Gia de estudio 1

Further definitions and exercises

Need vs wants A need is something you have to have, something you can't do without. A good example is food. If you don't eat, you won't survive for long. A want is something you would like to have. It is not absolutely necessary, but it would be a good thing to have. A good example is music. You need to eat protein, vitamins, and minerals. You can get fruits and vegetables to get vitamins and minerals. You can eat yogurt or cheese to get vitamins and minerals. Ice cream is a want. You don't really need to eat ice cream to survive. You can eat it to get some vitamins and minerals, but other foods like cheese and yogurt give you more of those same vitamins and minerals without giving you the fat that ice cream does. Choose

Factores de produccin Entendindose por tierra todo recurso natural; por trabajo, todo esfuerzo fsico o intelectual que se incorpora al proceso productivo, y por capital, todos los bienes producidos por el hombre para auxiliarse en la elaboracin de otros bienes y el capital financiero - como dinero u otras formas - que permiten obtener los dems recursos. Identifica

Wealth Wealth is defined as a stock of assets that creates a flow of income and it can be held in a variety of forms by individuals, firms and also the nation as a whole: Financial wealth - stocks and shares, bonds, savings in bank and building society accounts and contributions to pension schemes. Marketable wealth - consumer durables that can be sold for a price e.g. rare antiques. Social capital including social infrastructure such as transport systems, schools and hospitals. It is important to distinguish between income and wealth. For example, if you receive a higher wage or salary from your job then this adds to your monthly income and if this is saved in a bank, or by making contributions to a pension fund then you are adding to your financial wealth.

Guia de studio 2

Panorama Mercado y su Equilibrio

Habr una situacin de equilibrio entre la oferta y la demanda cuando, a los precios de mercado, todos los consumidores puedan adquirir las cantidades que deseen y los oferentes consigan vender todas las existencias. El precio y la cantidad de producto que se intercambiar realmente en el mercado queda determinado automticamente como consecuencia de la forma de las curvas de oferta y demanda del producto. Si el precio es muy alto, los productores estarn ofreciendo mucho ms producto del que demandan los consumidores por lo que se encontrarn con excedentes, cantidades que no pueden vender, por lo que reducirn sus producciones y bajarn los precios. Por el contrario, si el precio resulta ser demasiado bajo, las cantidades demandadas sern mayores que las ofrecidas por lo que se producir escasez.

Market Structure A market is a set of conditions in which buyers and sellers meet each other for the purpose of exchange of goods and services for money. The essentials of a market are: (i) Presence of goods and services to be exchanged. (ii) Existence of one or more buyers and sellers. (iii) A place or a region where buyers and sellers of a good get in close touch with each other. Types of market Markets are classified according to the number of firms in the market and by the commodity to be exchanged. The economists on the basis of variation in the features of market describe four market models: (i) Perfect Competition. (ii) Pure Monopoly. (iii) Monopolistic Competition. (iv) Oligopoly Perfect Competition

Leftwitch has defined market competition in the following words: "Prefect competition is a market in which there are many firms selling identical products with no firm large enough, relative to the entire market, to be able to influence market price". According to Bllas: "The perfect competition is characterized by the presence of many firms. They sell identically the same product. The seller is a price taker". Characteristics or Conditions: Large number of firms. adjuster. Large number of buyers.

Monopolio Puro

El monopolio puro es un caso especial de monopolio en el cual slo existe una nica empresa en una industria. En realidad no suele darse en la economa real, excepto cuando se trata de una actividad desempeada mediante una concesin pblica. Para considerar un monopolio puro perfecto se han de dar los siguientes requisitos: Existe una sola empresa El producto es homogneo y no existen productos sustitutivos cercanos. Existen barreras de entrada en dicho mercado y se maximiza el beneficio perodo a perodo. No hay intervencin gubernamental alguna.

Monopolistic competition A type of competition within an industry where: All firms produce similar yet not perfectly substitutable products All firms are able to enter the industry if the profits are attractive. All firms are profit maximizers. All firms have some market power, which means none are price takers.

Monopolistic competition differs from perfect competition in that production does not take place at the lowest possible cost. Because of this, firms are left with excess production capacity. This market concept was developed by Chamberlin (USA) and Robinson (Great Britain).

Oligopolio Mercado en el que unas pocas empresas llevan a cabo la produccin de un bien o servicio, lo que crea un alto grado de interdependencia entre las decisiones de las mismas. El trmino bastante generalizado de oligopolio designa lo que a menudo ha sido calificado de competencia imperfecta, en la que una cantidad limitada de vendedores se dirige a una multitud de compradores. Las economas capitalistas modernas se caracterizan, en su conjunto, por la existencia de estructuras oligoplicas de mercado.