Economics Essay

21063 Words Nov 29th, 2013 85 Pages
‘Market Efficiency’ PowerPoints and Activities

2008/20144[2]

‘Market efficiency’ PowerPoints and activities

1

Content
The documents in this section provide support material for the stage 2 units.

Document 1.

Covers A sample program for stage 2 which covers unit 2AECO in the contexts of options from Economics D304 Sample lesson outlines for Business firms and markets–Unit 2AECO Notes and PowerPoint slides on Market efficiency and equity—Unit 2AECO A range of teaching and learning materials covering the concepts of Market efficiency and equity for the 2AECO unit and some applications of these concepts: 4.1 4.2 4.3 4.4 4.5 4.6 4.7 The Sundance film festival—A case study with suggested answers PowerPoint slides—Efficiency
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PPF.

3

Nature of markets

Markets in the circular flow. Product and Factor markets. Returns accruing to factors of production. Competitive and non competitive markets

4

Demand

Law of demand. Demand schedule. Demand curve, Factors affecting demand. Normal and inferior goods. Changes in demand

5

Supply

Law of supply. Supply schedule. Supply curve. Factors affecting supply. Changes in supply

5/6

Price mechanism

Equilibrium, Surpluses and shortages, Market clearing

7&8

Elasticity

Types of elasticities. Revenues. Importance to consumers Firms and government.

‘Market efficiency’ PowerPoints and activities

3

Week

Content

Concepts

Assessment

Context: Firms and production 9&10 Business firms and markets Role of the firm. Economic cost and economic profit. Costs and revenue. Derived demand. Product differentiation. Barriers to entry. Price taking and price making firms. Marketing and advertising. Specialisation. Characteristics of market structures (perfect competition, monopolistic competition, oligopoly, monopoly. (Note: Product and cost curves/models are not required)

Context: Australian market forms 11&12 Market efficiency and equity Efficiency. Consumer and producer surplus (marginal cost). Total surplus. Deadweight loss. Trade-off between equity and efficiency.

Context: Environmental economics 13&14 Market failure and government policies Strengths and weaknesses of the price mechanism. Market

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