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23 Cards in this Set
- Front
- Back
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Entreprenurial Politics |
One group is actively against something Nuclear Waste Dump |
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Outside Employment or Moonlighting |
multiple employment positions |
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Sand Corruption |
Corruption causing lost GDP Less foreign direct investment Less income equality Misallocation of property |
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Grease/Oil Corruption |
Helps to speed up commerce in a slowed excessive-government controlled enviroment |
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Market Focus on Outcomes |
Competition in the marketplace makes managers think in terms of outcomes such as profits, sales and market share |
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Non-Market Focus on Process |
Non-market players focus relatively more in areas such as Oversights, Quality Assurance, and Social Reputation |
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P.E.S.T. Framework (Non-Market Strategy) |
Political Economic Social Technology |
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Social Efficiency (Qe) |
when the market is producing at a level that perfectly balances cost to value |
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Demand (Consumer Values) |
based on how much value is presented to consumers Driven by Consumer Surplus- the difference between what a customer would have payed for a product and what he did pay for the product |
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Supply (Productive Costs) |
based on the Cost that Producers can Receive Driven by Producer Surplus- The difference between the price an item did sell at versus what it needed to sell at to recoup costs
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Effect of Taxes |
Causes an eventual inward shift of the supply curve Government collects revenue Increased price to buyers and sellers see less returns The overall quantity bought and sold is reduced Increases efficiency in a market that is overproducing |
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Effects of Subsidy |
Cause an eventual outward shift of the supply curve Buyers have to pay less and sellers receive more Overall quantity bought and sold increases Helps underproducing economy |
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Productive Regulation |
Causes and inward shift of the supply curve Increases price to pay for buyers and sellers make less money Reduced quantity will be bought and sold Efficiency Enhancing to markets that are overproducing (works essential the same as a tax) |
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Shortsightedness Effect |
Politicianswillport projects with clearly defined current benefits and future costs that are unable or difficult to be identified Maximizes influence on voters at expense of future generations Politicians are biased towards these even when inefficent |
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Rent Seeking Behavior |
Devoting resources to influence public policy in order to make more income
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Communal |
No Single Owner, No one has incentive to conserve for the future, gets over utilized |
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Govenment |
Property decision are made by a small group of representatives
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Private |
Owned by an individual |
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Explicit Costs |
When a monetary payment is made (wages) |
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Implicit Costs |
Involve firms resources but do not have monetary payment. (Opportunity Cost on owners investment |
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Normal rate of return |
what the firm could get by investing their money in a similar firm instead of starting their own |
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Economic Profit |
Revenue-Explicit Costs-Implicit Costs |
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Accounting Profit |
Revenue-Explicit Costs |
