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eco paper 1
| Question | Answer |
|---|---|
| benefits of more equaity? | less overty, better health outcomes, more social acceptablity, higher productivity,less crime |
| costs of more equality? | higher taxes on the rich may reduce incentives to work/invest, benefits may reduce incentives to work, wealth redistribution can be expensive |
| advantages of governemnt policies to reduce poverty& change income? | reduces poverty, improves health and producivity, increases equality of opportunity, reduces crime, helps long term economic growth |
| disadvantages of governemnt policies to reduce poverty& change income? | high taxes may reduce incnetives to work/invest, benefits may reduce incentives to work, government spending can increase the budget deficit |
| benefits of more inequality? | incentives to work harder,study more,encourages entrepenurship,supports innovation |
| costs of more inqualuty? | more poverty, social tension and crime, worse health and educaiton outcomes |
| benefits for deregulation? | more competetion, lower prices, more innovation |
| costs of deregulation? | risk of lower quality, workers may be exploited, environmental damage if rules are removed |
| benefits of the national minimum wage? | reduces poverty, reduces exploitation, may reduce wage inequality, increases standard of living, can increase labour supply |
| drawbacks of the minimum wage? | increases business cots, firms may raise prices (inflation), risk of unemployment if set too high |
| advantages of price discrimation? (for firms) | higher revenue and profit, better capacity utilisation, can fund innovation and R &D |
| advantages of price discrimation? (for consumers) | some consumers pay lower prices, more services exist because firms are able to stay profitable, off peak discounts help low income groups |
| disadvantages of price discrimation? | some consumers pay higher prices, can be seen as unfair, consumer surplus falls |
| disadvantages of price discrimation? ( for society) | potential allocate inefficency, monopoloy power can be abused |
| advantages of an oliogopoly? | economies of scale(lower costs), innovation due to higher profits, stable prices |
| disadvantages of oliogopoly? | collusion harms customers, barriers to entry reduce competetion, less choice |
| advantages of monopoly? | economies of scale(lower costs), innovation due to higher profits, stable prices |
| disadvantges of monopolies? | higher profits, lower output, less consumer choice |
| advantages of wage discrimination? | lower labour costs for employers, firms may hire more workers if wages are lower, could increase profits for the business |
| disadvantages of wage discrimation? | higher poverty rates, reduced motivation and productivity, income ineuquality increases |
| advantages of competetion policy? | lower prices, more choice, better quality, more innovation |
| disadvantages of competetion policy? | takes time, investigators can be expensive, government may make mistakes |
| arguments for public ownership? | ensures essential services are provided, prices may be lower for consumers, governent can invest for long term profit |
| arguments against public ownership? | less incentives to be efficient, lack of competetion(lower innovation), higher cost to taxpayers |
| arguments for privatisation? | more competetion, profit motive, reduces government spending, more choice for consumers, raises money for governemnts |
| arguments agaisnst privatisation? | prices amy rise if competetion is weak, loss of public control over key sectors, private firms may prioritise profit over quality |
| arguments for regulation? | prevents abuse for monopoly power, protects consumers, controls pollution and externalities, ensures minimum standards |
| arguents against regulation? | expensive to enforce, can reduce innovation, firms may pass costs to consumers, too much regulation can slow economic growth |
| advantages of price mechanis,? | efficent(rresources get allocated to where they are most valued), no governemnt needed(markets coordinate themselves), quick response |
| disadvantages of price mechanism? | inewuality(those who pay gets the good), information failiure(consumers may not know whats best), unstable markets( pricesc can fluctuate wildly) |
Created by:
user-2040615