Antologia de Teoria Economica

8/16/2019 Antologia de Teoria Economica

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UNIVERSIDAD POPULAR AUTONAMA DE VERACUZ

CIUDAD ALEMAN.

NOMBRE DE LA MATERIA: TEORIA ECONIOMICA

ASESOR: LIC. DONACIANO DOMINGUEZ RGUEZ.

INTEGRANTES DE EQUIPO:

ROSALBA HERMINIA GARCIA

JUAN CARLOS OROZCO REYES

VIANKA ESTELA PUC CEH

KARLA ELIZABETH TRINIDAD CASTILLO

FABIAN LUCAS MARTINEZ

JOHATHAN REYES SANCHEZ

ACTIVIDAD: ANTOLOGIA

CARRERA: LIC EN DERECHO

2 CUATRIMESTRE

1


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INDICE

PORTADA____________________________________(1

INTRODUCCION _____________________________(!"2

EL SISTEMA ECONOMICA____________________(#"1$

PRINCIPIO DE MACROCONOMIA______________(1%"#&

PRINCIPIOS DE MICROECONIMIA_____________(#&"&&

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INTRODUCCION

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3


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T+86 +345-3

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4


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EL SISTEMA ECONOMICO

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L0 3,8+0 /+ 78/33-4 04 '0 8+3800 9+ 4 +578+0 4 7+804

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3,8 ,-+88 ,5)-@4 0+ -43'84/+0 35)-0 4-+' /+ 78/33-4? ,5)-@4 0+7+/+4 340-/+88 35 3,8+0 /+ 78/33-4 ' 373-// +578+08-' < +'+4,84 ,+34'>-3 0-4 +5)8>? ,8/-3-4'5+4,+? '0 ,8+0 3,8+0 +7'-3/0(37-,'? ,8)* < ,-+88 04 '0 9+ 78+/5-44 +4 ' ,+86 +345-3. C4 '35)-43-4 /+ '0 3,8+0 /+ 78/33-4? 0+ )03 +-3-+43- +4 '78/33-4 78? 06? ),+4+8 5


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2.1.1 SECTORES ECONOMICOS

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6


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2.1.2 A>+4,+0 +345-30

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E' +0,/ +0 +' >+4,+ +345-3 384 34,-// /+ )-+4+0 < 0+8-3-0. A ' += +0 +'5


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2.1.! C'0--33-4 /+ )-+4+0.

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S4 38+/0 78 +' ;5)8+S4 +0300

T-+4+4 787-+,8-

S+ 7+/+4 ,840+8-8

T-+4+4 '8 /+ 0 < /+ 35)-

T-+4+4 ,-'-//

CLASIFICACIN DE LOS BIENES ECONMICOS

P8 0 N,8'+=

M,+8-'+0 (T4>-)'+0." S+ 8+-+8+ 9+''0 )-+4+0 9+ 7+/+4 0+8 37,/078 4+0,80 0+4,-/0 78 ,+4+8 +-0,+43- 60-3. P8 +*+57' '0 =7,0? 4'7-3+8? 4 5+0.

I45,+8-'+0 (-4,4>-)'+0."S4 '8+0 )0,83,0 9+ 0,-03+4 4+3+0-//+07+8 38+3+4 /+ +-0,+43- 60-3. P8 +*+57' 4 0,8+? 4 583? 85'

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P8 0 >8/ /+ +')83-4

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B-+4+0 I4,+85+/-0."E0,0 )-+4+0 ''5/0 ,5)-@4 -4050 04 9+''0 9+,/6 4 08-8 4 4+ ,840853-4 78 7/+8 0,-03+8 44+3+0-//? 78 +*+57' ;8-4? 3+8? 5/+8.

B-+4+0 F-4'+0."S4 9+''0 9+


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2.1.# P8/33-4 /+ )-+4+0 < 0+8-3-0

L0 )-+4+0 < 0+8-3-0 04 4 5+/- 78 0,-03+8 '0 4+3+0-//+0 ;540.S- 0+ ,8, /+ '> 5,+8-' 40 8++8-50 4 )-+4 (4 +0,-/? 4 ,5-' 4 3/+84. S- +0 '> -45,+8-' ;)'50 /+ 0+8-3-0 (0'/? +/33-4?

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L 78/33-4 +0 ' 3,--// +345-3 9+ 78, '8 >8+>/ 78 38+3-4 < 05-4-0,8 /+ )-+4+0 < 0+8-3-0? +0 /+3-8? 340-0,+ +4 ' 38+3-4 /+

78/3,0 0+8-3-0


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2.2 C0,0 /+ 78/33-4

L0 )-+4+0 < 0+8-3-0 04 4 5+/- 78 0,-03+8 '0 4+3+0-//+0 ;540.S- 0+ ,8, /+ '> 5,+8-' 40 8++8-50 4 )-+4 (4 +0,-/? 4 ,5-' 4 3/+84. S- +0 '> -45,+8-' ;)'50 /+ 0+8-3-0 (0'/? +/33-4?

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78/3,0 0+8-3-0


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COSTOS HISTRICOS

S4 9+''0 9+ 0+ ),-+4+4 /+07@0 /+ 9+ +' 78/3, ; 0-/ +')8/?+0 /+3-8? 04 30,0 9+ 0+ ;4 -4388-/ < 3


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LOS COSTOS ESTIMADOS

R+78+0+4,4 4-35+4,+ 4 ,+4,,- +4 ' 4,-3-73-4 /+ '0 30,0 8+'+0 <+0,4 0*+,0 8+3,--33-4+0 5+/-/ 9+ 0+ 35784 34 '0 5-050. E0,+ 0-0,+5 340-0,+ +4:

1.P8+/+,+85-48 '0 30,0 4-,8-0 /+ ' 78/33-4 +0,-54/ +' '8 /+ '5,+8- 78-5 /-8+3,? ' 54 /+ )8 /-8+3, < '0 38>0 -4/-8+3,0 9+ 0+340-/+84 0+ /+)+4 ),+4+8 +4 +' ,8?2. C5784/ 70,+8-85+4,+ '0 30,0 +0,-5/0 34 '0 8+'+0 < *0,4/'0 8-3-4+0 388+074/-+4,+0.!. C40,-,-+4,+0:

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1 L 388+33-4 ' ;* /+ 30,0 +0,-5/0 4-,8-. E4 ' ;* /+ 30,0 +0,-5/0 0+>4 '0 +7+8-+43-0 70/0 0+ /+)+83'3'8: L 34,-// < +' '8 /+ '0 5,+8-'+0 4+3+08-0 78 +' '5+4 /+78/33-4.) E' ,-+57 -*/ 78 +' '5+4 /+ 78/33-4.3 E4 8+'3-4 ' '5+4 /+ 78/33-4 < ' ,-+57 -*/ 0+ 78+/+,+85-4 +'-578,+ /+ '0 0+'/0 < 0'8-0 )8-'+0./ E4 8+'3-4 /+ '0 74,0 4,+8-8+0 0+ 3'3'4 '0 38>0 -4/-8+3,0 /+

78/33-4.

