Public Goods content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Public Goods
Under-Provision of Public Goods (Marginal Analysis)
Under-Provision of Public Goods (No Marginal Analysis)
Market failure is the situation in which an unregulated competitive market is inefficient because prices fail to provide proper signals to consumers and producers.
In the market economy Consumer must be bid for what they wish to buy and must thus reveal their preferences to produce. Producer, in trying to maximize their profits, will produce what consumer want to by and will do so at least cost.
In reality, various difficulties arise. imperfect competition, production may be decreasing cost, Consumer may lack of information.
Policies to Correct Current Account ImbalancesHugo OGrady
Policies to Improve Current Account Imbalance content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Expenditure Reducing Policies
Expenditure Switching Policies
Supply Side Policies
Current Account Influences and Impacts content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Factors Influencing the Current Account
Impacts of Current Account Deficits
Market failure is the situation in which an unregulated competitive market is inefficient because prices fail to provide proper signals to consumers and producers.
In the market economy Consumer must be bid for what they wish to buy and must thus reveal their preferences to produce. Producer, in trying to maximize their profits, will produce what consumer want to by and will do so at least cost.
In reality, various difficulties arise. imperfect competition, production may be decreasing cost, Consumer may lack of information.
Policies to Correct Current Account ImbalancesHugo OGrady
Policies to Improve Current Account Imbalance content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Expenditure Reducing Policies
Expenditure Switching Policies
Supply Side Policies
Current Account Influences and Impacts content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Factors Influencing the Current Account
Impacts of Current Account Deficits
Causes and Impacts of Unemployment content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Causes of Unemployment
Costs of Unemployment
Causes and Impacts of Inflation content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Causes of Inflation
Costs of Inflation
Why do we not want Zero Inflation?
Deflation
Impacts of Economic Growth content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Positive Impacts
Negative Impacts
Causes of Economic Growth content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Actual & Potential Economic Growth
Demand side Causes of Economic Growth
Supply side Causes of Economic Growth
Constraints on Economic Growth
Export-led Growth
Deregulation content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Deregulation
Pros & Cons of Deregulation
Regulation content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Regulation
Price Capping: RPI-X & RPI+K
Profit Capping: Rate-of-Return
Performance Targets
Self-Regulation
Nationalisation content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Nationalisation
Limitations of Nationalisation
Privatisation content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Privatisation
Limitations of Privatisation
Competition Policy content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Competition Policy
The Competition and Markets Authority (CMA)
Evaluation of Competition Policy
Government Failure content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Government Failure
Causes of Government Failure
Buffer Stock Schemes content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Buffer Stock Schemes
Limitations of Buffer Stock Schemes
Maximum & Minimum prices content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Maximum Prices
Minimum Prices
Pros & Cons of Maximum & Minimum Prices
Limitations of Maximum & Minimum Prices
Alternatives to Maximum & Minimum Prices
Volatile Commodity Markets content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Volatile Commodity Markets
Impacts of Market Volatility
Information Provision content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Information Provision
Pros and Cons of Information Provision
State Provision content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro and Analysis of State Provision
Pros and Cons of State Provision
Information Gaps content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro to Information Gaps
Information Gaps & Merit goods
Information Gaps & Demerit goods
Adverse Selection: Akerlof's Market for Lemons
Moral Hazard & the Principal-Agent Problem
Regulation to Correct Market Failure content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro and Analysis of Regulation
Pros and Cons of Regulation
Tradable Pollution Permits content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics
Intro and Analysis of Tradable Pollution Permits
Pros and Cons of Tradable Pollution Permits
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
3. Intro to Public Goods
Definition: When a good is both non-rivalrous and non-excludable in consumption.
Non-rivalrous: Where use of the good by one individual does not reduce the amount of the
good available for others to use.
E.g. A pedestrian’s use of streetlights does not prevent the next pedestrian from using them too.
Non-excludable: Where it is not possible to prevent people from consuming the good once
the good is provided.
E.g. It is not possible to stop one person from accessing street lighting whilst others are able to use it.
Free Rider Problem: In a free market, no one would ever pay for a public good, as
they are able to access and use them for free.
Hence the good would not be made as producers couldn’t profit. Complete market failure.
Taxes and direct provision are required for the good to be provided.
Quasi-Public Good: A good which is either non-rivalrous but excludable, or non-
excludable but rivalrous in consumption.
E.g. A toll road. Non-rivalrous, but excludable.
N.B. a public good can temporarily become rivalrous should there be over-crowding of the
resource (imagine a beach so crowded there’s nowhere to put down your stuff!)
5. Under-Provision of Public Goods
Private Benefits: A public good benefits all individuals
So there is some price that an individual would pay for the
good and hence a demand curve, derived from MPB
The WTP is low due to the free rider problem – why pay for a
good one can access for free once it is provided?
Costs: No individual’s gain is sufficiently high enough for
them to pay the cost for the good to be provided
MPB<MPC at all quantities
Price
Quantity
D = MPB
S = MPC
= MSC
MSB
QSO
PSO
Free-market result: Complete market failure occurs. No equilibrium (QFM=0).
Social Benefit: The benefit to society of a public good exceeds that to an individual
As the good is non-rivalrous and non-excludable, all individuals benefit once it is provided
E.g. whilst one streetlight might provide £10 worth of welfare to any single resident on a
street, on a street of 100 identical residents, it provides £1000 worth of benefits!
Social Optimum: Occurs where the MSB is equal to the MSC (QSO)
The benefit to all, of the final unit made is equal to the cost of making the final unit
QSO should be consumed to maximise welfare, society should collectively pay PSO per unit
7. Private Demand: A public good benefits an individual
There is some price that an individual would pay for the good
and hence a demand curve, D0 (=MPB)
But WTP is low due to the free rider problem – why pay for a
good one can access for free once it is provided?
Supply: Supply (S) for the good is relatively low, as often
public goods is costly to provide (e.g. National defence)
Price
Quantity
D0
S
D1
QSO
PSO
Free-market: Complete market failure occurs. A missing market (QFM=0)!
Social Demand: the demand of society can be thought of as the sum of all private
demand, as all individuals can benefit once the public good is provided, D1 (=MSB)
D1 shows what society would be willing to pay if individuals would split the price.
E.g. whilst one streetlight on a road provides £10 worth of welfare to any single resident, on a
street of 100 identical residents, together they would be willing to pay up to £10,000.
Social Optimum: Occurs where D1 is equal to the S
The benefit to all, of the final unit made is equal to the cost of making the final unit
Q should be consumed to maximise welfare, society should collectively pay P per unit
Under-Provision of Public Goods
8. Where next?
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