Introduccion Mercado

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    LKPRA@TJJLAK FDKDREC

    Jerejtdrstljes `d ce lk`ustrle

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    Ce jdrvdze pud`d `dglklrsd jaoa9 Ce bdbl`e abtdkl`e# e pertlr `d ce lkguslk

    `d frekas fdrolke`as y ce subslfuldktd gdrodktejlk jak kpra`ujjlak `d dtekacy JA2 `d ce sacujlk ezujere`e pra`ujl`e e pertlr `d ecol`k par ce ejjlkdkzlotlje

    ^ar uke `lvdrsl`e` `d rezakds# ce jdbe`e sd me jakvdrtl`a dk dc jdrdecdcdfl`a par dc jdrvdjdra# oldktres qud dc trlfa me sl`a prdgdrl`a par dc

    peke`dra eukqud dxlstdk budkes jdrvdzes dk ces qud pertljlpe dstd jdrdec+

    Dk sus arfdkds ce jdrvdze dstuva dstrdjmeodktd rdcejlake`e jak dc pekEktds `d jakajdrsd dc prajdsa `d oectde`a ce jdrvdze sd dcebarebe e pertlr `d

    uk pek `d jdbe`e

    Zd jaoe teoblk dc pek a saca dre `dstlke`a e ce dcebarejlk `d ce bdbl`e1

    Ka dste jcera8 pdra ecfukas mlstarle`ards sastldkdk qud dc pek `d jdbe`e ka dsouy epdtdjlbcd par ca qud perdjd `u`asa qud gudre uk pra`ujta glkec y par

    dcca#saca utlclze`a jaoa pra`ujta lktdrod`la

    UTD @DGLKD E CE JDRWDYE1

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    Lk`ustrle ouy jakjdktre`e y oekdie`e parpajas frupas e klvdc ouk`lec+

    Ce frek lk`ustrle `dserracce tlpasdstek`erlze`as y gjlcds `d bdbdr

    Atre lk`ustrle `d pdquda teoea me l`ataoek`a rdcdvekjle agrdjldk`a ukeouctltu` `d pra`ujtas# esdodik`asd e cejdrvdze `d pub a `d tebdrkes qud gud dclkljla `d ce fdkdreclzejlk `dc jaksuoa `d

    dste bdbl`e

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    Rezakds `d su `lguslak

    Ce oetdrle prloe dsdkjlec sd pra`ujd beiaouy verle`es jak`ljlakds

    Cas jdrdecds sak `d gjlc ecoejdkeoldktay sak paja pdrdjlbcds

    Zu pra`ujjlk ka ds dstejlakec

    Ka sd rdquldrd `d uke frek dqulpeoldktad lkgredstrujture

    Zd pra`ujdk uke frek jektl`e` `d tlpas ydstlcas+

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    Ds uke lk`ustrle ouy tdjklglje`e#rdspec`e`e par oujma jakajloldktajldktglja+

    Werlas `d cas pesds jdrvdjdras sak pesdslk`ustrlecds y gudrak ejtards `d cerdvacujlk lk`ustrlec+

    Ecfukes jaopees jdrvdjdres mekjakte`a jak verlas prdolas kavdc dk su`dperteodktas `d -Jercsbdrf# Mdlkdhdk,

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    Tk paja `d mlstarle

    Zd jakajd `ds`d Odsapateole ukas 7>>> eas

    Zak pajas cas ektdjd`dktds `lrdjtas qud sdtldkdk `d dcce -sak dk fdkdrec `d jerjtdr

    erqudacflja, @ds`d sus arfdkds dstuva rdcejlake`as jak

    espdjtas jdrdoaklecds y prapljletarlas+

    Dk dc ektlfua Dflpta ecjekza uke freklopartekjle Aslrls y su dspase Lsls sak cas quddksdek e cas maobrd e jajdr ce jdrvdze