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U4 += 9+ +' 4-+' /+ 78/33-4 < +' ,,' /+ 30,0 -4/-8+3,0 /+ )8-33-40+ ;


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78+/+,+85-4/ /+ 7'-33-4 /+ 30,0 -4/-8+3,0 /+ )8-33-4388+074/-+4,+0 +0+ 7+86/. L0 ,00 /+ 7'-33-4 /+ 30,0 -4/-8+3,00+ -*4 (78 ' >+4+8' +4 ,@85-40 /+ /'8+0 78 4-// /+ ' 3,--//+0,-5/ /+ '>4 )0+ (/+45-4/ 3,--// /+45-4/8. N ;< 8+>'0-*0 78 /+,+85-48 3' /+ '0 )0+0 0+ /+)+8 08 35 /+45-4/8. S-4+5)8> ,-+4+ 9+ ;)+8 4 8+'3-4 /-8+3, +4,8+ ' )0+ < '0 30,0-4/-8+3,0 /+ )8-33-4. A/+50 +' 5@,/ ,-'-=/ 78 /+,+85-48 ' ,0/+ 7'-33-4 /+ '0 30,0 -4/-8+3,0 /+ )8-33-4 /+)+86 0+8 ' 50 0+43-''< 5+40 30,0 /+ 3'3'8 < 7'-38. U4 += +0,-5/0 '0 30,0 -4/-8+3,0/+ )8-33-4 ,,'+0 < +03>-/ ' )0+? 0+ /+)+ +0,-58 +' 4-+' /+ 373-//485' 34 +' -4 /+ 3'3'8 ' ,0 /+ 7'-33-4 /+ '0 30,0 -4/-8+3,0 /+)8-33-4. L 85' 78 3'3'8 ' ,0? ' 3' +0 ' 5-05-4/+7+4/-+4,+5+4,+ /+ ' )0+ +03>-/? +0 ' 0->-+4,+:

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1. U4-//+0 /+ 78/33-4

2. C0, /+ 5,+8-'+0 /-8+3,0

!. C0, /+ 54 /+ )8 /-8+3,

#. H80 /+ 54 /+ )8 /-8+3,

&. H80 59-4

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-57+0, ' '8 >8+>/ IVA +' 3' 340,-,4 35 8+0740)'+ /+' -4>8+0 /+' ,8-), '-03? +0 +' 5-05 9+ +' 34,8-) -570-,- /+' 34,8-) ,8-),8-< +4 9@ 5+/-/. N )0,4,+? +0, /+-4-3-4 003-, '0 50 -4,+8+04,+0/-030-4+0 0)8+ '0 ++3,0 +345-30 /+ '0 -57+0,0.

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15


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T-70 /+ -57+0,0

L 3'0--33-4 /+ -57+0,0 /+ ' OCDE +0 ' 0->-+4,+:

I57+0,0 0)8+ ' 8+4, (ISR? '0 )+4+-3-0 < '0 >443-0 /+ 37-,'

I57+0,0 -4/--/'+0 0)8+ ' 8+4,? )+4+-3-0 < >443-0 /+ 37-,'

I57+0,0 /+ 03-+//+0 0)8+ ' 8+4,? )+4+-3-0 < >443-0 /+ 37-,'

O,80

C4,8-)3-4+0 ' S+>8-// S3-'

T8)*/8+0

E578+08-0

A,450 < +57'+/0

I57+0,0 0)8+ 45-40 /+ ,8)*/8+0 < 54 /+ )8

I57+0,0 0)8+ ' 787-+//

I57+0,0 7+8-/-30 0)8+ ' 787-+// -45)-'-8-

I57+0,0 7+8-/-30 0)8+ ' 8-9+= 4+,

I57+0,0 0)8+ ;+8+43-0? 03+0-4+0 < /43-4+0I57+0,0 0)8+ ,84033-4+0 -443-+80 < /+ 37-,'

I57+0,0 4 7+8-/-30.

I57+0,0 0)8+ )-+4+0 < 0+8-3-0

I57+0,0 0)8+ 78/33-4? +4,? ,840+8+43-0? 88+4/5-+4, </-0,8-)3-4 /+ )-+4+0 < 78+0,3-4 /+ 0+8-3-0.

I57+0,0 0)8+ )-+4+0 < 0+8-3-0 +07+36-30

I57+0,0 0)8+ 0 7+85-0 /+ 0 /+088'' /+ 3,--//+0 8+'3-4/034 )-+4+0 +07+36-30 ('-3+43-0.

16


17/55

2.2.2 U,-'-//+0 )8+3;0 /+ /+54/ -4+80-4 /+ 8+70-3-4 + -4+80-4 4+,

T840+8+43- /+ I57+0,0 /-8+3,0 + -4/-8+3,0 I57+0,0 0)8+ '0 -4>8+00?)-+4+0 < 0+8-3-0 H+885-+4,0 /+' +0,/ 78 -4'-8 +4 ' 3,--//+345-3 04 4 )'->3-4 /+ '0 -4/--/0 /+8-/ /+ 00 -4>8+00I57+0,0 L ,-'-// +0 4 340,833-4 3-+4,6-3 9+ '0 +345-0,0,-'-=4 78 3578+4/+8 ' 85 +4 9+ '0 3405-/8+0 83-4'+0 /--/+400 8+3800 '-5-,/0 +4,8+ '0 )-+4+0 9+ '+0 78783-44 0,-033-4.U,-'-//+0? B8+3;0 /+ D+54/?

I4+80-4 /+ R+70-3-4 + I4+80-4 N+,. E' ,+85-4 ,-'-// 58>-4' /+4, ',-'-// /-3-4' 9+ 0+ ),-+4+ /+' 3405 /+ 4 4-// /-3-4' /+ 4)-+4 U,-'-// M8>-4' R+'3-4 /+-4-/ +4,8+ +' 78+3- /+' 5+83/ /+ 4)-+4 < ' 34,-// /+54// /+' 5-05? 0- ,/ ' /+50 7+854+3+340,4,+ C8 /+ ' /+54/ E0 4 0-,3-4 /+ /+0+9-'-)8- +4 +'5+83/. Y 9+ +' 78+3- /+ '0 78/3,0 /+ ' 34,-// /+54// +05'3-4 I57+0, I4/-8+3, I570-3-4 I4/-8+3, +0 +' -57+0,9+ >8 +' 3405. L0 C4,8-)3-4+0 C4,8-)3-4+0 /+ M+*80 04 '0+0,)'+3-/0 +4 L+< 38> /+ '0 7+8040 60-30 < 58'+0 9+ 0+)+4+-3-+4 /+ 54+8 /-8+3, 78 )80 7)'-30. E*+57': C4/ 0,+/3405+ 4 34,-// /-3-4' /+ ;+'/? ),+4/86 '>4 0,-033-4 U,-'-// A/-3-4'. E0,+ -438+5+4, /+ ,-'-// 8+3-)+ +' 45)8+ /+ ,-'-//58>-4'

17


18/55

PRINCIPIOS DE MACRO EMPRESAS

!.1 C4,)-'-// 43-4' 43-4'

L C4,)-'-// 43-4' +0 4 ,@34-3 9+ /+038-)+ ' 9+ 03+/+ +4 40-0,+5 +345-3? ,8@0 /+ 4 34*4, /+ 3+4,0? 9+ 8+3+4 48+78+0+4,3-4 45@8-3 0-0,+5,-3 /+ ' 3,--// +345-3 /+' 0-0,+5+345-3? /84,+ 4 7+8-/ /+,+85-4/.

O)*+, /+ ' 34,)-'-// 43-4': M+/- /+ 343-5-+4, /+ ' +3456 /+4 760? 8+>-4 =4. R+3>+ ' -4853-4 4+3+08- 78 *=>8 '08+0',/0 +345-30 /+ 4 760.

C40,-,4-,/+0? 9+8+78+0+4,4 '0 ,84033-4+0 8+'-=/0 +4,8+ '0 /-+8+4,+0 >+4,+0 9+854 78,+ /+ ' +3456 /+ 4 43-4.

G+4+8'-//+0M+/-8 +' 4-+' /+ 78/33-4 /+ ' +3456 +4 4 55+4, /+,+85-4/ (4? 4 ,8-5+0,8+ < +7'-38 '0 8=4+0 /+ +0 0-,3-4.

A4'-=8 ' +'3-4 '8> 7'= /+ ' +3456

D-074+8 /+ 4 )0+ 3-+8, 78 ' 85'3-4 < 7'-33-4 /+ 7'6,-307)'-30.

A 5+/-/ 9+ ' -4,+8+43-4 +0,,' +4 ' +3456 + 5+4,4/ 0+ +

;3-+4/ 78+3-0 34,8 34 5+/-0 /+3/0 9+ 7+85-,-+0+4 9+ /-3;-4,+8+43-4 340->-+8 '0 8+0',/0 /+0+)'+0 +8 4+3+08- 7+0? 9+ +'

18


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20/55

!.1.1 E3+/+4,+ +345-3

E' +3+/+4,+ +345-3? 0+ 8+-+8+ ' 05 /+ /0 +3+/+4,+0: +' +3+/+4,+/+' 78/3,8 < +' +3+/+4,+ /+' 3405-/8. E' +3+/+4,+ /+' 3405-/8 +0 +'0)84,+ >443- 54+,8- /+' 3405-/8 ' /9-8-8 4 78/3, 4

78+3- /+,+85-4/? 9+ +0 ' += 5+48 ' 78+3- +0,-5/ ' 50, /+78/33-4? ' +4/+8 0 78/3, 4 78+3- 50,0 /+ 78/33-4 0,-03+ ,80 4+3+0-//+0? 78,-8 /+ 4 78+3- 5+48 5+4+8' /+ '03-//40 /+ 4 760 0 45+8 7+/4 5+4,8.

