does imposing an indirect tax do?
What is a subsidy?
Why might a government impose a subsidy?
Effect of the imposition of a subsidy
Price Ceiling
Why a price ceiling?
Consequences of Price Ceilings 1
Consequences of Price Ceilings 2
Cause of Non-price rationing
Non-price rationing methods
Consequences on Stakeholders Price Ceiling
Consumers
Consequences on Stakeholders Price Ceiling
Producers
Consequences on Stakeholders Price Ceiling
Governments
Price Floor
Why a price floor?
Consequences of a Price Floor
Consequences on Stakeholders Price Floor
Consumers
Consequences on Stakeholders Price Floor
Producers
Consequences on Stakeholders Price Floor
Governments
Market Failure
Private Cost
External Cost
Social Cost
Private Benefit
External Benefit
Social Benefit
Demerit Good
Merit Good
Public Good
Positive externality of production
Negative externality of production
Positive externality of consumption
Negative externality of consumption
Corrective Taxes
Advantages of Corrective Taxes
Disadvantages of Corrective Taxes 1
Disadvantages of Corrective Taxes 2
Tradeable Carbon Permits 1
Tradeable Carbon Permits 2
Tradeable Carbon Permits 3
Advantages of Permits 1
Advantages of Permits 2
Disadvantages of Permits 1
Disadvantages of Permits 2
Ban
Regulations
Government responses to negative externalities
Subsidies to fix externalities
Subsidies to fix externalities Advantages
Subsidies to fix externalities Disadvantages 1
Subsidies to fix externalities Disadvantages 2
