KCONOMIE Pour que 4 Mandi 24 aouk “aea0 Tor Le Prerman KABEYA SHIKOKU LEOPARD precer Kevntont MiaKoro KAMA ebivier ot Arnakeck Meodo fabiost iL ECONOMIc , UL ENTREPREUNARIAT FY LE MANAGEMENT le mart eon G concept ak re Nea dij’ pn lecein etter onogt wel *. Epongn + diikodumene que od Mime dfattion - : ae pee ee i peductin ve ee open cl, circuledion | be Le sy idle oa) fe ae — em tepoldisn | eae eee rower ba ! de la comune’ Co Ceitince ch le ) | | B. Cnet de lL, Secale Voss pets” at wo cilodecl? Dsante alate er racy peagre php ah a penudat de weprats porencte | dibnct mals plroralis [3 slog de rapport Rorkitie, qyaleane ak Ho Repront HW aft oonnelinta! PsP. me south” Una de sduncinee ae | eappeb HN ee | agndle sell eras om | 2 care. treme tm4 fopek R-R bun aw pond be ad reget @ dew fs Ls fmm — jndiviler dents berms - rebiniclen (le dutedinl wd) | Kiba te Ak cham la bee mebinille Uecdine Track oben ||] logis ,posliness « gepaegsite ata onan dee Quliouls te, be d » Ge noppork H-w pt bh qeppert HAH bouck . He afebunst te is cout cope ot wot inedtuopallemnt Cjrexhtcallemust) guberhamanem gseftyiee dam dnlutin J, |e cellectovdes pe eect SD eu eke rs ays epgenent pachtelenn Ler hex bye dacwt Quai nile ty leurs altinnancie lors ole patow nteberreent tian Gb ve enum dn soe Chek Acta teep frie \ rawkt SAU C. Cneyl Source Gluck; ae yt pnrrodteal FE, Cnet laneoneinal Le morchanslne 6de pot (H.) 8 — B tbh Ba tae Goud a Sow fee mel ik Ly 8. Conc | der ranche” Echo Geto j acted ou pot ferme ow Le wrorehencene Q wget Bia & podadiur voncleur ak ad d O wud wae oss opprnbiresze ye pos aux > he Telos ed i; ‘ x Tertter 2, cor pooavl ule oan du byline LORD erm qui diar bdvrulabion 5 Ls sxlyncer, Oo clint | te open rik dbo aude dtinen empeltay : tk wl, Dh pher cb (indeaas BLOC mite, nonsll | J aM node f aK doo! at omnes dewvint ge gunbe Aebrey coy de pl i~ pa Ip Letumn concep ble oehan \cuo wpe cho suran , de wre gue preci aur Oe i| Joa. Bebps ie ie panos eomnd red |Ueudlo fon odtinilin de Cant syle atenemsae cohonal » vot owe Mando fll 28h Te Pay. INTROMUCTION A LW ECONDMIE POLITUSVE (NUR OOUGTLO MICAS 2am seam et Ve emer pe opel 2 polis P Hy. bo macro.time mie Hye lo priero deme mie Qkhlem ts feanomints wore dM emrnse pool yo & clawiumonc Gl Nuk gene fen & ow Lee Gen yon eee eee Moukin Temes nits hoop ob teler von lo mirodernomit, a BED HO) 26 tac Ad dares ey Adbiredis ' Morbuance ees Mess econo [eed a le FrAOh0 Reon re Ya perniomornly pH yee Grondke db Ustnarnle’ pole or ae & ‘ i aTe wel Ae TE Galine Commovely | ate, bh les quortines ea ck la pare tore mtas las WwoLeeRiers mene Urol mee ie podcclion pletele, | de Le comommahin gldbele de A vnptes dhe infrrhiashing de wtbeyriora sor be phn wchinol, dha progts tidbnstagaguar , di Peglaskiskinn dhs pnouners ta oe