E' +3+/+4,+ /+' 3405-/8 0+ 340-/+8 ' /-+8+43- +-0,+4,+ +4,8+ '34,-// 5-5 9+ 4 3405-/8 +0, /-07+0, 7>8 78 4 34,-///+,+85-4/ /+ 4 )-+4 < ' 9+ +4 ' 8+'-// 7> 78 +0 34,-//.

E' +3+/+4,+ /+' 78/3,8 +0 +' -4>8+0 ,,' 9+ 8+3-)+4 '0 78/3,8+0 78 4 )-+4? 5+40 +' 30, 8-)'+ ,,' 9+ '+0 8+78+0+4,4 78/3-8 +0+ )-+4.E0 8+ 8+78+0+4,/ +4 +' >8-3 8+78+0+4, +' 78+3- /+ 5+83/ 5+40 +'30,+ 58>-4' /+ 3/ 4-// 78/3-/.

!.1.2 R+'3-4 -4,+80+3,8-' < 5,8-= 0-57'+ /+ -405"78/3,.

L M,8-= I405"P8/3, 8+'+* +' /+0,-4 /+ '0 ,84033-4+0 35+83-'+0/+ '0 388-+4,+0 +345-30 -4,+80+3,8-'+0? +4 43-4 /+ '0 4-+'+0 /+78/33-4 43-4' /+ 3/ 0+3,8 /+ 3,--//? 50 00 -578,3-4+0 /+)-+4+0. L MIP +0 4 8+>-0,8 8/+4/ /+ '0 ,84033-4+0 +4,8+ '0 0+3,8+078/3,-0 8-+4,/0 ' 0,-033-4 /+ )-+4+0 78 ' /+54/ -4'? 0635 /+ )-+4+0 -4,+85+/-0 9+ 0+ 35784 < +4/+4 +4,8+ 06. D+ +0,54+8 0+ 7+/+ -'0,88 ' -4,+88+'3-4 +4,8+ '0 /-+800 0+3,8+0 78/3,-0< '0 -573,0 /-8+3,0 + -4/-8+3,0 9+ ,-+4+ 0)8+ +0,0 4 -438+5+4, +4 '/+54/ -4'. A06? ' MIP 7+85-,+ 34,--38 +' -438+5+4, /+ ' 78/33-4 /+

,/0 '0 0+3,8+0? /+8-/ /+' 5+4, /+ 4 /+ +''0 +4 78,-3'8.

20


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E' 5/+' /+ -405"78/3, 0+ 3574+ /+ ,8+0 ,)'0 )0-30:

1. T)' /+ ,84033-4+0 -4,+80+3,8-'+0

E0 4 3/8 /+ /)'+ +4,8/ +4 /4/+ 3/ 0+3,8 78/3,- ->8 +4 '0

-'0 < +4 '0 3'540. E4 '0 -'0? ->84 '0 +4,0 9+ '0 0+3,8+0 8+'-=4,4, 78 +' 3405 -4,+85+/- 35 78 ' /+54/ -4'. L0 )-+4+0 <0+8-3-0 /+0,-4/0 ' 3405 -4,+85+/- 04 '0 9+ 0+ -405+4 +4 +'783+0 /+ +')83-4 /+ ,80 )-+4+0 5-+4,80 9+ '0 0->4/0 '/+54/ -4' 04 '0 9+ 4 08+4 4 ,840853-4 ',+8-8 /84,+ +'7+86/ /+ 357,. L0 )-+4+0 -4'+0 3578+4/+4 +' 3405 /+ '05-'-0? +' 3405 /+' >)-+84? ' -4+80-4 )8, -4,+84 < '0+78,3-4+0. L 05 /+ 5)0 /+0,-40 (-4,+85+/- < -4' /+ '0 )-+4+0 <0+8-3-0 /+ 3/ 0+3,8 8+78+0+4, 0 '8 /+ 78/33-4.

2. M,8-= /+ 3+-3-+4,+0 /+ 8+9+8-5-+4,0 /-8+3,0 ( /+ 3+-3-+4,+0 ,@34-30

E0, 5,8-= +0 4 /+8-3-4 0-57'+ /+ ' ,)' /+ ,84033-4+0-4,+80+3,8-'+0. S+ ),-+4+ /--/-+4/ '0 3574+4,+0 /+' 3405-4,+85+/- < '8 >8+>/ /+ 3/ 0+3,8 78 0 388+074/-+4,+ '8 /+78/33-4.

!. M,8-= /+ 3+-3-+4,+0 /+ 8+9+8-5-+4,0 /-8+3,0 + -4/-8+3,0

E4 +' 3/8 4,+8-8 0+ 78+0+4, +' -438+5+4, +4 '0 '8+0 /+ 78/33-4

4,+ +' 5+4, +4 ' /+54/ -4' /+ 4 0' 0+3,8. L 8+0'3-4 >')'78 /+,+85-48

'0 8+9+8-5-+4,0 ,,'+0 9+ 7834 '0 5+4,0 +4 ' /+54/ -4' +4'0 /-0,-4,0 0+3,8+0 0+ '>8 5+/-4,+ 4 783+/-5-+4, 5,+5,-3 9+,84085 ' 5,8-= /+ 3+-3-+4,+0 ,@34-30 +4 4 /+ 8+9+8-5-+4,0 /-8+3,0+ -4/-8+3,0.

21


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!. 1.! C405? ;88 + -4+0,->3-4

CONSUMO

E0 +' -4,+835)- /+ )-+4+0 (>+4+8'5+4,+ 0+ -4,+835)- /-4+8 ,-+57 78

300 ' :

C C7 C78

D4/+: C7 C405 7)'-3 (G)-+84

C78 C405 78-/ (F5-'-0 < +578+00

D+,+85-44,+0 /+ 3405

L 8+4, /-074-)'+ /+ 3/ ? +' 3405 +'3-4 /+ 54+8 5<78+3-/ /+ 3+8/ ' 4-+' /+ ' 8+4, 7+804' /-074-)'+? +0 /+3-8 43405 /+ 3+8/ ' 9+ ' 9+ ,-+4+. L 8+4, 7+854+4,+ +0 +' 4-+' /+8+4, 9+ 7+83-)-86 4 +3456 /5@0,-3 34/ 0+ +'-5-44 '0-4'+43-0 ,+578'+0 35 ' 3'-5,'>6. L0 8-9+=0 < ,80 -4'+43-0? 50, < /+ 3405 < +'4-+' /+ 8+4, 7+804' /-074-)'+.

E0,+ 343+7, -4,8/3-/ 78 K+


23/55

E' A;88 N3-4' -+4+ 0+8 ->' :

A A7. A+. A>.

D4/+:

A7 A;88 /+ '0 5-'-0

A+ A;88 /+ '0 +578+00 (U,-'-//+0 4 /-0,8-)-/0? /+78+3-3-4

A> A;88 /+' 0+3,8 7)'-3 (A;88 +4 3+4, 388-+4,+ /+' >)-+84

L F43-4 /+ A;88

L 43-4 5+0,8 ' 8+'3-4 +4,8+ +' 4-+' /+ ;88 < ' 8+4,. S+ 8+78+0+4,>8-35+4,+ +4 ' ->8 A"2 +4 ' 3' 50,88+50 /+ 4+ ' 8+4,

/-074-)'+ +4 +' +*+ /+ )03-00? 7+8 +4 +' /+ 8/+4/0 ;88+78+0+4,8+50 +' ;88 4+, ,- 70-,-.

L 43-4 /+ ;88 +0 ' -5>+4 0-5@,8-3 /+ ' 43-4 /+ 3405? +0,38 /+ ;88 0+ ),-+4+ 8+0,4/ +' 3405 /+ ' 8+4,.