    Dk dstd pdrla`a su rdcejlk jak dc pek ds ouy

    dstrdjme

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    \ dk Dflpta1

    Erqudcafas `d ce Tklvdrsl`e` `d Jeobrl`fd mek dstebcdjl`a joa casektlfuas dflpjlas rdeclzebek su tdjkacafe `d gdrodktejlk mejd :+>>>

    eas

    Ce jdrvdze y dc pek gudrak cas lkfrd`ldktds `d oeyar lopartekjle dk

    ce `ldte `d cas ektlfuas dflpjlas#

    Dk equdcce paje# ce jdrvdze sd usebe jaoa uke dspdjld `d eclodktaclqul`a y ta`as ce bdbek# `ds`d dc Gerek meste sus sb`ltas

    @urektd dstd pdra`a mey `ajuodktas `d uke eopcle verld`e` `d tlpas`d jdrvdze+

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    Oa`dca `d jdrvdjdre dk dc LopdrlaKudva `dc ektlfua Dflpta+

    -Zdfk dc @r+ @dcwdk Zeoudc,+

    Ce jdrvdjdre gcardjl dk Dflpta meste glkec`dc slfca ajteva `dspus `d Jrlsta#paje dk qud cas rebds ousucoekdsjakqulsterak ce rdflk

    Zd supakd qud odrje`drds jak ce

    Jucture jdrvdjdre# errlberak e ces LscesBrltkljes+

    @urektd ce lkveslk `d Iucla Jdser dk dcea 44 E+J+# cas raoekas dkjaktrerak qudce jdrvdze sd dcebarebe dk ces lsces

    Dsqudoe `d gebrljejlk `d jdrvdze dk dflpta

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    ^drla`a Mdcdklja

    Juek`a ca frldfas jakqulstek Dflpta ::5EJ lktra`ujdkdc vlka qud sd treksgaroe dk dc prdgdrl`a `d ces jcesdsectes+

    Cas frldfas drek jaksuol`ards `d vlka y esajlebek cejdrvdze jaoa uk bdbl`e pravdkldktd `d pudbcasmastlcds+

    Dstd jakjdpta teoblk sd ejafd dk dc lopdrla raoeka

    Ce jdrvdze jabre lopartekjle dk ecfukes rdes `dclopdrla# `ak`d ka sd pra`uje vlkas

    Pekta dk Frdjle Jaoa dk Raoe ce jdrvdze pldr`d surdcejlk jak espdjtas jdrdoaklecds qud ds ajupe`e pardc vlka+

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    D`e` Od`leCas `ajuodktas `d ce D`e` Od`le sak dsjesas# pdra sebdoas qud

    `urektd ce paje od`ldvec# ce ejtlvl`e` jdrvdjdre qud` os a

    odkas jakglke`e dk cas oakestdrlas# tekta dk ces Lsces Brltkljesjaoa dk ce Durape jaktlkdktec+

    Dk dc slfca ]LLL dxlstldrak jldktas `d jdrvdjdres oakejecds dk ce

    Durape `dc Kartd# je`e juec ebestdje e ce jaoukl`e` cajec jak sus

    odrjekjes# ca qud rdsuct uk oa`a jakvdkldktd `d fdkdrer casgak`as# qud drek `d`lje`as glkecodktd e abidtlvas os sektas

    Ecfukas `d dstas jdktras jdrvdjdras oakstljas pdr`urek ek

    dk Bcflje y dk Macek`e

    Cas oakids jdrvdjdras `d Bevldre dstebcdjldrak cas prlkjlplas

    `d ce dcebarejlk `d ces Cefdr y gudrak cas qud jaodkzerak e

    lkjarparer dc cpuca jak `lvdrsas glkds y `lstlktas `d cas

    ejtuecds

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    Cas jdctes y Fdroekas

    Yake `d Lopartektds jdktras jdrvdjdras-Lrcek`e# Dsjajle# Macek`e EcdoekleBeverle,

    Ce tjklje jdrvdjdre ds equ `lgdrdktd cesjak`ljlakds jclotljes es ca abclfek-Oectde`a `lgdrdktd,

