Eco 365 Week 2 Team Assignment Agreement

MARKETS AND THE ECONOMICS OF THE PUBLIC SECTOR2Markets and the Economics of the Public SectorWelcome ladies and gentleman to the Governor’s Conference on Economic Development, today we will discuss some interesting topics that have to deal with our economy, and how it has developed and changed over time. To do this, we first need to discuss variables that might affect the equilibrium of supply and demand and how that could be desired. Then, through using the concept of consumer and producer surplus, we will introduce the efficiency of markets, costs of taxation, and some benefits of international trade. We will also discuss any side effects or consequences that might prevent market equilibrium, and the government’s policies that are used to remedy the inefficiencies in markets that are caused by externalities. Finally, we will finish with learning the difference between the efficiency of a tax system, and the equity of atax system. Why the Equilibrium of Supply and Demand is DesirableSupply and demand regulate the amount of each good produced and the price at which it is sold. It is the conduct of individuals as they work together with one another in aggressive markets. “A market is a group of buyers and sellers of a particular good or service. The buyers, as a group, determine the demand for the product, and the sellers, as a group, determine the supply” (Mankiw, 2015. P. 65). Markets seek equilibrium for sustainable growth. This is the point where the supply and demand arcs overlap. Here, the quantity supplied equals the quantity demanded. The equilibrium point is fluid and changes with the market. A competitive equilibrium is implementable if the government can behave in a way that makes the inevitable equilibrium outcome (Bassetto, 2005).Equilibrium is desired because it benefits both buyers and sellers. When the price chargedis at equilibrium, some consumers are receiving a bargain because they would have been willing to buy even if the price had been somewhat higher. Also, some sellers would be willing to sell

2Markets and the Economics of the Public SectorGood afternoon ladies and gentlemen and thank you for attending the governor's conference on economic development. Today we will be discussing some topics that will talk about our economy, and its development and how it has changed over time. During this conference, we will discuss variables that may have an impact on the equilibrium of supply and demand and how that can be achieved. After we discuss the balance of supply and demand, we will move on to the efficiency of the market; then we will consider the cost of Taxation and benefits of international trade. We will also review consequences or side effects that may prohibit the market equilibrium. And the government policies that are used to Aid the end efficiencies in markets that are caused by external influences. For our last topic we will teach the difference between the effectiveness of a tax system and the equality of a tax system, and then we will conclude with a review for you. Thank you so much for your time, and I hope you enjoy our presentation.Equilibrium of Supply and Demand"Supply and demand are the main categories of economics, and successful functioning of the economy in general, as well as that of individual companies, depends on understanding their nature." (Andreishina, 2015) Demand is the quantity of a product or service that is desired bythe customers and at a certain price. Supply is the actual amount of the product or service that can be offered to the market. "The relationship between demand and supply underlie the forces behind the allocation of resources. In market economy theories, demand and supply theory will allocate resources in the most efficient way possible." (Heakal, 2016) Economic equilibrium is the correlation between the two. To achieve it, you need to either limit the requirements or increase the volumes. "Equilibrium at the micro level implies such a state of subjects that ensures the equality of supply and demand of goods, services and resources. At

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