T0 /+ A;88

A ' '8> /+ ' 853-4 /+ 37-,' /+ 4 760 /+7+4/+ /+ 0 ,0 43-4' /+;88. C4/ 4 760 ;88 53; 0 0,3 /+ 37-,' 5+4,+8,->-405+4,+ < 0 78/33-4 7,+43-' +7+8-5+4, 4 87-/ 38+3-5-+4,.

C4/ ' ,0 /+ ;88 /+ 4 760 +0 )* 0 +9-7 < 00 )8-30 0++'+4 )0'+,0 < 0 -48+0,83,8 35-+4= /+,+8-880+.

E0, +0,8+3; 8+'3-4 +4,8+ +' ;88? ' -4+80-4 < +' 38+3-5-+4, +345-3+0 ' 78-43-7' 8=4 78 ' 9+ '0 +345-0,0 '+0 78+37 ' ,0 /+;88 /+ 4 760.

INVERSIN

E0 +' 3, 5+/-4,+ +' 3' 4 /+,+85-4/ 34*4, /+ 3,8+0 /+ 78/33-4

0+ /+0,-44 ' 78/33-4 /+ ,80 )-+4+0? 9+ 00,-,


24/55

D4/+: I78 INVERSIN PRIVADA

I7 I4+80-4 P)'-3

D+,+85-44,+0 /+ ' I4+80-4

L0 -4>8+00

U4 -4+80-4 >+4+8 ' +578+0 -4>8+00 /-3-4'+0 0- '+ 7+85-,+ +4/+8 50. C4/ '0 )8-30 7+854+3+4 3-00? '0 +578+00 ,-+4+48+',-5+4,+ 73 4+3+0-// /+ 340,8-8 50? 78 ' >+4+8' ' -4+80-4 +0)*. E4 ,@85-40 50 >+4+8'+0 ' -4+80-4 /+7+4/+ /+ '0 -4>8+00 9+>+4+8+ ' 0-,3-4 /+ ' 3,--// +345-3 >')'.

L0 30,0

C5 '0 )-+4+0 /+ -4+80-4 /84 53;0 0? 3'3'8 '0 30,0 /+-4+80-4 +0 '> 50 357'-3/? +4 +0,+ 30 9+ +4 +' ,80 5+83436035 +' 38)4 < +' ,8->? 34/ 4 )-+4 3578/ /8 53; 53;0 0?/+)+50 3'3'8 +' 30, /+' 37-,' +4 43-4 ' ,-7 /+ -4,+8@0 /+ '038@/-,0.

L -4+80-4 +0 0)8+ ,/ 4 7+0, 9+ +' 8+4/-5-+4, /+ 4 -4+80-40+8 5


25/55

!.2 S-0,+50 54+,8-0 W -443-+80 < ' ,+86 34,-,,- /+' /-4+8

E' 0-0,+5 54+,8- 35 85 +4 9+ 0+ 8>4-= ' 3-83'3-4 /+' /-4+84 +0 4-3 78 ,/0 '0 +0,/0. L )0+ /+' 0-0,+5 +0 ' 5+83436 9+/+0+57+ ' 43-4 /+ /-4+8: +' 8? ' 7', 5)0 5+,'+0 ' +=. E4

4 78-43-7-? +' 0-0,+5 54+,8- /5-44,+ + +' )-5+,'-05 34 +' 3' '7', < +' 8 357'64 0-5',4+5+4,+ ' 43-4 /+ 5+/-/0 /+ '8. A-4'+0 /+' 0->' XIX? ' 5 ' 357'+4 '0

)-''+,+0 /+ )43 < '0 ,6,'0 /+ '8? 9+ 4 0+ 35)-4 78 +' 8


26/55

E0,83,80 /+' S-0,+5 M4+,8-

L0 3,8 78-43-7'+0 43-4+0 /+' 0-0,+5 54+,8- -4,+843-4' 04:

" A*0,+ (388+>-8 '0 /+0+9-'-)8-0 8+'+0 5+/-/0 78 '0 )'4=0 /+ 7>0

9+ +3,4 '0 8+'3-4+0 +4,8+ '0 /--00" L-9-/+= (/+3-/-8 '0 78/3,0 /+ RESERVA? 850 /+ 38+8'0 < 70-)-'-///+ 3)8-8 34 +''0 '0 /+0+9-'-)8-0 +4 4 )'4= /+ 7>0

" G+0,-4 (8+78,-8 < ,+4/+8 357+,+43-0? 50 5+40 3+4,8'-=/0 +48>4-=3-4+0 35 +' 3,' F4/ M4+,8- I4,+843-4' < '0 )4303+4,8'+0 /+ 3/ 760

" G+4+88 34 '0 ,8+0 4,+8-8+0 34-4= +4 ' +0,)-'-// /+' 0-0,+5.

L0 78-43-7-0 /+' S-0,+5 M4+,8- I4,+843-4'

U4 S-0,+5 M4+,8- I4,+843-4' +57-+= +-0,-8 34/ 0+ 70 /+8+'3-4+0 +345-30 )-',+8'+0 4 +0,83,8 9+? /+50 /+ 8+4-8 +'383,+8 /+ -4,+843-4'? +0 003+7,-)'+ /+ 3+8/0 -570-3-4+0 50 5+40 5',-',+8'+0.

T+86 9+ 00,-+4+ 9+ +4,8+ ' 34,-// /+ /-4+8 +4 3-83'3-4 < +' 4-+'>+4+8' /+ 78+3-0 +-0,+ 4 +0,8+3; 8+'3-4. E4 0 85'3-4 500+43-''? ' 8+'3-4 +4,8+ 34,-// /+ /-4+8 < 78+3-0 0+ 7+/+ +78+08 78

5+/- /+ ' /+45-4/ +33-4 /+ 35)- +33-4 /+ F-0;+8 (06/+45-4/ +4 ;48 /+' +345-0, 5+8-34 I8-4> F-0;+8? 9+ ' 85':

MVPT +4 /4/+? M +0 ' 34,-// /+ /-4+8? V 0 +'3-// /+ 3-83'3-4? T+' '5+4 /+ ,84033-4+0 (34,-// /+ )-+4+0 < 0+8-3-0 '* /+ 8+4,8+' ;)-/0 +4 +' 5+83/ < P +' 4-+' /+ 78+3-0. E4 +' 07+0, /+ 9+ V< T7+854+=34 340,4,+0? '0 8-3-4+0 +4 ' 34,-// /+ /-4+8 +8,54+,8- 8+7+83,+4 +4 '0 78+3-0 /+ 85 /-8+3,5+4,+ 78783-4'. L+'3-// /+ 3-83'3-4 /+' /-4+8 -+4+ /+,+85-4/ 78 34/-3-45-+4,03',8'+0 + -40,-,3-4'+0? < /+ ;6 9+ 38, 7'= 0+ '+ 7+/ 074+8

340,4,+. L ;-7,+0-0 /+ 340,43- +0,)-'-// /+' '5+4 /+,84033-4+0 0' 0+ 7+/+ 00,+4+8 34/ ' +3456 0+ ;'' +4 40-,3-4 /+ 7'+4 +57'+.

L +33-4 /+ 35)- 4,+8-8 +0 +4 8+'-// 4 ,,'>6. E78+00-57'+5+4,+ ' 4+3+08- -/+4,-// +4,8+ +' '8 54+,8- /+ ,/0 '0,84033-4+0 < +' '8 /+ ,/0 '0 )-+4+0 < 0+8-3-0 +4/-/0. C4/ 0+8+'*4 '0 07+0,0 /+ 9+ V < T 7+854+=34 340,4,+0? +' '8 +7'-3,- /+ /-3; +33-4 5+4,. E-0,+4 ,80 85'3-4+0? /+50/+ ' 0-57'--3/ /+ F-0;+8? 9+ +0 ' 50 343-/? /+ ' ,+86 34,-,,-/+' /-4+8.

26


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28/55

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E' /-4+8 08>+ 35 4 5+34-05 78 ;3+8 70-)'+ +' -4,+835)- +4,8+ '0300? -*8 '0 78+3-0 /+ '0 5-050 < 3-'-,8 +' 35+83-. E0 /+3-8? +' /-4+8+0 3'9-+8 5+/- /+ 7> 9+ +0 3+7,/ 78 ,/0.