Sedans ee i | = poke de taille 1]CHAP IL. MACROFCOMOMIE EY AXES DANALYSE lepers eee Comprena Bax dorebe:, of pains He. Ane di adultes feono miguen im Hehe deo odiiorn semomimur 5 PL ee di pee cere oe he fobe geegrepen 4.. Adturkes Scones 4 leo rattler dele doin bb Weck comomuque past th savor © ‘)%., poston ela eum dak Lodediralen fay lo mane comomie slarinre valet cu potters , aut rads punts dine dona te produdtion , exe Ro dk production ake, 8, ln oealabin : ' beom xt newt A wag das Aifacemids dor W anew bgp cbs soe pod cs def orosak fat wane ba ae apt oninasi+ Pati Que Marcle (RDM) —e Tnpedtohon oh eepedalian Ctrandoct} chat [edie ole ee pods aR Cherrsvecleeh , fol de ces bars d lo corer ben vation , luk la ghikifackin Cree pom Vag dl hein pechity Lie 2. Keltur bono mipies | Kewe’ havo miss Te neowermome , ln ocuns Cece mutes & ~ Galiepe nla faction pinup da Bye ~ enone lt podud (Us bina Alen eres) = pat 4 Han pace dee — Rebs dhe Monch (ROM) ae Mee a el etek fait Ms dea eae 5 te panting ab La omnernnnbin ies eke de pees te (eked as prt feuil ge ie fee's fare 3. Seale nenomayien 6 Ey panoccons 7) enaee 8 eclunan Ye Le sedi pureuny Cchane , pidle oudlate patithclion de, winercoin ee Jette gemma wanfactias olelan ee eee)2 Mandi AH Spkimbre toxt' Made | A4 Repimbre 20a Oe hans Ohapabio 3° PRINCIPAUX JMB CATEURS MACROS ECoNOMIBUES KR. Vrordie des zetnorits dons Wy inmde: B. Tadicatun gldbeuex PIB, PNB ew RUB PNK ee RNN | pun ak BND fe 4A, Pie Jo diffrence anke Chingat ak La thee? is impel hk ow 4? tes pale of Celeb cana conkir pare de» suunter alact la tae cf pape mee ech partes dea qervin'en foo Lie _U tak uilline Unrgeak por ls mange de ne on Ty Tous ete he = Ze Noe P! we a cabvehions Berle > T= 404 Feat D = 4,8 al Arr ior 6 =o9 & ne = 40 & op = 23 py = a5 # vA =(az $)3 Keats Ce gut ad poduil at aborbe! pon Ce paws me WRI dans ol eppedhe de never ok called! dens be a ath 3 Panerw Guyah Pie ae f+ ae } fA ae tei Theos ubvinuang Beg I BrecongoC3o0$ ) + Brahma Cagog) = Yeo s Solaris > Mu. Prone (Soo +7 CAD) + DOD ¥ = 200 gee ; iM y cp gk a = depense Umea wae , Ul overt 4 ot ta eerie Miwadtenens ao ir B+ M =O + TF +X +7RO Le Hhscnfect des taverns y eek - ae ple a oe aexportadion, (ens Ss 5 (iB = c+ (EH Cx—m) + TRE FB = C+ FEBCF 4 as + oe ae one ase oeNe: b fe 2 anu gpandior ps Rac de (tne, Ck iff ee Rey ENE, Ys ee errr te giliw de tumilenee | pour ramus on PNB, Meats =e ow wile ei be bps shi anne de lant ( porte. soto) J Sh pen tnwme |b fe ool CPI pix covtant ). \, thax de Gwenn a [a vertadion Bane rasa PS Gt = PIB. i: fas = Meet ee PiBsos 2, PNB? Produit National Bpub ee River Nobirad Bl, paR= —> Pere Froude,” Revyerun, | am prada pun eum pavene a ob pa denarii cl tes, Ga nou de Conse nrsrnr > i) A Rnb dia bio of tomn'es podutk (aa neta J Tle dices