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Introduction to Economics

Introduction to Economics

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Published by UoL Student

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Published by: UoL Student on Oct 04, 2008
Copyright:Attribution Non-commercial

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12/16/2012

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Introduction to EconomicsIntroduction to Economics
General Equilibrium and WelfareGeneral Equilibrium and WelfareEconomicsEconomics
 
 
OutlineOutline
IntroductionIntroduction
Market interdependence and Excess demandMarket interdependence and Excess demand
Horizontal equilibrium across final goods marketsHorizontal equilibrium across final goods markets
Vertical Equilibrium across input and outputVertical Equilibrium across input and outputmarketsmarkets
General equilibrium in a competitive economyGeneral equilibrium in a competitive economy
Introducing welfare economicsIntroducing welfare economics
 
 
IntroductionIntroduction
Very important in microeconomicsVery important in microeconomics
Rational behavior Rational behavior 
Meaning of equilibriumMeaning of equilibrium
 – Rational individuals can coincide in such a way thatRational individuals can coincide in such a way thatnone of them have an incentive to change the outcomenone of them have an incentive to change the outcome
Partial equilibrium focuses on the state of onePartial equilibrium focuses on the state of onemarketmarket
 – The ceteris paribus assumption is important hereThe ceteris paribus assumption is important here

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