C'0+0 /+ /-4+8

1. D-4+8 L+>'. E0 +' +5-,-/ 78 +' B43 /+ ' R+7)'-3 < +0 /+ /0 ,-70:/-4+8 5+,'-3 54+/0? < +' /-4+8 77+'? 9+ 04 )-''+,+0 /+ )43 77+'54+/.

2. D-4+8 B438-: L 38+4 '0 )430 < /+7+4/+ /+ '0 /+70-,05-'-=)'+0. S4? +4,8+ ,80? ,'48-0 /+ 3+4,0? 3;+9+0? ,8*+,0? +,3. L0+4,*0 /+ 0 ,-'-=3-4 340-0,+4 +4 ' 3-'-// /+ ,84078,+ < 5-'-=3-4

< ' /-05-43-4 /+ '0 8-+0>0 /+ 8) 7@8/-/. 43-4+0 /+' /-4+8

1. C5 5+/- /+ 35)-. I4/-3 9+ ' 9+ -578, 4 +0 +' /-4+8? 0-4 '9+ 0+ 7+/+ 35788 34 @'.

2. C5 4-// /+ 3+4,. E0 /+3-8? 9+ +' /-4+8 +0 4 8++8+43- /+ '8 9+ ,-+4+4 '0 )-+4+0 < 0+8-3-0. E4 C'5)-? ' 4-// /+ 3+4, +0 +' 7+0.

!. C5 /+70-, /+ '8. E' /-4+8 7+/+ >8/80+ 34 5? +0,< ,-'-=4/ +' /-4+8 35 7,84 /+ 7> /-+8-/ +4+8'? +' 0-0,+5 -443-+8 (0-0,+5 /+ -44=0 /+ 4 760+0, 85/ 78 +' 34*4, /+ -40,-,3-4+0? 5+/-0 < 5+83/0? 30, 34 07+8-,? ;3- '0 78+0,,8-0 4-//+0 /+ >0, 34 /@-3-,? 0635 3-'-,8 < ,8>8 0+>8-// ' 5-5-+4, /+ /-4+8 < ' 0-0,+5 /+7>0. L 3-,/ ')8 /+ -4,+85+/-3-4 +0 ''+/ 3) 78 '0 -40,-,3-4+09+ 3574+4 +' 0-0,+5 -443-+8? < 0+ 340-/+8 )0-3 78 8+'-=8 ',840853-4 /+ '0 3,-0 -443-+80? /+45-4/0 78-58-0? +5-,-/0 78 '0 4-//+0 -4+8080 (34 +' -4 /+ ),+4+8 4/0 78 5+4,8 003,-0 8+'+0? +4 3,-0 -443-+80 -4/-8+3,0? 50 38/+0 34 '078++8+43-0 /+ '0 ;88/8+0. E' 0-0,+5 -443-+8 3578+4/+? ,4, '0

-40,85+4,0 3,-0 -443-+80? 35 '0 -40,-,3-4+0 -4,+85+/-8-0 < '0

28


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F-*3-4 /+ '0 78+3-0. P8783-44 '-9-/+= '0 3,-0.

R+/3+4 '0 7'=0 < 30,+0 /+ -4,+85+/-3-4.

!.2.2 B0+ 54+,8- < ' +8, 54+,8-

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B0+ 54+,8- T,' /+ 3,-0 +4 +' B43 C+4,8' " P0-0 4 54+,8-0/+' B43 C+4,8'.

A 78,-8 /+' )'43+ /+' B43 C+4,8'

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S+ 38+8 )0+ 54+,8-:

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30/55

C4/ 5+4,+4 '0 38@/-,0 ' 0-0,+5 )438-

S+ /+0,8-8 ' )0+ 54+,8- 34/:

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31/55

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32/55

3-83'3-4 (V[ '0 +'+5+4,0 < +' 34*4,/+ '0 ,84033-4+0 8+'-=/0 34 +''0? /+ +'' 78,-+84 '0 787>4/8+0/+ ' ,+86 34,-,,- 78 00,+4+8 ' ,+0-0 /+ 9+ 4 8-3-4 +4 +''5+4 /+ +5-0-4 (M +4 ' +'3-// /+ 3-83'3-4 /+ ' 54+/ (V/+,+85-4 4 5,3-4 78'+' /+' 4-+' /+ 78+3-0 (P < /+' '5+4 /+ '0,84033-4+0 (T. Y 34 )0+ +4 +0, 85' +0,)'+3-+84 4 8+'3-4 /+30'-// +4,8+ ' 78/33-4 /+ 8? ' +5-0-4 54+,8- < +' 4-+' >+4+8'/+ 78+3-0.

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8+'3-4+0 9+ +0,)'+3- +4,8+ +' '5+4 /+ 54+/ +4 3-83'3-4 < +' 4-+'/+ 78+3-0. E0 85' +: N P (K RK[? +4 ' 3' (N +0 +' '5+4 /+/-4+8 (54+/? )-''+,+0 /+ )43 < /-4+8 /35+4,8- +4 3-83'3-4 (P +0+' 4-+' /+ 78+3-0 /+ '0 )-+4+0 < 0+8-3-0? 3'3'/ /+ 3+8/ 34 45+0,8 8+78+0+4,,- (K +0 ' /+54/ /+ DINERO EN )-''+,+0 8++8-/ <+9-'+4,+ ' 5+43-4/ 5+0,8 8+78+0+4,,- /+ )-+4+0 < 0+8-3-0 (K\+0 +' 35' /+ 35780 ++3,/0 34 /-4+8 /35+4,8-? +07+3-'5+4,+5+/-4,+ 3;+9+0 /+ )43 < (R +0 ' 8+'3-4 /+ 8+0+80 /+ '0 )430 /+/+70-,.

K+/ 78 ' 50 54+,8- +4 '/+,+85-43-4 /+ '0 78+3-0? 7+8 ' 5/--3 00,43-'5+4,+ ' -438788 3-+8,0 +'+5+4,0 8+'+0 9+ 4 ;)64 0-/ ,5/0 +4 3+4, 78 +''0.

33


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!.! S+3,8 7)'-3

S+3,8 7)'-3 0+ +4,-+4/+ +' 34*4, /+ -40,-,3-4+0 8>4-050 9+

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7)'-3 (-48+0,83,80? +40+4=? 04-//.

L0 43-4+0 9+ 0+ '+ 0->44 ' 0+3,8 7)'-3 +4 4 +3456 5-, 04'0 0->-+4,+0:

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P8 340+>-8 00 )*+,-0 < /+088''8 00 43-4+0? +' 0+3,8 7)'-378+0+4, ' 0->-+4,+ 8>4-=3-4? +4 ' 9+ 0+ -/+4,--34 3,8 >84/+04-+'+0:

0+3,8 7)'-3

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34


35/55

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A/5-4-0,83-4 '3'. C5 -4/-3 0 45)8+? +' 8+ /+ -4'+43- /+ +0,+ ,-7/+ /5-4-0,83-4 +0 /+ 5)-, '3'? 8+'-=4/ ,8+0 3+8340 '03-//40 ('5)8/? 05-4-0,8 /+ >? 8+3>-/ /+ )08? +,3.. A49++0,0 /5-4-0,83-4+0 ,5)-@4 /-074+4 /+ 78+07+0, 787-? 00 -4>8+000->+4 78-4-+4/ 4/5+4,'5+4,+ /+' E0,/. L0 78-43-7'+0 +*+57'0 /+/5-4-0,83-4+0 '3'+0 04 '0 A


36/55

!.!.1 F43-4+0 /+' 0+3,8 >)-+84

E' E0,/ 34,8-) +4 343+7, /+ -57+0,0.

R+>'3-4 /+ 3,--//+0 35 78;-)-8 9+''0 3,--//+0 9+ 0+47+'->800 3+83 /+ 43'+0 8)40 +073-0 78,+>-/0 +->-8 '0)8-34,+0 ,-'-=8 ,+34'>60 +07+36-30 78 ' +'-5-43-4 /+ 8+0-/0

,-30? +,3.E0,)'+3+8 5)8'+0 5-50 /+ 34,5-43-4? /+ ,' 85 9+9-+4+0 '0 0)8+70+4 0+84 043-4/0.

