Markets and Competitive Equilibrium

Study sheet excerpt

Course Outline

  1. State Regulation of Labor Markets
  2. Property Rights and Market Institutions
  3. Microeconomic Reasoning
  4. Perfect Competition Conditions
  5. Supply, Demand and Equilibrium
  6. Demand, Utility and Elasticity

1. State Regulation of Labor Markets

★ Must-know

📌 The law of 22 March 1841 prohibited children under 8 from working in companies with more than 20 employees.

  • The right to strike and freedom of association were established in 1884, paid holidays were introduced in 1936, the SMIG in 1950, and the SMIC in 1970.

Further detail

  • In 1840, public opinion was shocked by Doctor Villermé’s report on children’s working conditions in textile factories.

Memory Hook

1841 child labor ban → 1884 strike and unions → 1936 paid leave → 1950 SMIG → 1970 SMIC

2. Property Rights and Market Institutions

Key Concepts & Definitions

  • Patent : a property title over an invention that legally protects the inventor and encourages innovation

  • Article 17 of the Declaration of the Rights of Man and of the Citizen of 1789 declares property to be an inviolable and sacred right.

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Quiz preview

1. Regarding the labor protections introduced in 1841, which statements are correct?

2. Which chronology correctly describes major French labor-market regulations?

3. Concerning property rights and their legal protection, which statements are correct?

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Flashcards preview

In which year did Doctor Villermé report on children's working conditions?

In 1840.

What did the law of 22 March 1841 prohibit regarding child labor?

Children under 8 working in companies with more than 20 employees.

When was the right to strike and freedom of association established?

In 1884.

In which year were paid holidays introduced?

In 1936.

When was the SMIG introduced?

In 1950.

In which year was the SMIC established?

In 1970.

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The study sheet covers the essential concepts of Markets and Competitive Equilibrium. It is organized by topic to facilitate learning and memorization, with key definitions, explanations and summaries.

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The quiz contains 13 multiple-choice questions with detailed corrections and explanations for each answer. Ideal for testing your knowledge and identifying gaps.

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