Consumers, Producers and Government Flashcards
(4 cards)
1
Q
When would one use this framework? (MICRO)
A
Open ended questions such as the ‘economic effects’ or ‘impact on the market’
2
Q
What do consumers care about? (MICRO)
A
prices
consumer surplus
quality
health
income - employment
living standards
3
Q
What do producers care about? (MICRO)
A
profits
costs and revenues
investment
4
Q
What does the government care about? (MICRO)
A
tax revenue
government spending
education, healthcare, equality
macro objectives