E0,)'+3-5-+4, /+ '-3+43-0 /+ 34,5-43-4. P8 7/+8 34,5-48 ;< 9+),+4+8 4 '-3+43- +4 ' 9+ 0+ +07+3--3 +' '65-,+ /+ +5-0-4 /+ '0 /-+80000,43-0 34,5-44,+0? +' 7+8-/ /+ ->+43-? +' '>8? +,3.

F5+4, '0 +,+84'-//+0 70-,-0 35 '0 >0,0 +4 ID? )-+4 ,8@0 /+783-4 7)'-30 -43+4,-4/ '0 +578+00 78-/078 9+ '0 ''++4 3) 34 0)+43-4+0 /+0>83-4+0 -03'+0.

P8++ )-+4+0 7)'-30 35 ' /++40 43-4'? ' /5-4-0,83-4 /+ *0,-3-?' 04-//? +/33-4 7)'-3? +,3. 9+ +' 5+83/? 78 06 0'? 8+3+86 +44 34,-// -40-3-+4,+.

L-5-, +' 7/+8 /+ 5+83/ /+ '0 +578+00 547'60,-30 < '->7'60,-30?-*4/ 4 583 '+>' 9+ /+-+4/+ ' 357+,+43- < 40 8>40/5-4-0,8,-0? 35 +' T8-)4' /+ D++40 /+ ' C57+,+43-? 9+ 0++438>4 /+ ;3+8' 357'-8.

T8, /+ 05-4-0,88 -4853-4 '0 3405-/8+0 78 9+ ,5+4

/+3-0-4+0 )-+4 /35+4,/0? ,-'-=4/ 78 +'' 8+>'3-4+0? 78 +*+57'?+4 +' 30 /+ '0 0+3,8+0 -443-+80 < /+ 0+>80.

B. MEJORAR LA DISTRIBUCIN DE LA RENTA

C4 +' )*+, /+ 8+/3-8 '0 /+0->'//+0 +4 ' /-0,8-)3-4 7+804' /+ '8+4, +4,8+ /-0,-4,0 =40 >+>8-30? +' E0,/ +0,)'+3+ '+84,-=8 4 58+0-? 5+/-/0 78 ' ->'// /+ 78,4-//+0? '+


37/55

C. PROPICIAR LA ESTABILIDAD Y EL CRECIMIENTO ECONMICO

A49+ ' 5 7'=? ' 8+'-// 40 /-3+ 9+ ' 3,--// +345-3 '3,. P8 +0,8=4? +' E0,/ 7'4--3 < ,5 5+/-/0 34 +' )*+,- /+ 0-=8 '0

'3,3-4+0 363'-30? ' 9+ 0+ 78+,+4/+ +0 +-,8 '0 /80,-30 5+4,0 +4 +'4-+' /+ /+0+57'+ 9+ 0+ 8->-44 +4 '0 /+78+0-4+0? 06 35 '0 )803038+3-5-+4,0 /+ '0 78+3-0 +4 '0 +740-4+0.

J4, 34 ' +0,)-'-=3-4 /+ '0 +34560? '0 >)-+840 ,8,4 /+ ,58 5+/-/0 9+ '>8+4 4 38+3-5-+4, +345-3 00,+4-/ '8> 7'=? ' 9++0 ' 5-05? 9+ 5+4,+4 '0 373-//+0 78/3,-0 /+ '0 9+ /-074+4 +3456? 9+ +0 ' 9+ 7+85-,+ 78/3-8 )-+4+0 < 0+8-3-0 +4 5


38/55

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D+-4-3-4: E0 4 ;+885-+4, /+ 7'6,-3 >)+84,-? 5+/-4,+ ' 3' 0+

0->44 8+3800 < 0+ /+,+85-44 >0,0? 78 3)8-8 '0 )*+,-0 ,8=/0 +4'0 7'4+0 /+ /+088'' +345-3 < 03-' +4 4 7+86/ //.

C83,+860,-30 /+' 78+07+0,:

D-05-4' ' 78>853-4? +')83-4? 78+0+4,3-4?

78)3-4? 5/--33-4 < +*+33-4 /+' 78+07+0,? 06 35 ' 373-// /+

34,8,3-4 < ' /+-4-3-4 /+' >0, 7)'-3 03-'? 34-8,-@4/0+ /+ +0,54+8

+4 ' 8+>'5+4,3-4 /+' P8+07+0, G+4+8' /+ ' N3-4.

38


39/55

!.!.! P'6,-3 -03' < 54+,8-

S+ +4,-+4/+ 78 P'6,-3 -03' 35 +' 34*4, /+ 5+/-/0 8+',-0 ' 8@>-5+4

,8-),8-? >0, 7)'-3? +4/+/5-+4, -4,+84 +,+84 /+' E0,/? < '07+83-4+0 < 0-,3-4 -443-+8 /+ '0 +4,-//+0 < 8>4-050 ,450 78+0,,'+0? 78 5+/- /+ '0 3'+0 0+ /+,+85-4 54, < /-0,8-)3-4 /+ '-4+80-4 < 3405 7)'-30 35 3574+4,+0 /+' >0, 43-4'.

I4'+43- +4 +' /+088'' +345-3 03-'

D+7+4/+ /+ ' 9+ 0+ 340-/+8+ +4 3/ 760 /+) 0+8 ' 43-4 /+' E/. E4' 5+/-/ 9+ 0+ 3+7,+ 9+ +' E/ 05 ' 8+0740)-'-// /+ 38+8 -48+0,83,8 /+ /+088'' 5+/-4,+ -4+80-4+0 +4 +' 357 +345-3 <

03-'? 3,--//+0 >863'0? -4/0,8-'+0 /-0,8-),-0 ' -4'+43- /+ '7'6,-3 -03' 7+/+ 0+8 5< >84/+. E' 0+3,8 7)'-3 )08)+ -4>8+0078-/0 78 5+/- /+ -57+0,0? '0 ,80'/ ,80 540? 38+ -4+80-4+0< >0,0.

P870-, 4/5+4,'

C8+8 +' ;88 7)'-3 0-3-+4,+ 78 ;3+8 8+4,+ ' '5+4 /+ -4+80-4+07'4+/0 < /9-8-8 8+3800 /-3-4'+0 5+/-4,+ +4/+/5-+4, -4,+84 <+,+84.

A)08)+8 /+ ' +3456 78-/? -4>8+00 4+3+08-0 78 ' 78-0-4 /+0+8-3-0 7)'-30 4+3+08-0.

M4-7'8 -40,85+4,0 ,8-),8-0? /+ >0,? 35)-8-0? /+ -*3-4 /+ 78+3-0?,8-0? /+ 85 9+ 0+ 38++4 '0 0-3-+4,+0 -43+4,-0 78 +' 0+3,8 78-/>+4+8+ ;880 8+9+8-/0 78 /+088'' +345-3 < 38++ -4+80-4+0.

POL]TICA MONETARIA

C4*4, /+ 33-4+0 ''+/0 78 +' B43 C+4,8'? 3'3-4 /+ )430 35+83-'+0? ,-7 /+ -4,+8@0? 78,+33-4 8+0+80 /+ 8< /'8+0.

R+'3-4 +4,8+ P'6,-3 -03' < M4+,8- A5)0 7'6,-30 357'+5+4,8-0.E740-4 54+,8- -443-5-+4, /+ >0, 7)'-3 < /9-0-3-4 /+ )40/+' G).

P'6,-3 54+,8-. H+885-+4, /+ ' 9+ 0+ '+ +' B43 C+4,8' 78 '>88 +0,)-'-// +345-3 < -443-+8 /+' 760.

39


40/55

VARIABLES FUNDAMENTALES EN EL MANEJO DE LA POL]TICAMONETARIA

O+8, 54+,8-. P8-43-7' 8-)'+ ,-'-=/. E0 ' 34,-// /+ /-4+8 9+3-83' +4 ' +3456 78 5+8 '0 ,84033-4+0 35+83-'+0 < -443-+80

/+ ' 03-+//. C4*4, /+ 5+/-/0 /-4+88-0 9+ 3-83'4 +4 ' +3456 <0-8+4 78 ,+088 '8 < 78 /-+8-8 7>0 ,8.

