Government Intervention in Markets
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The document discusses three key roles of government in markets: anti-trust regulation, merger regulation, and deregulation. Anti-trust regulation aims to break up monopolies into smaller competitors to decrease prices. Merger regulation evaluates proposed mergers to prevent monopolies and protect consumer prices through competition. Deregulation removes obsolete or inhibitive regulations as industries evolve over time to promote economic growth and competition.
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Governments intervene in markets to correct market failures and improve economic efficiency. There are two main types of government intervention policies: market-based policies like subsidies that affect supply and demand, and non-market policies like regulations. Governments use taxes to correct negative externalities by making polluters pay, though estimating external costs is challenging. Subsidies are used to correct underproduction from positive externalities or merit goods, but they can encourage inefficiency.
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The document discusses competition law and policy in India, noting that competition law aims to promote economic efficiency and consumer welfare by preventing anti-competitive practices like cartels and abuse of dominance, and regulating mergers and acquisitions. It also explains how various government policies around sectors like trade, industry and economic regulation should be reformed to promote more competition. The Competition Commission of India is established as the primary regulator to enforce competition law and investigate anti-competitive agreements, abuse of dominance, and mergers and acquisitions.
Competitionact2002 090902133438-phpapp01
The document summarizes India's Competition Act of 2002 and outlines its objectives to promote fair competition in the market. It discusses different anti-competitive practices like cartels and abuse of dominance that the Act prohibits. It also describes the roles and powers of the Competition Commission of India in regulating combinations, enforcing the Act through penalties, and advocating for competitive markets through non-enforcement measures.
Oligopoly
An oligopoly is a market structure with few dominant firms that together hold a large share of the total market. There is some level of coordination, such as price agreements, between firms in an oligopoly to promote their economic interests. Entry of new competition into the market is difficult due to barriers created by the large firms. Differentiated products in an oligopoly also see strong advertising competition between firms.
Relationship between government and the firm
This document outlines a group presentation on the relationships between government and firms. It discusses the economic functions of government in a market economy, the main reasons for government intervention, and methods of intervention including administrative and economic methods. Specific examples of intervention are provided, such as the negative consequences of five-year plans in the Soviet Union which led to deficits, low living standards, and restrictions on market mechanisms. The presentation concludes with a question and answer section.
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American revolution
The American Revolution began with protests against British taxes and control over the colonies. The First Continental Congress organized resistance efforts through economic boycotts. Armed conflict broke out at Lexington and Concord in 1775, starting the war. Key battles like Bunker Hill showed the colonists could stand up to the British. The Declaration of Independence was adopted in 1776. Though the British had more resources, the colonists prevailed through resilience and the entry of France as an ally in 1778. The war ended with the British surrender at Yorktown in 1781 and recognition of American independence in the 1783 Treaty of Paris.
What do stock indexes show?
Stock market performance can indicate the overall health of an economy. When stock values are rising collectively, it is considered a bull market, while falling stock values represent a bear market. Common stock indexes like the Dow Jones Industrial Average and S&P 500 track the performance of large groups of companies to gauge national economic trends.
Other Financial Assets
Other financial assets include stocks, money market mutual funds, and certificates of deposit. Stocks represent ownership in a company, money market mutual funds invest in short-term assets but are not FDIC insured, and certificates of deposit are bank deposits for a fixed time period at a higher interest rate. Financial assets are traded on capital markets, which involve assets that mature in over a year, or money markets, which involve assets that mature in under a year. They can also be traded on primary markets, where only the original holder can redeem the asset, or secondary markets, where the asset can be resold.
Bonds Defined and Catagorized
Bonds are loans given to governments or corporations. They have a par value (principal/face value), a maturity date when the principal will be repaid, and a coupon rate that is the interest paid annually. Bonds are rated based on risk from AAA (safest) to D (riskiest), with higher ratings receiving lower interest rates due to lower risk. Bonds can be resold before maturity, sometimes at a discount if interest rates have changed. Bonds benefit issuers by providing guaranteed interest payments and not imparting ownership, but also legally obligate coupon and principal payments regardless of economic conditions. Main types of bonds include savings bonds, corporate bonds, municipal bonds, treasury bonds, and high yield "
Investing and the Financial System
The financial system allows savers to provide money to borrowers through financial institutions like banks. Savers deposit money in savings accounts or invest in assets, and banks use this money to issue loans to businesses and individuals. Borrowers use the loans to make purchases or investments and pay interest to the bank. The bank then shares some of its profits with savers in the form of interest to incentivize saving. When making financial decisions, savers must consider the tradeoff between return, liquidity, and risk - higher potential returns generally come with higher risks.
Forms and Functions of Modern Banking
The document discusses modern banking, including measuring the money supply, functions of financial institutions, and e-banking. It defines the M1 and M2 money supplies and explains the functions of storing money, saving money, loans, mortgages, and credit cards. It also discusses interest, the role of banks in earning profits, and modern electronic banking methods like ATMs, debit cards, online banking, automatic bill pay, and stored value cards.
Uses and Characteristics of Money
Money serves three main purposes: as a medium of exchange to facilitate trade beyond bartering, as a unit of account to compare the values of different goods and services, and as a store of value to maintain purchasing power over time. To be considered money, an item must have six key characteristics - it must be durable, portable, divisible, uniform, have a limited supply, and be widely acceptable for transactions.