    Ce jdrvdze ce dcebarebek epertlr `djdbe`e y `d trlfa y!a odzjces

    Drek jdrvdzes `are`es y es bldk per`es

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    Oakestdrlas

    Zak cas qud jaksdrvek frek pertd `dcjakajloldkta `dserracce`as dk cas tldopamdckljas y `dc lopdrla Raoeka

    Oujmas `d dccas sd treksgaroek dkjdktras jdrvdjdras

    Cas oes prabebcd ds qud dc usa `dc cpucajaodkzere dk oakestdrlas bveras

    Zd `dserraccek `lsdas `d jdrvdjdrles yprajdsa pere `lstlktas tlpas

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    Jaoldkza `dc pragdslakeclsoa

    Dstd sd `dserracce ec eopera `d ce rdvacujlk lk`ustrlecpdra teoblk lkjarpare `dserracca `d oerjes y `dodrje`as+

    Ce RL pravaje dc jrdjloldkta `d ces jlu`e`ds -jdktras`d jaksuoa,

    Dc e`vdkloldkta `dc cas trekves pdroltd dc trekspartdoeslva

    @dserracca `d ce Oequlke e vepar

    @dserracca `d utdkslclas -tdroodtra # `dksodtra,

    Pa`es dste treksgaroejlakds sd lopcdodktek dkLkfcetdrre y oujmes `d dcces dk Cak`rds

    Jak dcces sd eopcle dc kodra `d jdrvdzes tlplglje`esqud sd pra`ujdk

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    Beverle y dc jrdjloldkta `dCEFDR

    Meste dc glkec `dc slfca ]L] Beverle sdoektuva jaoa rdflk rurec jak ouy pajespabcejlakds urbekes

    Meste dc slfca ]WL ce bdbl`e prdgdrl`e dredc vlka+

    @ds`d dc slfca ]WL ce sltuejlk jeoble yBeverle ds slkkloa `d rdflk jdrvdjdre

    Eccl sd pra`ujdk jdbe`es `d dxjdcdktdjuecl`e` jdrvdjdre y cas odiards cpucas,

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    @dserracca `d ce oljrablacafle

    ^estdur dk Grekjle rdeclze sus dstu`las dkjdrvdze

    Zd l`dktlgljek ces cdve`ures gdrodktetlvesZejjm+ Jdrdvlsled

    Zd jaoprdk`dk cas gejtards qud odiareksu ejtlvl`e` -P `d gdrodktejlk #rdqudrloldktas `d elrdejlk# kdjdsl`e`dskutrljlakecds,

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    Tk dvdkta `d frek lopartekjle

    ^ar oes `d :>>> eas ce jdrvdze gud ouy `lgdrdktd e ca qud ds dk ce ejtuecl`e`+E`dos su jaksdrvejlk dre ouy prdjerle y sdfureodktd jaktdke vecardsdcdve`as `d ejl`a ejtlja

    Tka `d cas oeyards epartds `d ce lkvdstlfejlk oakstlje# gud dcdstebcdjloldkta `d qud cas cpucas jaktdkek jaopakdktds qud drek l`decdspere ce eraoetlzejlk y jaksdrvejlk `d ce jdrvdze

    Zd ejdpte qud cas cpucas gudrak use`as par vdz prlodre vdz dc ea 6:7`+J+ par cas grelcds jdrvdjdras dk ce rdflk Meccdrteu `d Bevldre

    Zu `lguslk gud cdkte y saca ecjekza ces lsces Brltkljes dk dc ea 542=

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    Lkljla `dc oekdia `d ce gdrodktejlk9dstebcdjloldkta oljrablacaflja `dc

    prajdsa

    Zabrd jdrvdjdre gudre `d ces Lsces Brltkljes# jak rdsucte`as qudmljldrak paslbcd ce pra`ujjlk `d jdrvdze e ca cerfa `d ta`a dc ea+Meste dktakjds# ce dcebarejlk `d jdrvdze qud`ebe jakglke`e e casodsds `ds`d kavldobrd meste ebrlc -cas lktdktas `d pra`ujlr jdrvdze dkcas odsds `d vdreka lkverlebcdodktd arlflkebek frevds lkgdjjlakds dkce gdrodktejlk,+

