Friday, March 18, 2016

130. Concepts a learner should be familiar with. Here are more (including some duplicates): SAMPLING OF CONCEPTS PREVIOUSLY DEALT WITH IN MBA EXAMINATION QUESTIONS (In no particular order - the page numbers refer to the managerial economic 2016 study guide) Barriers to trade – p 112 Property rights and the free market economy – p 10; p 127 GDP – how measured, issues related to p 67 (Real GDP, per capita GDP) The tragedy of the commons as an example of market failure p 129 (pollution, externalities) Production possibilities curve. What it means. P 9 (opportunity cost) The difference between economic development and economic growth (p 124) The ramifications of globalization (pro’s and con’s) p 97 Fiscal and Monetary policies p 71, p73 Absolute and comparative advantage p 107 Flow of goods and services p 15, p68 How prices are established on the market p 22 Relationship between price elasticity and income p 28 Monopoly (barriers to entry) p 52 Monopolistic competition p 52 Price floors and price ceilings p 22 (not there) Macroeconomic objectives p 67 -70 Monetary and fiscal policies p 71 Nationalisation and privatization p 81 Inflation (types of and graphically illustrate) p 69 Unemployment (how calculated, types). Consequences of unemployment. P 68 Exchange rates – types and implication p 116 Business cycles. x Specific question: Assume that the Demand for bread is represented by the equation P=10-2Qd and Supply by the equation P = 2 + 2Qs (not in curriculum) C.M. Heydenrych You do not have to know this - it is however useful:

Wagner's law suggests that a welfare state evolves from free market capitalism due to the population voting for ever-increasing social services. ... Wagner himself identified these as (i) social activities of the state, (ii) administrative and protective actions, and (iii) welfare functions.

Pareto & Bergson criteria for the resdidtribution of income.

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