Wages and Skill Level
Wages are determined by the laws of supply and demand in the labor market. The demand for workers and their wages is set by the competition between companies needing employees, while the supply of workers depends on the number willing to work a given job for the offered compensation. A key factor in wages is the skill level required - jobs are categorized as unskilled, semi-skilled, skilled, or professional labor depending on the specialized skills and training needed, and typically require higher compensation as skill levels increase.
Other Business Structures
There are many business structures beyond sole proprietorships, partnerships, and corporations. These "other" structures include franchises, cooperatives, and nonprofits. Franchises allow semi-independent businesses to use a parent company's brands in exchange for royalty fees. Cooperatives are businesses composed of individuals working together for shared benefits like lower costs. Nonprofits fulfill specific goals rather than seeking profits, such as advocacy, professional development, or protecting worker rights and benefits.
Multinationals and Conglomerates
There are three main types of corporate expansions discussed in the document: mergers, multinationals, and conglomerates. Mergers can be horizontal between competitors, vertical between different production stages, or form conglomerates between unrelated businesses. Conglomerates allow businesses to diversify across industries to increase profits and reduce risks. Multinationals are the world's largest corporations that operate across multiple countries, facilitating technology spread but also wielding large influence that can enable corruption.
Corporations Defined
Corporations are business structures owned by shareholders with limited liability. Shareholders own stock that represents fractional ownership of the corporation. Corporations can be closely-held, with few shareholders, or publicly-held, with thousands of shareholders trading stock frequently. A board of directors elected by shareholders makes major decisions and hires executive leaders to run daily operations. Corporations offer advantages like limited liability, transferable ownership, and access to resources for shareholders and specialization of roles and bond issuance for the business. However, corporations also face disadvantages such as difficult creation processes, extensive regulations and taxation, and limited individual control that changes over time.
Partnerships
Partnerships are business structures consisting of two or more owners who share responsibilities and profits. There are three categories of partnerships - general partnerships where all members share equal risk and reward, limited partnerships where one partner has control and others provide financial support, and limited liability partnerships where partners have limits on risks and rewards. Partnerships offer advantages like easy creation and access to more resources, but also carry disadvantages like unlimited liability for general partners and potential for conflicts between partners.
Sole Proprietorships
A sole proprietorship is a business owned and operated by one individual who receives all profits and is responsible for all debts. It is the most common business structure in the US. Sole proprietorships are easy to create and dissolve but the owner faces unlimited liability and responsibility. While the owner has full control, sole proprietorships have limited resources and lack long-term security compared to other business structures.
Monopolistic Competition Defined
Monopolistic competition is a market structure with multiple producers making similar but not identical products. While the goods are substitutes for each other, producers have limited control over price and must engage in non-price competition around factors like location, quality, and branding in order to differentiate their goods and attract consumers. Under monopolistic competition, multiple monopolies coexist producing differentiated goods, where consumers can choose between close substitutes.
Perfect Competition Defined
Perfect competition requires multiple participants, identical products, free information sharing, and easy market entry and exit. It is rare in practice as most markets have some level of government intervention or specialization, violating one of the key characteristics. The characteristics include many producers and consumers, commoditized goods where quality and features are identical, all participants having access to the same information on prices and availability, and easy ability for producers to start or leave production.
Price and Equilibrium
Price and equilibrium are determined by the interaction of supply and demand. At equilibrium, the quantity suppliers are willing to provide equals the quantity demanded by consumers at a price they are both willing to accept. Disequilibrium can occur if there is excess supply, when the price is too high for consumers, or excess demand, when the price is too low for suppliers. Prices then adjust until a new equilibrium is reached that balances supply and demand.
Elasticity of Demand
Elasticity measures the responsiveness of quantity demanded to a change in price. It is calculated by finding the percentage changes in quantity and price and taking the ratio. An elasticity over 1 means demand is elastic and sensitive to price, under 1 means inelastic demand not sensitive to price, and exactly 1 means unitary elastic demand where quantity and price move proportionately. Demand for necessities tends to be inelastic while luxuries have elastic demand more impacted by price changes.
Factors Affecting Demand
The document discusses factors that can affect demand beyond just price. These factors include consumer income, expectations, population change, and tastes/trends. Changes in these non-price factors do not cause movement along the demand curve, but instead shift the entire demand curve, either to the right if demand increases or to the left if demand decreases. Examples are given for how each factor can impact demand for certain goods.
Demand Defined
Demand is defined as the willingness and ability of consumers to purchase varying quantities of a good at different price points within a given time period. The law of demand states that as the price of a good increases, the quantity demanded decreases, and vice versa. The law of demand is driven by two factors: the income effect, where consumers purchase less of a good when its price rises due to limited resources, and the substitution effect, where consumers substitute a good for similar alternatives when the initial good's price increases.
Production Costs
Production costs are made up of fixed costs, which do not change such as facility and equipment maintenance costs, and variable costs, which do change depending on production levels such as raw material and labor costs. Together, fixed and variable costs make up a producer's total costs, with fixed costs still being incurred even if production is shutdown temporarily but variable costs adjusting based on production quantity.
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