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This four-page chart covers:
Definition of economics
Production danger curve
Economic association of society
Supply, call for, and marketplace equilibrium
Economic development, enterprise cycles, unemployment, and inflation
National source of revenue accounting and GDP
Aggregate call for and mixture supply
The multiplier model
Money and banking
Exchange charges and overseas macroeconomics
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Extra info for Macroeconomics (SparkCharts)
25 Approaches Comparing the Efficiency of Public and (iii) Principal-Agent Private Enterprises The ideas of the preceding subsection directly lead us to the next problem. It is not only the incentives within the firm whose modelling is still insufficient from a more advanced theoretical point of view.
It cannot be observed by the public official or can at least not be verified before a court. Moreover, nobody is able to calculate this effort from other observations: at the contract date there is some hidden information and only the combined result from this hidden information 49 and the manager's hidden action can be observed by persons other than the manager. By way of an example, let the production costs depend on the quantities produced, on the manager's effort, and also on the manager's ability whose actual value is private information of the manager.
H. (4) Welfare never increases if somebody's utility decreases. This postulate is strengthened by the assumption that W must be strictly increasing in at least one utility level. t. v (p,r ) =v; /i = 2 , . . , # , (5) ho technology and subject to the market-clearing conditions, the public sector's its revenue-cost constraint. The individual utility levels v are exogenouslyh 1 exist Lagrangean multipliers A given. In any optimum following (5) there which relate to the utility constraints (A := 1).