1. IB Economics SECTION 2 – DEFINITIONS & DIAGRAMS SERINA YAMADA 2. Demand&Law of Demand Demand is the willingness and ability to purchase a quantity of…

Slide 1 Slide 2 When you have completed your study of this chapter, you will be able to C H A P T E R C H E C K L I S T Describe the effects of sales taxes and excise taxes,…

Slide 11 Supply, Demand and Government Policies Chapter 6 Slide 2 2 Price Controls Floor Ceilings Who benefits from each: sellers or buyers? Slide 3 Figure 1 A Market with…

Slide 1Copyright © 2004 South-Western Supply, Demand, and Government Policies Slide 2 Copyright © 2004 South-Western/Thomson Learning Supply, Demand, and Government Policies…

Slide 1Taxation and Government Intervention Chapter 7 Slide 2 Taxation and Government For government to provide goods and services such as national defense, social security,…

Slide 1Performance and Strategy in Competitive Markets Chapter 8 Slide 2 Competitive Market Efficiency Why is it Called Perfect Competition? Competitive markets balance supply…

Slide 1Copyright © 2006 Thomson Learning 6 Supply, Demand, and Government Policies Slide 2 Figure 1 A Market with a Price Ceiling (a) A Price Ceiling That Is Not Binding…

Slide 1Tax: Good, Bad or Strategic? Slide 2 I like to pay taxes. With them I buy civilization. Oliver Wendell Holmes, Jr. Taxes, after all, are dues that we pay for the privileges…

Slide 1Incidence of a tax Slide 2 The Incidence of a sales tax The incidence of a sales tax describes who actually bears the burden of the tax. – What portion of the tax…

Slide 1 Chapter 7 Efficiency and Exchange Even-numbered Qs. Slide 2 Efficient (or Pareto efficient): “A situation is efficient if no change is possible that will help some…