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Econ2010 - Assignment Example

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e) “The marvel is that in a case like that of the scarcity of one raw material, without an order being issued, without more than perhaps a handful of people knowing the course, tens of thousands of people. . . .are made to use the material or its products more sparingly; i.e…
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Download file to see previous pages Opportunity cost results from high commodity prices that make the purchasers unable to get their preferred commodities rather, they opt for other commodities.
Speculation can be described as a means by which an individual makes decisions without having concrete evidence. An example of a speculation is that an individual buying the shares or shares of a company believes that he is making an investment. He might make a profit or a loss from the shares he buys from the company.
When the price ceiling is at Pc, the market equilibrium is not reached, and the producers or suppliers accrue losses from the current prevailing prices. The impact of the lost gains of commerce is that producers or suppliers are discouraged from transporting their product into the market resulting to shortage of the products in the souk.
An economic distortion is a situation when suppliers are allowed to charge their prices in the market because the government has stopped allocating its financial resources. The difference is that the landlords will not particularly benefit because the government will be controlling the prices that they are charging to tenants (Kahn, 123).
Loss of price floor policy will mean that individuals will have possession of various goods that may positively or negatively affect the state. An example is that teenagers in the society will have access to alcoholic beverages.
Exporting a commodity refers to the process where a product is being transported out of the country. It is advantageous to export a product under a price floor policy because it relives exporters from paying taxes.
Protectionism is a law that is placed to protect its citizen’s welfare in trade matters and jobs from foreigners and international trade by the government. An example is that the law gives a country’s citizen a higher opportunity of getting a job within the country than a foreigner (Kahn, 11).
The cost of protectionism is expensive to the countries applying the ...Download file to see next pagesRead More
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