TASA DE INTERES

P83+4,*+ 9+ 0+ 7'-3 4 34,-// 54+,8- 37-,' < 9+ +9-'+ '54, 9+ /+)+ 7>8 3)8 78 78+0,8 7+/-8 /-4+8. B43 3+4,8' ->-''0 4-+'+0 /+ ,0 /+ -4,+8@0

S+>4/ 8-)'+. D+ +0, /+7+4/+4 ' -4+80-4? +' ,-7 /+ 35)-.

TIPOS DE TASA DE INTERES

T0 A3,-. R+78+0+4, 8+4/-5-+4, 9+ +' 08- /+' 38@/-, 7> '-4,+85+/-8- 78 ' ,-'-=3-4 /+ 4/0.

T0 70-. R+78+0+4, +' 8+4/-5-+4, 9+ +' -4,+85+/-8- 7> '0787-+,8-0 /+ '0 4/0 37-,' 78+0,/.

T0 R+'. N-+' 783+4,' 9+ '34= ' ,- /84,+ 3-+8, 7'=? /+034,4/' ,0 /+ -4'3-4 388-/ +4 +' 5-05 '70.

T0 N5-4'. N-+' 783+4,' 9+ '34= ' ,- 0-4 /+034,8 ' ,0 /+-4'3-4

T0 B8,. T- 9+ 7>4 '0 08-0 /+' 38@/-, 0+ 7> '0 ;88/8+04,+0 /+' 7> /+ '0 -57+0,0 388+074/-+4,+0

T0 N+,. E0 ' ,0 )8, /+07@0 /+ /+034,/0 '0 -57+0,0.

F3,8+0 9+ +3,4 ' ,0 /+ -4,+8@0: A;88? -4+80-4? +8, 54+,8-?4-+' /+ -4>8+0? +7+3,,-0 /+' 7)'-3? +8, < /+54/ /+ 4/0 78

+578+00? >)-+84 < 8+0, /+' 54/.

TIPO DE CAMBIO

C4,-// /+ 54+/ +,84*+8 9+ 0+ 7+/+ ),+4+8 78 4-// /+ 54+/'3'.

M+83/ 35)-8-. L'+ 3) ,84033-4+0 /+ 7+83-4+0 34 54+/0+,84*+80.

M+83/0 /+ ,-7 /+ 35)-. S7,? 88/ < MERCADO DE FUTURO.

40


41/55

T-7 /+ 35)- 0+ -* +4 )0+ ' 7/+8 /9-0-,- 9+ ,-+4+ 4 54+/ +4 0760? 8-4/ /+ 3+8/ 0 4-+' /+ -4'3-4.

CREDITO

T840+8+43- /+ /-4+8 35)- /+ 4 785+0 /+ 7> +4 +' ,8. E4 '-4/0,8- < 35+83- 0+ ,-'-= -4,+40-5+4,+.

F43-4 /+' 38@/-,: F-443-5-+4, /+ ' 78/33-4 34 4,-3-73-4 '/+54/.

C8@/-,. S 0 +345-= +' 0 /+' /-4+8? 7+85-,+ 7'4+3-4 50 '+-)'+/+ >0,0 < 3, 35 8+3'+3,8 /+ ;88 /+ ' 03-+//.

G+4+8 4 7/+8 /+ >0, 388-+4,+ +4 ' +3456? 4 0)8+ +740-434/3+ ' -4'3-4 9+ 0 0->43-4 /-05-4+ +74/+ 38@/-,0? ,54/ 5+/-/04+3+08-0 +4 30,0.

O)*+,-. A3,--//+0 78-8-,8-0 ,+4>4 4 '* /+3/ /+ 8+3800-443-+80? ,00 357+,-,-0 < 7'=0 35/0.

POL]TICA CAMBIARIA

C4*4, /+ 33-4+0 9+ -57'+5+4, ' ,8-// 54+,8- 34 +' -4 /+ -*8 /5-4-0,88 ' 78-// /+' ,-7 /+ 35)-.

T-70 /+ 7'6,-3 35)-8-.

T-7 /+ 35)- -*. F85 +4 9+ ' ,8-// 54+,8- '>8 ' +0,)-'-///+' ,-7 /+ 35)- 78 5+/- /+ ' -4,+8+43-4 /+' BC +4 +' 5+83/ /+/--00. T-7 /+ 35)- '3,4,+. L0 +8=0 /+ ' +8, < /+54/ /+/--00 /+,+85-44 +' ,-7 /+ 35)-.

F',3-4 34,8'/. S+ 383,+8-= 78 ' -40,85+4,3-4 /+ 5-4-

/+'3-4+0 < 5-4- 8+'3-4+0 +4,8+ 54+/0 /+ 4 5-05 =4+345-3 >8/'5+4,+.

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41


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L ,+86 /+' 35+83- -4,+843-4' 4'-=? 34 +49+ 5-38+345-3? '0

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43


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!.#.2 B'4= /+ 7>0

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E' ,@85-4 )'4= /+ 7>0 7+/+ ,5)-@4 '/-8 ' 8+>-0,8 34,)'+ /+ ,/0'0 ,84033-4+0 +345-30 -4,+843-4'+0 8+'-=/0 78 4 760 +4 47+8-/ /+ ,-+57 /+,+85-4/ (485'5+4,+ 4

2. C570-3-4 )'4= /+ 7>0

C+4, 388-+4,+

B'4= C5+83-'B'4= /+ S+8-3-0

B'4= /+ T840+8+43-0

C+4, 37-,'+0

I4+80-4 E,84*+8 /-8+3,

I4+80-4 E,84*+8 I4/-8+3,

!. C+4, 0'/ 5' 8+0+8 54+,8- -4,+843-4'

C+4,0 )'4= /+ 7>0

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45/55

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\

PRINCIPIOS DE MICROECONOMIA

#.1 S-0,+50 /+ 78+3- /+ 5+83/

L )09+/ /+ 0'3-4+0 '0 78)'+50 +345-30 ''+ ' +3456

340'-/8 +' 0-0,+5 /+ 78+3-0? 78 0+8 @0,+ +' 9+ 7+85-,+ ;3+8 ' '83-44+3+08- 78 ,58 /+3-0-4+0 +4,8+ '0 /-+8+4,+0 ',+84,-0 /+ 78/33-4

45


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< ++3,8 ' 35783-4 /+ ' 9+ 7+/+ 8+78+0+4,8 4 8+380? 4 )-+4 40+8-3- 8+4,+ ,8.

L '-)8+ +78+0-4 /+ '0 78++8+43-0 /+ '0 -4/--/0 0+ 54--+0, 78 +' '-)8+ *+> /+ ' +8, < ' /+54/ < +0 ' 9+ /+-4+ +4 78,+ '0 +9-'+43-0

78 +' -4,+835)-? 9+ 0+ 343+4 35 78+3-0 /+' 5+83/? +4 +' 3'-4,+8-+4+4 /+50 '0 78+3-0 8+',-0? '0 8+'3-4+0 +4,8+ ' +8, < '/+54/ < ' +'0,-3-// /+ '0 78+3-0.

E' 0-0,+5 /+ 78+3-0? 7+85-,+ /+50:

D+,+85-48 ' +030+= )4/43- /+ '0 5-050 +4 8+'3-4 '8+9+8-/ 78 ' 03-+//.

E+3,8 ' 35783-4 /+ ' 9+ 7+/+ 8+78+0+4,8 4 8+380 < +' ,8)*

-4'38/ +4 4 )-+4 4 0+8-3- 8+4,+ ,8.O8-+4,8 '0 3,--//+0 /+ 78/33-4? /+,+85-44/ 783-'5+4,+ '

34,-// /+ )-+4+0 9+ +0 70-)'+ 78/3-8? 06 35 3'+0 04 ++3,-5+4,+/+0+/0 78 ' 03-+//.

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8+'3-4+0 +4,8+ ' +8, < ' /+54/ < ' +'0,-3-// /+ '0 78+3-0.

P8783-48 -43+4,-0 ,4, '0 78/3,8+0 35 '0 3405-/8+0

E' 78+3- 0+ 340,-,+>8-3/+,+85-4/ 78 9+ +-0, +0 0-3-+4,+ 9+ +8+4,+0 < /+54/4,+07+/4 74+80+ +4 34,3,? 49+ +0,@4 +4 '>8+0 60-30 /-+8+4,+0 </-0,4,+0.