    Ces jdrvdzes abtdkl`es `urektd ta`a dc ea gudrak cceoe`esrukklkf bddrs -jdrvdzes ar`lkerles,# e `lgdrdkjle `d ces pra`ujl`es`urektd cas odsds gras cceoe`es stajh bddrs -jdrvdzes

    ecoejdke`es,+

    Ces lkvdstlfejlakds `d ^estdur gudrak `dtdrolkektds dk dc dstebcdjloldkta `dcce keturecdze blacflje `d ce gdrodktejlk y `d ces jak`ljlakds dk qud `dble`dserraccersd

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    Tk dvdkta `d frek lopartekjle

    ^ar oes `d :>>> eas ce jdrvdze gud ouy `lgdrdktd e ca qud ds dk ce ejtuecl`e`+E`dos su jaksdrvejlk dre ouy prdjerle y sdfureodktd jaktdke vecardsdcdve`as `d ejl`a ejtlja

    Tka `d cas oeyards epartds `d ce lkvdstlfejlk oakstlje# gud dcdstebcdjloldkta `d qud cas cpucas jaktdkek jaopakdktds qud drek l`decdspere ce eraoetlzejlk y jaksdrvejlk `d ce jdrvdze

    Zd ejdpte qud cas cpucas gudrak use`as par vdz prlodre vdz dc ea 6:7`+J+ par cas grelcds jdrvdjdras dk ce rdflk Meccdrteu `d Bevldre

    Zu `lguslk gud cdkte y saca ecjekza ces lsces Brltkljes dk dc ea 542=

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    Cas Epartds `d Jercsbdrf

    Lkstltujlk guk`e`e dk 5=64 qud pubclj uke frek jektl`e` `d lkvdstlfejlkjdrvdjdreGudrak guk`eodktecds cas trebeias `d Dolc Meksdk sabrd dc juctlva pura `dcdve`uresy `d Iamek Hidc`emc# sabrd ce `dtdrolkejlk y dgdjtas `dc kltrfdka

    Dc trebeia `d Meksdk cd jak`uia e ce jakjcuslk `d qud ka ta`es ceslkgdjjlakds `d ce jdrvdjdre drek jeuse`es par bejtdrles -jaoa ^estdur mebesupudsta,# slka qud teoblk dstebek lopclje`es atres cdve`ures `lstlktes `dZejjmeraoyjds jdrdvlsled+

    @ds`d dsas oaodktas ce jdrvdze me sl`a uk od`la qud me jaapdre`a oujmadk dc evekjd `d verle`es `lsjlpclkes jldktgljes# tek `lsperds jaoa

    Uuolje `dc pMUuolje `d pratdkes

    Fdktlje `d cdve`ures

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    Dtepes oa`drke `d ce lk`ustrlejdrvdjdre

    Dk uk ertjuca# -R+E+ Ek`drsak# I+ Lkst+ Brdw+# 5# qud `dbl`a e ce ecte tdjkacafey cas eiuste`as jaktracds glkekjldras# me jak`ujl`a e uk oeyar `dslktdrs par

    ce lkvdstlfejlk guk`eodktec

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    EKPDJD@DKPDZ

    FDKDRECDZ @D ODRJE@A

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    Bddr Jaksuoptlak

    Pmd warc` papucetlak ls stlcc frawlkfstde`lcy ek` tmd ekkuec pdr jeplte

    jaksuoptlak ag bddr mes rlsdk scawcy ta tmdjurrdkt cdvdc ag 27+0 c + Lt ls dvl`dkt tmetDurapd ek` Eodrlje mevd ek evdrefdjaksuoptlak ag erauk` 7> c# wmdrdes tmdvecud gar tmd rdst ag tmd warc` rekfdsbdtwddk 5> ek` 24 c

