Q7=15

• market failure 市场失灵

• resources r misallocated/ allocated 分派分配的 inefficiently. 无效率地
 市场运作不正常：没有供应 socially optimal amount of the good.
 导致原因 -- 市场垄断，外部性，信息不对称 , non compatitive market

• moral hazard etica

• 当 2 个 party 拥有契约合作， 1 个 party 违约 to break a promise 让另一方涉及到负债
to be in debt 及法律上拥有罪过（让对方自行承担后果） bear the consequences
----The moral hazard problem is an informtion in which contracting parties cannot always
determine the future behavior of the person with whom they r contracting.

 minimum wages: 公司支付员工最低的薪水

只要你有工作就不怕没薪水 --- 失业率
依法定工作时间 legal working hours---- 享有 enjoy of socso,epf , 年假 , 病假等等
有利于 benificial to 提高生产 & 发展技能

 transfer payment
 政府给予个人来增加收入与购买力的费用 -- 带有福利支出性 with welfare expenditure
 社会保险福利津贴 social insurance benefits ，抚恤金 relief payment
 --- 解决 inequality& poverty problem
 经济萧条社会支出增加 --- 通过购买力提高社会需求 --- 缓解 alleviate 经济萧条

 poverty line(garis kemiskinan)

 paras pendapatan untuk sara diri di negara maju
 (negara membangun) alat untuk mengukur kemiskinan & keberkesanan
pembaharuan sosio-ekonomi(membasmi kemiskinan) eradication of poverty
 发展中国家 : 租 apartment-- 关注房地产价钱，决定 poverty line

 propotional tax 比例税

 每个人按所规定的巴仙率交税
 eg: rate--20% income--2000 propotional tax--2000*20/100=400

 progressive tax 递进制税收

 推行 imposed a higher rate on wealth than on the poor
 based on the taxpayer's ability to pay
 越有钱缴费越高

 regressive tax 退化税

 纳税人收入和财富的增加而税率递减
 营业税 business tax ，消费税，财产税 property tax
 average tax rate 平均税率
 total amount of tax you pay devided by your total income.
 年收入： 50,000 该缴交的费 :4500 4500/50,000= 9%

 marginal tax rate 边际税率

 tax rate you pay on any additional income you earn
 income:1800 增量 increment:1000 税率 :10%
 税额： 100 边际税率： 10%
 cukai yang adil

 property income 财产收入

 refers to income received by virtue of owning property.
 3 types--rent (received from the ownership of natural resources)
 interest (received from the virtue of owning financial assets)
 profit (received from the ownership of capital equipment )
 monopolistic competition 垄断竞争 ( 现象 )
 寡头厂商生产并出售相近但不同性质 nature 商品的现象， perfect subti
tute good
 这现象在新经济时代表现得更明显
 资源可以在行业间转移 transfer
 拥有消费群体，寡头商场自由进出 industry( 长期是无利润的 )
 企业数量多但规模小 , 互不依存 interdependence

 product differentiation 产品差异化

 达到市场力的政策，打广告让消费者相信这些产品 is something different
compare with other, 进而产生好感 favorable impression
 企业掌控市场的程度 degree of marketing control 于 depending on 消费者感
觉产品的好感度 consumer favorability
 monopolize 让其他 industry barrier to entry, 并成为竞争优势

 oligopoly 寡头垄断
 寡头厂商不多， 产品可以是 homogeneous/differentiated
 总产量比例 total output 比其他行业高
 形成原因：生产与技术决定
 特点：相互依存 / 竞争激烈 fierce competition
 需求的价格弹性 price elasticity of demand, 相互监视 monitor each othe
r 市场价格（互相猜测疑 suspicion 心病重 suspected ）

 game theory 博弈论

 研究 research 具有竞争性质现象的推测 speculation 方法
 anticipate rival's reaction 预先考虑到对手的反应
 要素： players, strategies,payoffs 得失（结果 ),orders 次序 ,equilibrium 平衡
 比如一场考试，遇到的对手想超越对方 surpass 。需了解自己和对方的优点与
缺点并对症下药 to suit the remedy to the case ，问问自己该如何超越对方。
什么方式才是最适合？是自己的读书方式不对吗？
Q6=10
 Pure monopoly 完全垄断， an industry with a single firm, 无任何人可取代之
 没有竞争者控制整个市场， his power sways the world.
 唯一可以满足顾客的营销组合 (sales team)+ 控可以制市场和价格
 TNB&SAJ-- 他们之所以很重要是因为大家都很需要它（必需品 :necessity ）

 natural monopoly 自然垄断

 an industry that realizes such large economies of scale in producing its product that sin
gle-firm production of that good/service is most efficient.
 大规模的经济公司有效率（ efficient ）的 production 产品 / 服务
 生产社会 (social) 产品 / 服务过程具有垄断性质 (monopoly nature) TNB&SAJ/ AIR-ASIA
 属公共用品 (be classified public good) 公益性 (public welfare)
 社会服务性 (social service) 代替性 subtitutability （节约能源 save energy 保护环境 , 提高效益
benefit ）
 塑料袋和环保袋 eco bag

