Chap002 Econ

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bigtimegrady

Economía y finanzas Tecnología

The Market System and the Circular Flow Chapter 2 McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.

Chapter Objectives ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

Economic Systems ,[object Object],[object Object],[object Object],[object Object],[object Object],2-

Economic Systems ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

Index of Economic Freedom Free Mostly Free Mostly Unfree Repressed 1- Hong Kong 3- Ireland 5- United States 20- Belgium 31- Spain 48- France 101- Brazil 126- China 134- Russia 148- Venezuela 156- Cuba 157- North Korea Source: Heritage Foundation ( www.heritagefoundation.com ) and The Wall Street Journal Ranking of 157 countries for 2008 2-

Market System Characteristics ,[object Object],[object Object],[object Object],[object Object],[object Object],2-

Market System Characteristics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

Market System Questions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

Market System Questions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

The Invisible Hand ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

The Command System ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

Circular Flow Resource Market Product Market Businesses Households 2-

Circular Flow Costs Money Income Revenue Consumption Resource Market Product Market Goods & Services Goods & Services Businesses Input Factors Resources Households 2-

Circular Flow Resource Market Product Market Businesses Households Costs Money Income Input Factors Resources Goods & Services Revenue Goods & Services Consumption Figure 2.2; page 40 2-

Key Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

Next Chapter Preview… Demand, Supply, and the Market Equilibrium 2-

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SLIDES TO MATCH PAPER IN OTHER SLIDESHARE Digital disruption is blowing a Schumpeterian gale of creative destruction throughout the global economy. These winds of change are delivering substantial increases in consumer welfare. The glowing glass screen of a smartphone enables us to access the library of all human knowledge. We can order any imaginable good or service; literally at our fingertips. Yet competition challenges are arising. Firms bearing the brunt of digital disruption are seeking regulatory protection. Those firms riding the winds of change are achieving concerning levels of global market power. Global debate is occurring regarding the extent to which regulatory intervention is appropriate. The resulting level of political concern is partly evidenced by the inclusion of digital technology in Australia’s Harper Competition Review. This paper considers unique competition issues raised by high technology industries with a particular focus on software-driven digital platforms. This paper argues that Australian competition law strikes an appropriate balance between preserving competition and promoting innovation, but continued prioritisation of high technology markets by Australian regulators and policy-makers is justified. High technology markets are as susceptible to anti-competitive behaviour as any other markets and, in some areas, particularly so. As part of this analysis, this paper considers global trends and recent developments, particularly in the United States and European Union. In that context, this paper considers how modern competition law is now seeking to address complex questions of dynamic efficiency, innovation markets and cross-border e-commerce. This paper seeks to identify insights for Australian competition law and policy in light of the recent Harper Competition Review. Finally, this paper concludes with a number of observations, including future challenges in regulating digital platforms.

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Chap002 Econ

5. Index of Economic Freedom Free Mostly Free Mostly Unfree Repressed 1- Hong Kong 3- Ireland 5- United States 20- Belgium 31- Spain 48- France 101- Brazil 126- China 134- Russia 148- Venezuela 156- Cuba 157- North Korea Source: Heritage Foundation ( www.heritagefoundation.com ) and The Wall Street Journal Ranking of 157 countries for 2008 2-

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12. Circular Flow Resource Market Product Market Businesses Households 2-

13. Circular Flow Costs Money Income Revenue Consumption Resource Market Product Market Goods & Services Goods & Services Businesses Input Factors Resources Households 2-

14. Circular Flow Resource Market Product Market Businesses Households Costs Money Income Input Factors Resources Goods & Services Revenue Goods & Services Consumption Figure 2.2; page 40 2-

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16. Next Chapter Preview… Demand, Supply, and the Market Equilibrium 2-

Chap002 Econ

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