2.1+-+Markets

=2.1 - Markets= = =

__Markets__

 * Perfect competition -


 * Monopoly –


 * Oligopoly -


 * Monopolistic competition -


 * Importance of price as a signal and as an incentive in terms of resource allocation

__Demand__

 * Law of demand with diagrammatic analysis


 * Determinants of demand
 * Demand Determinants Examples [[file:Demand Determinants Examples.doc]]


 * Fundamental distinction between movement along the demand curve and a shift in the demand curve


 * Exceptions to the law of demand (upward sloping demand curve)


 * Veblen good


 * Rule of expectations


 * Giffen goods
 * What do Prostitutes and Rice have in common? [[file:What Do Prostitutes and Rice Have in Common.doc]]

__**Supply**__

 * Law of supply with diagrammatic analysis


 * Determinants of supply
 * Say So Long to an old companion, cassette tapes [[file:Say So Long to an Old Companion.doc]]
 * Smaller PCs cause worry for the industry, [[file:Smaller PCs Cause Worry for Industry.doc]]
 * Determinants of Supply examples [[file:Determinants of Supply examples.doc]]


 * Effect of taxes and subsidies on supply
 * As Recession Deepens so Does the Milk Surplus [[file:As Recession Deepens so does the milk surplus.doc]]
 * Ford says it can survive but urges rescue for industry [[file:Ford Says It Can Survive but Urges a Rescue for the Industry.doc]]
 * Steel Industry in Slump Looks to US Stimulus [[file:Steel Industry in slump.doc]]


 * Fundamental distinction between movement along a supply with a shift in the supply curve

__**Interactions between demand and supply**__

 * Equilibrium market clearing price and quantity
 * In thier various ways, Economists try to find the right price for homes [[file:In Their Various Ways.doc]]
 * As costs of air travel rise [[file:As Travel Costs Rise.doc]]


 * Diagrammatic analysis of changes in demand and supply to show the adjustment to a new equilibrium
 * Luxury on Sale: glut of Lobster [[file:Luxury on Sale the lobster glut.doc]]

__Price control__

 * Maximum price: causes and consequences


 * Minimum price: causes and consequences
 * Firms urge Freeze on Minimum Wage (UK) [[file:Firms urge freeze on minimum wage.doc]]


 * Price support/buffer stock schemes
 * Commodity agreements

=IB HL 1 Projects - C Block =

1. Coffee -- Andrew & Chris media type="custom" key="2619317"

2. Cocoa -- Duck Won & Jun Ho media type="custom" key="2619351"

3. Tea -- David & John media type="custom" key="2581755"

4. Natural Rubber -- Crystal & Roy media type="custom" key="2619273"

5. OPEC -- Elissa & Laura media type="custom" key="2577303"

6. Sugar -- Chee Hong & Jerome media type="custom" key="2614829"

7. Copper -- Patrick & Ching media type="custom" key="2578227"

8. Wheat -- Denise & Moly media type="custom" key="2579427"

9. Tin -- Max & Sung Soo media type="custom" key="2617369"

I =B HL 1 Projects - H Block=

1. Coffee -- Emilie & Ida media type="custom" key="2599021"

2. Cocoa -- Karoliina & Lily Ann media type="custom" key="2662865"

3. Bauxite/Aluminum -- Stan & Ben media type="custom" key="2614105"

4. Natural Rubber - Grace & Vickie media type="custom" key="2612093"

5. OPEC - Mandy & Eli media type="custom" key="2627807"

6. Sugar - Christina & Lily media type="custom" key="2628645"

7. Copper - Jessica & Phil media type="custom" key="2614619"

8. Wheat - Jimmy & Jim media type="custom" key="2614465"

9. Tin - Kevin & Hyun Woo media type="custom" key="2614251"