Economics

• PED (manufactured good):

  In Norway, the electric cars have a PED OF 1.27 as of 2019
• PED (primary commodity):

  In the United States, corn has a PED of 0.210 as of 2023
• Price floor:

  Minimum wage in New Zealand increased from NZ$20 to NZ$21.20 per hour in April 2022
• Price ceiling:

  For rent in New York City is $2775/month as of 2019
• Consumer Subsidy:

  Higher education programs (student subsidies and free tuition for state universities) in the Philippines php 1.52 billion for scholarships and grant-in-programs to about 21,000 students as of 2020
• Negative consumption externality:

  Junk food in Columbia to be taxed with an indirect ad valorem tax of 10% as of 2023, rising to 20% by 2025
• Positive consumption externality:

  For the Sinovac/COVID vaccine in China, the Chinese government subsidy of $8.5 million in 2020
• Negative production externality:

  For Overfishing in the Philippines 10 out of 13 fishing grounds in the Philippines are overfished, in the present day.
• Positive production externality:

  In Massachusetts, USA, Harvard’s free ‘CS50: Intro to computer science’ course which is available to anyone, free of charge 5.4 million free online users as of 2023.
• Addressing tragedy of the commons (negative production externality):

  In the Philippines for fishing, there are tracking devices onto fishing boats as an electronic catch documentation traceability system, which monitors where fishermen are catching fish as of 2020
• Nudge:

  Promote vegetable consumption: placed green arrows on the floor directing customers towards fruits and vegetables in American Grocery stores in 2015
• Choice architecture:

  • In the USA Retirement savings: opt-out system & takes savings from salary raises, so take-home money doesn’t decrease.
  • Helped nearly 15.5 million Americans save for retirement
• Asymmetric information:

  In USA 2008/09 Subprime Mortgage Crisis (moral hazard)
• Perfect competition:

  Wet market (produce & meat) Cubao, Manila, Philippines  in the Present
• MONOPOLISTIC COMPETITION:

  • Clothing retailers (H&M, Mango, uniqlo, etc.)  
  • Global 
  • Present
• OLIGOPOLY:

  • Philippine Commercial Airlines (PAL, Air Asia, Cebu Pacific)
  • Philippines
  • Present
• COLLUSIVE OLIGOPOLY:

  • Oil Production (cartel)
  • OPEC countries (Organization of the Petroleum Exporting Countries)
  • Present
• MONOPOLY:

  • Search engine: Google 2023

  90% of all search queries. 
• Natural monopoly:

  • Meralco (Electricity)
  • Manila Philippines
  • Present
• GDP- inaccurate measure of true output

  • Informal economy in the Philippines
  • Year: 2024
  • Accounts for: 34.1% of the GDP
• GDP- inaccurate measure of economic wellbeing

  US Military spending:

  Included in GDP but does not capture social well-being 

  • YEAR: 2021
  • AMT OF SPENDING: 800 billion