Lecture 3

Question 1

search costs meaning

Answer 1

cost of finding a supplier/distributor

Question 2

enforcement costs

Answer 2

costs of checking whether you got what you are entitled to and taking (legal) action when you do not.

Question 3

What affects the slope and position of TC curves

Answer 3

Institutional context

Question 4

What affect business decisions

Answer 4

Institutional change

Question 5

Transactional cost economics (TCE) meaning

Answer 5

should i do it myself or buy

Question 6

Comparative capitalism (CC) markets

Answer 6

Both are capitalist

Liberal market configuration (LMC):
Minimal intervention, USA

Coordinated market economies (CME): Interventions from government, Scandinavia

Question 7

Liberal market economy configurations

Answer 7

Sorce of finance: short-term, market
Labor relations - deregulated
Inter-company relations - competetive
Education - General education
Role of state - minimalist, market regulations

Question 8

Coordinated market economy configurations

Answer 8

Source of finance - long-term, industrial
Labor relations - coordinated, employee protection
Inter-company relations - cooperative
Education - Vocational/Firm-specific
Role of state - Directed to achieve developmental or social goals