민듀키티

1. Information and behavioral economics (1) Asymmetric information Information asymmetry : a difference in two or more parties' access to relevant knowledge Two types Hidden actions : one persons knows more than another about an action he or she is taking Hidden characteristics : one person knows more than another about the attributes of the good he or she is selling or about his or her own char..

1. Monpolies (1) Why monopolies arise Barries to entry (3 resource) Ownership of a key resource The goverment gives a single firm the exclusive right to produce and some good (patent, copyright) Costs of production make a single producer more efficient than a large number of producers. natural monopoly : when a single firm can supply a good or service to an entire market at a smaller cost ( econ..

1. Externalities (1) Externalities and market inefficiency Externality the uncompensated impact of one person's actions on the well - being of a bystander. 즉, 한 경제주체가 다른 경제주체에게 피해를 주면서도, 영향이 시장가격에 반영되지 않는 경우 Negative - the bystander is adverse ( larger quantity than is socially desirable ) Automoblie exhaust Cigarette smoking Barking dogs Loud stereos in an apartment building Any pollution or en..

1. Public Goods (1) The different kinds of goods Excludability : the property of good whereby a person can be prevented from using it ( 내가 소비를 하면, 다른 사람이 소비하는 것을 막을 수 있음) Rivarly : the property of good whereby one person's use diminishes other people's use. Four types of goods : Public goods, Private Goods, Common Goods, Natural Monoploies Private Goods : both excludable and rival Public Goods :..

1. Price controls (1) Price Ceiling vs Price Floor Price Ceiling (가격상한) : maximum on the price The price ceiling is binding if set below the equilibrium price -> leading shortage. Price Floor (가격하한) : minimum on the price (2) Price Ceiling (a) A Price Celling That is not binding -> above the equilibrium price (b) A Price Celling That is binding -> below the equilibrium price -> leading shortage ..

1. The Elasticity of Demand (1) Terms Elastic demand : Quantity demanded responds substantially to changes in price Inelastic demand : Quantity demanded responds only slightly to changes in pric (2) The Elasticity of Demand Determinants Availability of close substitutes (ex. 코카콜라 / 펩시콜라) Necessities vs luxuries ( Necessities : inelastic demand, Luxuries : elastic demand) Definition of the market..

나는 여기와서 왜 미시경제학을 듣고있는가 ,,,,🥲 1. Organization of Economic Activity (1) Three Problems All Economic Systems Must Address What should be produced? (ex. Establish production targets for factories and farms) How should it be produced? (ex. Plan how to achieve the goals) For whom will it be produced? (ex. Distribute the goods and services produced) (2) Free-Market or Capitalist Economic System Which c..