 barrier to entry 进入壁垒，打算进入某一企业 /industry

 形成因素 forming factor ：顾客忠诚度 loyalty 政策法律 ( 避免抄袭 plagiarism)
 产品差别 ( 名气度占有一席之地 popularity to have a role to play)
 影响市场结构的因素：市场垄断 & 竞争关系
 high barrier entry: 竞争者不多，容易定价 set price
 telekomunication business: kemampuan infrastruktur 基础设施能力
 low barrier entry:web hosting 竞争者太多， perang harga, 放低价钱赚不到钱
 middle barrier entry: sotfware 制作过程漫长 , 容易被时代变迁而埋没 easily burried by the times

 collusion(collaborate 的意思 )
 the act of working with other producers in an effort to limit competition& increase joint profits.
 when firm collude, the outcome would be exactly the same as the outcome of a monopoly in th
e industry.
 2 个或多个公司 joint together 来跟随一个新的市场机会
 通过合作，他们可以 combine 他们的 fiancial,production,marketing
资源来 accomplish 多过任何一个公司 could alone
 带动经济成长 (drive economic growth) ，为国家做出贡献 (contribute to the country)

 price discrimination
 charging different prices to different buyers & 不同区域
 特征 characterisric: 卖方可防止买方大量转卖套利 resale arbitrage, 市场没有竞争 , 需求弹性不同
 买手提电脑（ johor ,kl 的价钱不同）

 price leadership
 dominant firm sets prices & all the smaller firms in the industry follow its pricing policy.
 寡头厂商 oligopoly 之间会串谋获 conspiracy 取更高利润。
 可以是正式 / 非正式地串谋。正式串谋是不被法律允许的 not allowed 。
 反垄断法 antitrust law: 避免价格竞
 Q3

1. 3 basic decision every household must make:

1.How much of each product/output to demand ?
2. How much labor to supply?
3. How much to spend today & how much to save for the future?

2. utility
--the amount of satisfaction that u will get from the consumption of a product/service.
--Util is something inside ur head, it represents 1 unit of satisfaction/ happiness. U might
get 25 utils of satisfaction from eating a bowl of ice cream while someone else would
only get 5 utils of satifaction.

3. marginal utility
-- how much of an item consumers r willing to purchase.
--to gauge how satisfaction level affect consumer decisions.
--eg: Mr.John is consuming bread and he takes 5 breads.By taking first unit he derives
utility up to 20. Second unit 16; third unit 12; fourth unit 8 and from fifth 2.
Marginal unit is fifth bread and the marginal utility derived is 2.
If we consume only 4 bread then the marginal unit will be fourth bread & utility will be 8.

4. law of deminishingmarginal utility 8888888888888 缺乏新鲜感越腻

--A person consumes an item/product, the satisfaction/ utility that they derive from the
product wanes as they consume more/more of that product.
--in the other words,postulates that when consumers go to the market to purchase a
commodity, they do not attach equal importance to all the commodities they buy. they
will pay more for some commodities &less for other.
吃馒头
eg: An idividual might buy a certain type of chocolate for a while. Soon, they may buy
less & choose another type of chocolate / buy cookies instead because the satisfaction
they were initially getting from the chocolate is diminishing.

5. perfect competition homogeneous product

--A perfect competition market is that type of market in which the number of buyers & se
llers is very large. All r engaged in buying &selling a homogeneous product without any
artificail restrictions & possessing perfect knowledge of the market at a time.
-- Perfect competition prevails when the demand for the output of each producer is perfe
ctly elastic.
eg; agricultural markets （相似的例子）
imagine shopping at ur local farmers, selling the same friuts.....
u can easily find out the prices for the goods, but they r usually all about the same.
6. economic profit
--reffers to the difference between the total revenue & the opportunity cost associated wi
th the revenue generated.
-- In other words, it's the excess money a company earned from one course of action ov
er another had they chosen diffrently. economic profit computations r not normally limite
d to time periods.
eg ： If a company had 250k in revenues &150k in explicit costs, its accounting profit w
ould be 100k. The same company also had 50k in implicit/ opportunity costs. Its econom
ic profit would be 50k.

7. total revenue
--refers to the total receipts from sales of a given quantity of goods/ services.
It is the total income of a business & is calculated by multiplying the quantity of goods
sold by the price of the goods.
eg: if Company A produces 100 widgets & sells them for $50 each the total revenue
would be 100*$50=5k.
---It is important to note that the concept of revenue in economic usually involves 2
terms: average revenue & marginal average.

8.rate of return 回报率

--Profit on an investment over a period time, expressed as a proportion of the original inv
estment. The time period is typically a year, in which case the rate of return is reffered to
as the annual return.
===the riskier the venture, the higher the expected rate of return
--eg:he invests $500 in the venture and the lemonade stand makes about $10 a day, or
about $3000 a year( he takes some days off)-------$3000/$500=600%.

9. explicit cost
--that is contractual in nature and define in amount(rent, salaries, wages).
--r easily recognizable for classification and recording.
生产费用，工资费用。。。（有形成本）

10.implicit cost 生产过程中提供给自己的生产要素

any cost that has already occured but not necessarily shown/ reported as seperate expe
nses
使用公司本身的资金，公司生产所需的设备
 short run 当有这 2 个情况发生时的时期：
1. FIrm is operating under a fixed scale 规模 / 比例 (or fixed factor) of production
2. Firm can neither enter nor exit the industry
企业只能通过增加可变要素 variable element; labor, raw material 来增加产量

 long run 当有这 2 个情况发生时的时期：

1. 企业能增加 / 减少 scale 规模 / 比例 (or fixed factor) of operation
2. 企业能进入 / 退出 the industry
企业只能通过扩建厂房，增加 设备来增加产量