Economics of Europe 2013 Lecture 2: The economic theory of integration and the EU customs union in practice This week we shall be looking at what impact the creation of the EEC/EU customs union may have had on trade patterns. But first we need to remind ourselves a little about the economic theory of trade. Gains from trade Countries trade with one another either to obtain goods that for some reason they cannot produce for themselves‚ or to obtain goods that another country can produce
Premium International trade European Union
Global Wine Wars 2009: New World versus Old World Executive Summary The concept of wine-making was originally an art dominated by several European countries‚ mainly amongst the noble class‚ competing against one another for the highest quality wines. Traditionally set in their ways‚ from their methods of planting‚ to harvesting‚ to marketing channels and their consumers‚ the “Old World” wine-makers were unprepared for what was ahead of them as the “New World” growers joined in the struggle
Premium Wine
Table of Contents EXECUTIVE SUMMARY 4 PREFACE 5 Aluminium as Commodity 5 INTRODUCTION 6 Contribution to GDP 7 Employment Generation 7 ALUMINIUM PRODUCTION 8 Process Flow 8 Inputs of Production 9 Bauxite 9 Power 12 Other Raw Materials used 12 Production Method 12 Aluminium- Products 14 GOVERNMENT POLICIES 15 MAJOR PLAYERS 16 National AluminiumCompany (NALCO) 16 HINDALCO Industries 16 Sterlite Industries 17 INDUSTRY
Premium Aluminium
paper is to analyse firstly to what extent Brisbane real estate agencies match the characteristics of a perfectly competitive industry. Secondly it will examine the pros and cons of the industry in relation to welfare implications using producer and consumer surplus concepts. This paper will not state which market structure real estate agencies fall under‚ it is just to what extent the agencies fit into a perfectly competitive industry. Real Estate Industry There are many papers which argue
Premium Economics Microeconomics Real estate
Assignment of Microeconomics: Dr.Priyanka Mallick EPGP-04A-068 Monopoly 1. A firm faces the following average revenue (demand) curve: P = 120 - 0.02Q where Q is weekly production and P is price‚ measured in rupees per unit. The firm’s cost function is given by C = 60Q + 25‚000. Assume that the firm maximizes profits. What is the level of production‚ price‚ and total profit per week? Ans1. Level of optimal production is obtained by setting Marginal Revenue equal to Marginal Cost
Premium Costs Economics Marginal cost
With increasing demand from downstream industries and support from Chinese government‚ Polyvinyl Pyrrolidone production and consumption has been growing rapidly in the past few years‚ and China has become one of most important PVP producers in the world with larger export volume. However‚ affected by global financial crisis‚ most PVP’s downstream industries have witnessed a downturn since late 2008‚ which seriously impacted PVP industry both in domestic and overseas market. How did China’s PVP overcome
Premium Marketing Industry Supply and demand
domestic producer * Subsidies help domestic producers * compete against low-cost foreign imports * gain export markets * Consumers typically absorb the costs of subsidies Tariffs * Tariffs * increase government revenues * provide protection to domestic producers against foreign competitors by increasing the cost of imported foreign goods * force consumers to pay more for certain imports * So‚ tariffs are unambiguously pro-producer and anti-consumer
Premium International trade
Mercantilism – Originated in England‚ An economic philosophy advocating that countries should simultaneously encourage exports and discourage imports. It was in the countries best interest to maintain a trade surplus‚ to export more than it imported. Also advocated government intervention to achieve a surplus in the balance of trade. * Zero-Sum Game – A situation in which an economic gain by one country results in an economic loss by another. The flaw with Mercantilism is that it is viewed as a Zero-Sum
Premium International trade
to be exchanged at a certain period . It need not be a particular place . For example ‚ Amazon.com website is a market in itself since they bring buyers and sellers together to transact goods and services . Consumers actually send signals to the producers on what to produce ‚ how many products to be produce and in what shape or colour based on their choices and buying desicions . Markets include mechanisms or means for: 1} Determining price of the traded item 2} Communicating the price information
Premium Supply and demand
essential to growth of produit net‚ or in other words the net product. The export of grain during the time of Louis XVI however was restricted. Along with restrictions on exports‚ imported goods were also encouraged. This limited the quantity of goods a producer could sell and limited the price a good could be sold at. During Turgot’s time as Controller General of Finances for Louis XVI‚ Turgot attempt to reform the restrictions put on exports. However‚ his push for freedom of trade and other reforms was
Free Capitalism Economics Investment