ncaaFRB sao ow PIB + Ce ene = f1B + Pouanne | Caption (o> nom - mee A0M - ‘ Monde, 24 Deplonbre 20 2b 2 NN ow NN PhS = ni ert tee ep fiw sy adep Us TupicaTever y_ DEVELOPPEMENT NOTA HIE! Oy OEE a (OH, 1801, IPH, IPF 4.104 eee a dg mee tachintionns ©) Bipetonty dy vivo! la navman Sante’ sedanict” DY purentepe db popbitn Php etn © Gates ©) We mien mn dae PIB pan fbr me O) opemante de vie a be pevmonte t eee aa Bree merges prdballe hola vier die Cota da pais, dre feet cue rec che fax avian « wdicolee oe le wale De praranbge dl papal Pie pore fe mbes reryor dl bieichin nya Joma um poe dem’ 2 isp jAuelow Sexe = spc Pat de caalappe met Wr U iow _ Cisk u riven atl pall Z ne G, ot afk So wien ple a dl au up de pm bly 9 woe vdeabinns ont Xe 5 Bs aS gous - yiealtionn prof adSs” pln WY ptdeeotiurs 4c) Probable da merry cake, 2D Rurcdrye obo aolfobh | 3°) pereokoge fie se Meee ot pe rinlanen Be tin ae anes ee Bie cea tne | pte ueslin , cobs b col, pqe ye aie a HY towertion che Ne ae affet ee ralnthcins (oe “2 Ee f eral) pan gous — clus © 1) PF aun ee, Pc Ry ere telcolen’ PF ox ee pa dp 5 + Meno pew sTCURER ev oe TENE FeOveIONE pe tA ROC J, touclareo alent Bee wiedin, Begekcln che meee Ag ge fen duo bane cope (et, de podedl = meee & Gen ree da one pa Sie fh cee'dCQHAPG = THeoRIE py PRopv crevR Lo Yo fontlin Se Pocbachin 2 tk wo shin Copiers Mor shire | Bite pedialion ab Ie poston Moe adaceet deri px | bende, ld hl fiesta ox edealone duselappee ). 2 fyprodun He piedechans 3 ru. ype dw. a Hs bppeds de dau fx ened fa dln, one ot fin val: Datarned Le wc : dieune — U Cab) J Molin de be pedadisl® ho foclinw Cendant dla fod) Be ote ete | Rat gl. pound. finn Sppbimetots ) I tekok Cer = &) bd an Bis gut rere dee Ceres dic i ',. Cen) pel ee auntTe Wearicle bh la Poduckhw le Wma? de le padchoa” - Reis ed ne Mente ee es é ee RAL pee paar di pedadion ue Canter: putt airline a rosin ee G - te M ye Eh Rec zee) e Ga i hee la po dmclin por on & Frovasl , Se al yee Bow Te pla nubetle Coy by faction a egy Firorspemot joleat : [a protuatin yh pit dons pa phase deserdak 3 by Omhraion beh me pt poo Ps Hd. Production ae dux faceun, vor o.2e) L i Le preduchon ance deux ct aifese 1 ae e a | eed du. podeRoan 2 fodaws de voqudten LEK, TEL aieaw hypo dudiin of doeryee gx Gute Hie poet dow Ge produchin cb rye bor of Detinb, Cun arnt). fae KA cS \e = a es ie 2 z i Conte dl croquoh C2. gy ¥Fodim do cub prschclien cot glcboux (uik totet ) eos lt Celt Eo ae eves cy ab oi a. Gb mmghow tL coal moyen Oe ~0 8 cw ee GA, coat B Cc & U ACT Oy - ch BA BL =Boer Bik we aekapcn de production ce canon dank be cout cprodinchn thal gt dew dans Ve Tallow suhord | aye | cr [oe | cv [om [om] om oe ° 3 oy oman ne as A Deeca RS ogo | 2 [eis | 3% 02 a Bio | 3 | 0,20 [Ae ford |i oS 32 [nso] 3 [age | 4 [os [4s o> y ([s,4o[ 3 [axolor loc [435 09 ev le.se | 3 [3,50] oscle [413 Te & z)vo [3 [Mite _| ©5008 4,3 4,3 + [90 | 3. [80 fleas [ot |aie2 4/8 a lA, | 3 Sess Aaa g |aziae| 3 | 9,90 ]0,38 | tit [As 419 40 |as,co| > ar | 0,30 |4.2 [Ace QtWee Mande 0b ocltbre Qoadt \ hep %% . LA THEORIE pu cousommATEUR A Herpncebs Condi-obe Uy eae pubic? wor what,” ole ee Aur Un» willie marginele Ak SUT * => Ineo egos) dened Un, e200 \ ea | { ice a du Fue. | @ Q | ut | ty Ue | A 30 Bo | 2 So | 20 I 3 |¢o | 40 numlicom| ES l 5 &S 9 | C 60 |-3 z © |3 Minin, 3 ee. pape ne 24 de cmarde dll ndophirinee tlle cop Me EN 2 ee Gee heen WE cael me nave do le” fou IT \ aXe ‘ cabihedion Gupeatae % 7G G?7s4% Dee ds budget Gov : es) ge Ss 7 is At Ae Si Ys 20 — Ee $3 sobirtaclon S= EG, Sy S sotnfaclion forchien ols RE de foot ics) = es i multe Arcaliur die Pevenie — L= U+A(R- pet Bla touke de be dimorle de Grrerninliin fey = AS Wer ead tle notin do eavbete Wa. bh! Elowticdi” - pu Tut Me feewlably oe le varuledion ch [a quonbde’ domme dee divx ben eo sepent Role yonalen de on pve > pouring Millsode de poink milieu C convartionet J gt Ge = Fo oe ees Gt) 2 H -_ Ar i pe - pe + = [fe r (pe +po) /2 t bs a. be beaten ponfailiret pride 3fh - AT eed 1 RAZ R24Y.2. Elarkects — Revanw i ell a kets db ge heel por geppert of [a vont da tuna die Grromnnteer begun les poe da buns Re Aur ae ene ip hg Is rey Katine de bie ler bene de lovee Pres ex De Ne cee ee jour bogie ira Bia pele pio see poyotirvaad erage i Oy. >A pe Cevbrd 5 Pidmard ; ae De Bo Vaiss a : = nownhure Sle Mesum neal dengue es k Ean = 1 5 le Uremmab” Gach jramte > Jes Irie oy, <0 ; ES bow» Coro es po Gaee is qt Bee fie erchop g@: LA TREORIE 0) MARCHE PUPA MR EOR EUW MAR Ct oT 1, Bepettion sore diffe ce’ d'un ban ad |e tunity eke Ay bare de demande dbae bur dennot fae ad yp eda mb om pe Peas de STACKELBERG ee, lok Tata) Oma |e Niele le veces freer eli ade Mnep blosirall dearer Oe eb ger te Monepremt |Monogeh Pee [eae “o labaal @. 3. Bigulllve de rorche” Qc) = Gp) Be elemik pn parc’ de duaderds coradinte! par (a chicks, d.dvetes Gl=e- Bp 5 Gx 3p Ba ahulthee Gig) = Ge << Wo- ep = 2g Spots) ae fen dia Qe= 300 i geriac Bee ee Sp) Gunlua de ducclow Sc: Garp jmeeeanEXERCICE SUR LA Lol DE RENOE MELT WON PRoroRrioaEL ce i dudin ur une Gare Bl ae ee i re tl i who eta kis Jor downein pork tapes ce Wembre de Podudin H vor ot dimond’ der Teutlans Geel Nie tole tyes dans i ; he | A = powell, aoe ies | [ 4 g0 BD Cobete Le podaeclivle’ merge ch ES) 2 mar - d geuvar eyplemectasns ngage 3 3 oo y Se ©) Pirin 2 “oa a 5 so Daye z ao Tae it ar. ne coal ¥ 4x0 pode” es Lhiemasank g 4 BO be goa di a poledide ReScLoTIONn Geo edt PM. fr L De pobndiil mongrel Arr _ AQ _Q285 AV ~ TAL © Breen 5 coModi, A2 odie Moat | MONTAGE FINANCIER D'UNE AcTIVITE COMMERCIALE