P8 ' ,4,? +' 5+83/ 0+ /+-4+ +4 8+'3-4 34 '0 +8=0 /+ ' +8, < /+

' /+54/ 340,-,


47/55

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E' 0-0,+5 /+ 5+83/ 357+,-,- +0 4 5+34-05 9+ ,8405-,+ '0/+3-0-4+0 /+ '0 3405-/8+0? 78/3,8+0 < 78++/8+0 /+ 8+3800 < '00-4384-= 78 '>88 '0 )*+,-0 /+ 40 < ,80? 0-+4/ ' 357+,+43- +'5+34-05 /+ 34,8'.

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< /+ '0 78++/8+0 /+ 8+3800 0+ /+45-4 43-4 /-8+3,8-= 43-4-4/-3,- /+ '0 78+3-0

C4/-3-4+0 78 ' +-0,+43- /+ 4 5+83/

P8 7/+8 ;)'8 +4 +3456 /+ ' +-0,+43- /+ 5+83/0 +0 4+3+08-+-0,4 /0 >84/+0 >870: 3578/8+0 < +4/+/8+0. L0 3578/8+0 04'0 3405-/8+0 9+ 35784 )-+4+0 35 +4/+/8+0 34/ +4/4 '>.

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+-0, 4 5+83436 /+' -4,+8@0 /+ 5)0 >+4,+0 < 34 4 78+3- 343-/?/4/+ 4 >+4,+ +0,@ /-07+0, +4,8+>8 ' 5+83436 ,8 0- 8+3-)+

47


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L 357+,+43- 7+8+3, 0+ 383,+8-= 78:

L +-0,+43- /+ 53;0 78/3,8+0 +4/+/8+0 /+ 4 8,63' ? 78/3,

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L '-)+8,/ /+ +'+33-4 0+ +*+83+ +4 ' )09+/ /+ )+4+-3-0 54+,8-07+804'+0.

L0 78/3,0 /+ ' +578+0 +4 +' 5+83/ 04 ;5>@4+0? 7+8+3,5+4,++0,4/8-=/0? 78 ' 9+ +' 3405-/8 4 '>8 ;3+8 /-0,-43-4+0

0->4--3,-0 +4,8+ 4 < ,8 78/3,.

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48


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L0 /+50 +0,83,80 /+ 5+83/ 9+ 0+ 78,4 /+' 5/+' 7+8+3,5+4,+357+,-,- 78 ' 9+ 0+ '+0 343+ 35 357+,+43- -57+8+3,. S+78+0+4, 34/ 3'9-+8 +4/+/8 3578/8 7+/+ -4'-8 0)8+ '078+3-0? 78 ' 9+ 0+ /-3+ 9+ ,-+4+ 7/+8 0)8+ +' 5+83/.

#.2 T+86 /+' 3405-/8

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9+ '0 7+8040 ,-+4+4 4 78+07+0, '-5-,/? +0,+ 4-+' /+ ,-'-// /+7+4/++4 >84 5+/-/ /+ '0 -4>8+00 9+ +0,+ /-074>. P/+50 8+78+0+4,8

49


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L 7+4/-+4,+ /+ ' 38 /+ 8+0,8-33-4 78+07+0,8- 40 -4/-3 +' 30, /+78,4-// +4,8+ A < B? +0 /+3-8? 9+ 34,-// /+ A ,+4/8+50 9+ 8+443-8 78 ),+4+8 4 4-// /-3-4' /+ B.

L0 78++8+43-0 /+' 3405-/8 7+/+4 8+78+0+4,80+ >8-35+4,+ 5+/-4,+380 /+ -4/-+8+43-? < +0,0 5+0,84 /-+8+4,+0 35)-43-4+0 /+ A < B 9+8+78+0+4,4 4 5-05 4-+' /+ ,-'-//.

P8 9+ 4 38 /+ -4/-+8+43- 8+78+0+4,+ 78++8+43-0 3;+8+4,+0? /+)+4357'-80+ '0 0->-+4,+0 787-+//+0:

- L0 380 /+ -4/-+8+43- 50 ',0 8+78+0+4,4 4 5,-? < +0, -4/-3 '8+'3-4 ' 9+ 4

C405-/8 +0,86 /-07+0, -4,+835)-8 4 )-+4 78 ,8 < 0+ 343+

35 T0 58>-4' /+ 00,-,3-4 (TMS.

- L0 380 /+ -4/-+8+43- 04 34+0

E-0,+4 /+50 3-+8,0 300 +,8+50 /+ 78++8+43-0:

- S0,-,,0 7+8+3,0: C4/ '0 380 /+ -4/-+8+43- 04 '64+0 8+3,0.

-- C57'+5+4,8-0 7+8+3,0: C4/ '0 380 /+ -4/-+8+43- ,-+4+4 85/+ L.

S- >8750 ' 8+0,8-33-4 78+07+0,8- < '0 380 /+ -4/-+8+43- +4 40' 4'-0-0?

E434,88+50 ' +'+33-4 7,-5 /+' 3405-/8? +0 /+3-8? /4/+ +0,+'34=8 0 5-5 4-+' /+ ,-'-//? < >8-35+4,+ +0 +' 74, /+ ,4>+43-+4,8+ '0 /0 380.

A' ;)+8 35)-0 +4 +' -4>8+0 /+' 3405-/8 0+ /+07'= ' 8+0,8-33-478+07+0,8- < 0+ 7+/+4 -/+4,--38 /0 ,-70 /+ )-+4+0 /+7+4/-+4/ /+''8 7,-5:

- S- 4 5+4, +4 +' -4>8+0 -438+5+4, ' /+54/? 0+ ,8, /+ 4 B-+4485'.

50


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C4/ 0+ 78+0+4, 4 8-3-4 +4 +' 78+3- /+ '>4 /+ '0 /0 )-+4+0?7+/+4 78+0+4,80+ /0 ++3,0:

- C4/ +' 3405-/8 0+ ,80'/ /+ 4 38 /+ -4/-+8+43- 5 /+ 4 38 /+ -4/-+8+43-// 4 74, 9+ ,-+4+ 4 4+ TMS? 0+ 343+ 35 E+3, 00,-,3-4.

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#.! T+86 /+ 78/33-4 /+ 5+83/

L ,+86 /+ ' 78/33-4 4'-= ' 85 +4 9+ +' 78/3,8 // +' +0,//+' 8,+ ' ,+34'>6? 35)-4 8-0 -4050 78 78/3-8 4 34,-//+0,-7'/ +4 4 85 +345-35+4,+ +-3-+4,+.

T/ 03-+// ,-+4+ 9+ 8>4-=8 /+ '>4 5/ +' 783+0 78/3,- 788+0'+8 /+3/5+4,+ '0 78)'+50 +345-30 4/5+4,'+0. P+8

-4/+7+4/-+4,+5+4,+ /+ ' 8>4-=3-4 9+ 0+ /7,+? ;< 3-+8,0 78-43-7-0+345-30 4-+80'+0 9+ 8->+4 +' 783+0 78/3,-. L 78/33-4 /+

51


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)-+4+0 < 0+8-3-0 7+/+ +0,8 +4 540 /+' E0,/? 35 +4 +' 0-0,+5354-0, +4 540 /+ ' +578+0 78-/? 35 +4 +' 0-0,+5 37-,'-0,.P+8 +4 5)0 300 ' 3,--// 78/3,- +0, 34/-3-4/ 78 3-+8,0'++4+8'+0 9+ ,-+4+ 9+ ,58 +4 340-/+83-4 +'+578+08- 0- /+0+ '>88 +' 0 50 +-3= /+ '0 8+3800 +345-30 0/-070-3-4 +0 /+3-8? '>88 ' 5-5 78/33-4 34 +' 5-5 /+ +3456?)* 3'9-+8 ,-7 /+ 8>4-=3-4 03-"+345-3.

L0 78-43-7-0 9+ 8+>'4 ' 3,--// +345-3 04:

P8-43-7- /+ ' E030+=

L+< /+ '0 R+4/-5-+4,0 D+38+3-+4,+0.

P8-43-7- /+ E-33- E345-3.

P8-43-7- /+ ' E030+=

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Antologia de Teoria Economica

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