    Jakuoa sdfk dstlcas

    Juek`a sd jaksl`drek cas `as tlpas

    prlkjlpecds `d jdrvdze sd jaoprudbe quddc

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    DTRA^E @DC DZPD

    DTRA^E JDKPREC \ @DC DZPD

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    Ektdjd`dktds fdkdrecds `dc odrje`a `dc Cu

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    ^rlkjlpecds pelsds pra`ujtards

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    ECFTKAZ WECARDZ @D ^RA@TJJLAK ZDFK PL^A

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    PL^AZ @D DKWEZDZ

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    Lopartekjle y vecar ejuoucetlva `d pertljlpejlk dk dc odrje`a ouk`lec

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    ^rlkjlpecds jaopees jceslglje`es par jaktlkdktds y rdes fdafrgljes

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    ^rlkjlpecds oerjes d jdrvdzes e klvdc ouk`lec

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    Jaksuoa pdrjeplte `d jdrvdze

    Jaksuoa tatec `d jdrvdze

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    Tke lk`ustrle9 pdra jak `asoa`dcas

    Prekskejlakecds

    Jdrvdjdresertdsekecds y

    oljrajdrvdjdrles

    ^ajes jaopeles y pajas tlpas `d

    jdrvdzes

    Frek etaolzejlk y lkouodrebcdstlpa y verlekektds `d jdrvdzes

    Juate `dOdrje`a

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    Dtepes dsdkjlecds `dc prajdsa

    jdrvdjdra

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    Zdcdjjlk y ecoejdkeoldkta `dce jdbe`e

    Gejtards `dsdcdjjlk

    Beia jaktdkl`a `d KBeia jaktdkl`a `d FcujekasBeie @aroekjleDcdve`e vleblcl`e` `dc dobrlkDcdve`e jepejl`e` dkzlotlje

    Ecoejdkeoldktajul`e`asa

    Jak`ljlakds `d muod`e`Klvdc `d elrdejlkMaodfdkdl`e` `dc frekaFreka DktdraDclolkejlk `d oetdrlecds dxtreas

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    Oectde`a y sdje`a

    Euodkta `dmuod`e`

    Jak`iujjlk `dce fdrolkejlk

    @dtdkjlk `d cefdrolkejlk

    Muod`e` `ds`d 52/5: e 0:/07Jak`ljlakds pere rupture `d ce `aroejleLkljla `d ce sktdsls `d flbdrlclkesJaoldkza `d ce `lfdstlk `doejrapaclodras

    ^rajdsa jaktrace`a od`lektd

    Pdopdreture y oekdia `d fesdsCes dklzloes slktdtlze`es `dfre`ek casfcujekas y pdktasekas y pratdkesCes eolceses sd clbdrek y slktdtlzekoa`lgljek`a perjlecodktd dc caspaclodras `dc dk`aspdroe

    Zdje`a dk jak`ljlakds jaktrace`es qud`ek cufer e `lstlktas tlpas `d oectesOecte `d dcdve`a pa`dr dkzlotljaOectes dspdjlecds ecfukes slkpa`drdkzlotlja pdra eraotljes y jacarde`es

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    Oacldk`e y dopeste`a

    Preksgaroejlkgslje `d oecte

    Fdkdrejlk `d pertjuces `d `lstlktas

    teoea pere pdroltlr su ml`retejlk yuke budke oa`lgljejlk dkzlotljeDc fre`a `d oacldk`e `dpdk`d `dc tlpa`d prajdsa `d pastdrlar sdperejlk `dces jubldrtes `dc freka

    @lfdstlk

    dkzlotlje `dpacodras

    Jak`ljlakds `d tdopdreture perepdroltlr ce fdcetlklzejlk `dc ecol`k y ce

    ejtlvl`e` `d verle`es dkzloes dktrd cesprlkjlpecds9 fcujekeses# pratdesespdptl`eses# eolceses+

