By Stephen Ison, Stuart Wall
Economics 4th variation is a concise creation to the center ideas of economics, aimed toward scholars taking their first, and doubtless in simple terms, one semester path in Economics. those scholars should be taking a company comparable measure, or might be from different measure schemes within the collage taking a provider path in Introductory Economics. there's a balanced break up among the micro and macro economics part and using case reports and diverse examples makes this a full of life little ebook for the reader. the true distinction that this e-book deals the scholar is the quantity and diversity of wondering fabric that may particularly try out their figuring out.
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Additional info for Economics, 4th Edition
We will assume that the prime motive for supplying a product is to make a profit and that supply is the market supply rather than an individual firm’s supply. The factors which influence the quantity supplied are: a) the price of product; b) the price of all the other products in the economy; c) the price of the factors of production; d) the state of technology; e) all the other factors which might influence the quantity supplied. When considering the above factors it is necessary, as with demand, to make use of the ceteris paribus assumption.
5 The figure illustrates the market mechanism. Prices change in response to changes in demand and supply resulting in a reallocation of resources. .. qxd 12/08/2006 11:21 Page 11 CHAPTER 1 · THE NATURE OF ECONOMICS 11 the profit obtained from the two products will change. Profit is the key motivator in the market economy and the producers will reallocate their scarce resources to those goods and services which will yield the most profit. One can see why this process is sometimes called the ‘free’ market because the allocation of resources occurs without government intervention – reallocation of resources is ‘automatic’.
Monopolies may operate against the public interest, charging higher prices than in a competitive situation in the knowledge that the consumer has no alternative source from which to buy the product. Monopolies will be dealt with in more detail in Chapter 6: Section 4. Externalities Where economic decisions create costs or benefits for people other than the decision taker. Social cost Private costs plus the external costs resulting from producing a good or providing a service. .. (c) In producing goods and services it is possible that externalities will occur.
Economics, 4th Edition by Stephen Ison, Stuart Wall