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Final

GBiz Final Notes.docx

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Department
Commerce
Course
COMM 394
Professor
Tony Boardman
Semester
Spring

Description
RandomnotesGovernmentgetinvolvedandhavepolicyinterventionifcorrectamarketfailureachievemoreequitabledistributionofincomeandwealthimproveperformanceofeconomyefficiencypublicgoodtendtobeunderprovidedbyprivatesectorFiscalPolicyinterventionusedtoalterlevelofdemandandpatternofdemandintheeconomy1Indirecttaxesraisepriceofnegativeexternalitiestodecreaseoverallquantity2Subsidiesdecreasepricetoincreaseoverallquantity3Taxreliefofferfinancialassistancesuchastaxcreditsfornewcompanies4ChangeintaxationandwelfarepaymentsinfluenceoveralldistributionofincomeandwealthtransferseekingKeynesianschoolpowerfuleffectondemandwhenoperatingbelowfullcapacityMonetaristeconomistsonlyhavetemporaryeffectdemandandmoreusefulforinflationandmacroeconomicstabilityJudgingtheeffectsofintervention1efficiencyofapolicydoesitleadtobetteruseofresourcesParetoefficient2EffectivenessofapolicywhichpolicywillmostlikelyworkCosteffectiveinLR3Equityeffectsofinterventionisitfairforeveryone4SustainabilityofapolicyLongruncostbenefitanalysisGainsfromfreetrade1Welfaregains2Economiesofscale3Competition4Efficiencygainsenhancesconsumerchoiceandstimulateinnovations5Newtechnology6RiseinlivingstandardsWorldTradeOrganizationWTONorthAmericanFreeTradeAssociationNAFTAProtectionism1tariffscontractionindomesticdemandandexpansionindomesticsupply2QuotasquantitativelimitonimportsAgainst
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