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    Dbuccljlk

    Lsaodrlzejlk d /jl`as `dc cpuca^rdjlpltejlk `d oetdrlec jacal`ecDclolkejlk `d jaopudstas vactlcds`d ce oecte y `dc cpuca

    Euodkta `d ce `dksl`e` `dc oastaDstdrlclzejlk oljrablacflje

    Epartd `dc eoerfarEpartd `d eraoe

    Dgdjtas `d ce tdopdreture

    ^drla`a verlebcd `dc 5 e 2 mares

    Ds uke `d ces dtepes`d lkjarparejlk `dccupuca

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    Gdrodktejlk

    Jak`ljlakds sdfk tlpa

    EcdsCefdr

    Pdop+ `d 54/24Jdpes `d sdperejlksupdrgljlec

    Pdop `d 7/54Jdpes `d sdperejlk`ds`d dc gak`a `dcdstekqud

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    ^drla`a verlebcd

    Abidtlvas@lsolkujlk `dc `lejdtlca

    @lsolkujlk `d sucgm`rlja^rdjlpltejlk `d pratdkes ypaclgdkacds

    ^epelkeMl`rafdcds a xdrafdcds

    `d slcljd^W^^JcerlgljejlkGlctrejlk -tldrres aodobrekes,^estdurlzejlk

    JerbaketejlkCcdke`a `d cas dkvesds

    Oe`urejlkDsteblclzejlk

    Dkvese`a

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    Jdktras jdrvdjdras y dstlcas `djdrvdzes

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    Plpas `d jdrvdze

    Ces prlkjlpecdsECD

    CEFDR

    ZPATP

    @d ejudr`a e suDcebarejlk

    @d ejudr`a e sudstlca

    ^ECD

    @ERH

    OLC@

    BLPPDR

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    Tka `d cas dstlcas oes verle`a

    ^ARPDR \ ZPATPZ JDRWDYEZ @D PRLFA

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    ECDZ

    CEFDR

    ECFTKAZ DZPLCAZ @D CAZ @AZ PL^AZ @D JDRWDYEZ

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    Ecfa `d jaopasljlk quolje

    Ce jaopasljlk quolje `d ce jdrvdze dsouy verle`e ds par `d clolte`a epartddktrdfer uk tebce `d jaopasljlk fdkdrec

    Juec ds slolcltu` dktrd uke Eodrljekpecd Cefdr y uke @appcd bajh fdroeke

    Tke jdrvdze clftm y uke bercdy wlkdlrcek`dse+

    A uke jdrvdze ertdsekec y uke jdrvdze

    `dc olsoa tlpa dcebare`e parce freklk`ustrle

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    Jaopakdktds `d ce Jdbe`e

    ^ l l c J t ` c

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    ^rlkjlpecds Jaopakdktds `d cejdrvdze

    DPEKACEFTE

    JA2

    EzujerdsJaopakdktds

    kltrafdke`as

    Olkdrecds

    Wlteolkes

    Gdkacds

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    Jaopakdktds prabcdoetljas

    ^DZPLJL@EZ AJMREPA]LKEZ

    GDRPLCLYEJLAKKLPRAFDKE@E

    ^RAPDLKEZODKAR RDK@LOLDKPA

    @D D]PREJPA

  • 7/30/2019 Introduccion Mercado

    50/50

    Jaopasljlk `dc Cupuca

    Dste jaopasljlk sd rdgldrd ec cupucaketlva -jakas,+Zlk doberfa sak ouy pajas casprajdsas qud ca utlclzek `d dse oekdre

    Dc epartd `dc cpuca e ce jdrvdze`dpdk`dr `d jaoa sd usd^dccdstsdxtrejtas#dxtrejtas lsaodrlze`as

    @d juecquldr garoe sus jaopakdktds sak ouy olkarlterlas dk cejaopasljlk `d ce jdrvdze# pdra tldkd uke lopartekjle jepltec dk susjerejtdrstljes sdksarlecds y dk dc epartd e su jaksdrvejlk+