Microeconomics Term Paper - 3729 Words

Price Control | January 21 2011 | Price control if not properly managed could be disastrous to the economy. It maynot only lead to higher prices in the long-run, but can even disrupt an industry. If pricesare not allowed to vary in response to greater risk, cost of production, and increasing costof staying in business, not enough producers would be encouraged to supply the product. | A Term Paper | B I B L I O G R A P H Y Philippine Institute for Development Studies, Economic Issue of the Day Vol. X no.2 (March 2010), The Janus face of price controls The Business Star, â€Å"DTI Price Monitoring Scheme Now Underway In All Provinces,† May 17, 1989, p. 12. http://www.philstar.com/Article.aspx?articleid=538575†¦show more content†¦To these ends, the State shall: (1) Develop, adopt and promulgate measures to promote productivity in basic necessities and prime commodities; (2) Develop an improved and efficient transport and distribution system; (3) Develop, adopt and promulgate measures to stabilize prices at reasonable levels; (4) Institute appropriate penalties for illegal price manipulation and other violations of this Act; and (5) Establish a mechanism that will readily protect consumers from inadequate supply and unreasonable price increase on occasions of calamities, emergencies and like occurrences. Sec. 3. Definition of Terms. - For purposes of this Act, the term: (1) Basic necessities includes: rice; corn; bread; fresh, dried and canned fish and other marine products, fresh pork, beef and poultry meal; fresh eggs; fresh and processed milk; fresh vegetables; root crops; coffee; sugar; cooking oil; salt; laundry soap; detergents; firewood; charcoal; candles; and drugs classified as essential by the Department of Health; (2) Butter fund means a contingent fund in the budget of the implementing agency which shall not be used in its normal or regular operations but only for purposes provided for in this Act; (3) Implementing agency means the department, agency or office of theShow MoreRelatedSupply and Demand Simulation983 Words   |  4 PagesECO/365 – Principles of Microeconomics Instructor Name Date Introduction Supply and Demand is a phrase that every one hears in one way or another, Supply and demand phrase according to Colander, (2010) is the most used phrase by economist and the reason is because the phrase provides a good â€Å"off-the-cuff† answer for many question that have to do with economy. Example why are interest rates to Low? Because supply and demand. Why is Gasoline so high? supply and demand. This paper will speak about aRead MoreEco 365 Supply and Demand Simulation Essay855 Words   |  4 PagesSupply and Demand Simulation ECO/365 November 26, 2012 The purpose of this paper is to discuss the Supply and Demand simulation from the student website. The idea is to identify two microeconomic and two macroeconomic principles present in the simulation and to explain why these principles are categorized as macro or microeconomic. The paper will also determine one shift of the supply curve and one shift of the demand curve from the simulation, as well as why theseRead MoreMicroeconomics And Macroeconomics Of Microeconomics1565 Words   |  7 PagesAbstract Economics is an enormous field. The term economics is the broader term, however within this, there are additional fields such as microeconomics and macroeconomics. 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Explain how two nonprice factors impact the supplyRead MoreMicroeconomics in Daily Life1033 Words   |  5 PagesEcon 1 Professor Carter December 12, 2011 Microeconomics In My Daily Life Throughout my life, I have always been reading and hearing about economic issues and concepts, but I never thought about the impacts of economic models on my personal life. Before learning about microeconomic concepts, I always thought that a course in the field of Economics, would teach me theories that only apply to the economy of a nation as a whole and not to an individual’s life. However, there were a lot of conceptsRead MoreEconomic Terms and Health Care History879 Words   |  4 PagesEconomic Terms and Health Care History In this paper the author will describe the history of health care economics along with the evolution and timeline of health care funding. Gaining insight from economical terms can assist with understanding the history and future changes; terms such as, elasticity, inelasticity, supply and demand. Health care costs are changing over the years and by understanding the history of health care economics will help individuals be prepared for future amendmentsRead MoreArticle Analysis Paper1275 Words   |  6 PagesArticle Analysis Paper The United States consumes more than 25% of the world’s petroleum products which is a large percentage, considering only 3% of the world’s oil reserves are produced by the United States. Given the demand for petroleum products such as gasoline, understanding why Crude oil prices have skyrocketed in recent years, is not hard. According to the article â€Å"Ending America’s Oil Addiction,† the surge in crude oil prices can be reduced in large part to the simple concepts of supply