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Important Ideas

In: Business and Management

Submitted By katrinadd
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Pages 3
Important Ideas
Katrina Doughty
Microeconomics- 4
ECO 3028-4

Select the top ten (10) most important ideas / concepts you learned in chapters 27& 28 of your textbook. Chapter 27: 1. Two basics forms of government regulation of business is economic and social regulation. I can’t think of how economic regulations affect me, but I do have friends that are affected because in order for them to enter a business they must have a license like working in a hair salon or becoming a lawyer. Social regulation affects me because I have to have a permit in order to carry a weapon. 2. Bundling is when you get two or more products for sale as a full set. When I bargain stop I look for deals and I receive my living room suit that was a seven piece for under $2000 dollars. 3. Natural monopoly occurs when a firm can supply the entire market lower price than two or more firms. This affects me because look to get the lower prices, but the goods or service has great quality. You cable television, trash collections, electric power are examples of natural monopoly. 4. Antitrust laws- One case of antitrust laws that I u because use is Microsoft because they bundled their Microsoft internet explorer with Microsoft Windows products. Antitrust is in place to protect the consumers and small businesses. 5. Relevant Product Market is determined by the demand-side, supply-side, and potential competition. This affects me because I tend to switch from one product to another depending on the price. Product and geographic market is determined when delimiting the relevant marketing. Chapter 28: 1. The supply and demand of labour determines the quantity and price which is the amount of people employed and their ages. The function of supply and demand is setting, price, and quantity. All the functions important. Labour Market is…...

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