Revision.docx
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Revision.docx
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Revision
Chapter1:
Themarketsystem
KeyTerms:
Market–Asetofarrangementsallowingbuyersandsellerstocommunicateandexchangegoodsandservices.
Demand–Theamountofagoodthatwillbeboughtatgivenpricesoveraperiodoftime
Supply–Theamountofagoodthatsellersarepreparedtosellatgivenpricesoveraperiodoftime.
Marketsystemorpricemechanism–Theautomaticdeterminationofpricesandtheallocationofresourcesbytheoperationofmarketsintheeconomy.
ImportantContent:
Inanycountrytheremanydifferentmarkets,whichtogetheroperatelikeasystem.Thismarketsystem,sometimescalledthepricemechanism,performstwoimportantfunctions:
Pricedetermination:
Themarketsystemdeterminesthepricespaidforgoods.(SeeexplanationonP2byyourself)
Resourceallocation:
●Inthrivingmarketspricesrise.Thismeanssellersprobablymakehealthyprofits.Theseprofitswillattractmoresellers,somoreresourcesareneededtomakethese’popular’goods.
●Indecliningmarketspricefall.Thisresultsinsellersleavingthemarketandthereleaseoftheresourcesthattheywouldhaveused
Chapter2Thedemandcurve
KeyTerms:
∙EffectiveDemandistheamountofagoodorservicethatconsumersarewillingandabletobuyatagivenprice.
Importantcontent:
Thedemandcurveslopesdownfromlefttoright.Formostgoodsthisisalwaystrue.Thisisimportantbecauseitshowsthatpriceandthequantitydemandedareinverselyrelated.Thismeans:
●Whenpricesgoupdemandwillfall
●Whenpricesgodowndemandwillrise
Movementalongthedemandcurve:
Whenthereisapricechangethereisamovementalongthedemandcurve.
Price
D
P2-------------
P1--------------------
Quantity
Q2Q1
Thisisimportantbecauseotherfactorsthatinfluencedemand,suchasincome,haveadifferenteffectonthedemandcurve.
Chapter3Factorsthataffectdemand
KeyTerms:
Complementarygoods–goodspurchasedtogetherbecausetheyareconsumedtogether.
Inferiorgood–agoodforwhichdemandwillfallifincomerisesorriseifincomefalls
Normalgood–agoodforwhichdemandwillriseifincomerisesorfallifincomefalls
Substitutegoods–goodsboughtasanalternativetoanotherbutperformthesamefunction.
ImportantContent:
Factorsaffectingdemand:
(PASIFIC)
●Income:
Generally,whenincomerises,demandforgoodswillalsorise.
Whenitcomestoincome,weshoulddistinguishbetweennormalgoodsandinferiorgoods.
●Advertising:
Businesstrytoinfluencedemandfortheirproductsthroughadvertisingandotherformsofpromotion.
●Population:
Astheworld’spopulationgrowstherewillbeanincreaseindemandforgoodsandservices.However,demandwillalsobeaffectedbythestructureofthepopulationaswellasitssize.
1.Theagedistributionofapopulationisthenumberofpeoplethatfallintodifferentagegroups
2.Insomecountries,inthepopulationoverallthereareafewmorewomenthanmen.
3.Thegeographicaldistributionmayaffectdemand.
4.Manycountrieshaveethnicgroupsinthepopulationstructure.
●Tasteandfashion:
Overaperiodoftimedemandpatternschangebecausetherearechangesinconsumertasteandfashion.
●Priceofsubstitutes:
Ifthepriceofasubstituteislowered,demandforaproductwouldfall.
●Pricesofcomplements:
Demandforaproductislikelytobeaffectedbythepriceofacomplementarygood.
●Interestrates:
Thedemandforsomegoodsisinfluencedbyinterestrates(thepriceofborrowedmoney).Thisisbecausesomegoodsarepurchasedwithborrowedmoney.
Ashiftinthedemandcurve
Achangeinanyotherfactorsapartfromprice,suchasthosementioned
Price
D2
D1
0Quantity
Chapter4—Thesupplycurve
KeyTerms:
Supply–Howmuchamountsofgoodsthatsellerwantstosupplyatanygivenprices.
ImportantContent
Thesupplycurveslopesupfromlefttoright.Thepriceandquantitysuppliedareproportionatelyrelated.Thisshowsthat:
●Whenpricesgoupsupplywillalsogoup
●Whenpricesgodownsupplywillalsogodown
Price
Supply
P2-------------------------------------
P1----------------
0Q1Q2Quantity
Thereasonforthisrelationshipismainlybecausebusinessesaremotivatedbyprofit.Ifpricesarerising,existingbusinesswillbewillingtosupplyincreasingamountofagoodbecausetheymaymakemoreprofit.Or,morebusinesseswilljointhemarketinthebeliefthattheycanalsomakeaprofit.
Movementalongthesupplycurve
Aswithdemand,whenthereisapricechangethereisamovementalongthesupplycurve(asshownintheabovediagram)
Chapter5Factorsthataffectsupply
KeyTerms:
Indirecttaxes–taxesimposedbythegovernmentonspending
Subsidy–agrantgiventoproducers,usuallytoencourageproductionofacertaingood
Importantcontent
Factorsaffectingsupply
●Costsofproduction:
Thesupplyofanyproductisinfluencedbythecostsofproductionsuchaswages,rawmaterials,energy,rentandmachinery.
●Indirecttaxes:
Indirecttaxesaretaxesimposedbythegovernmentonspending.Whentheyareimposedorincreased,thesupplycurvewillshifttotheleft.Thisisbecauseindirecttaxesrepresentacosttofirms.
●Subsidies:
Sometimesthegovernmentmaygivemoneytobusinessesintheformofagrant.Thisiscalledsubsidy.Subsidiesmaybegiventofirmstotrytoencouragethemtoproduceaparticularproduct.
●Changesinthetechnology:
Overaperiodoftimenewtechnologybecomesavailablewhichmanybusinessesuseintheirproductionprocesses.
●Naturalfactors:
Theproductionofsomegoodsisinfluencedbynaturalfactorssuchastheweather,naturaldisastersorinfestation.
●Thepricesofothergoods:
Itispossibleforsomeproducerstoswitchproductionfromonegoodtoanother.
Chapter6Marketequilibrium
KeyTerms
Equilibriumprice–pricewheresupplyanddemandareequal
Excessdemand–wheredemandisgreaterthansupplyandthereareshortagesinthemarket
Excesssupply–wheresupplyisgreaterthandemandandthereareunsoldgoodsinthemarket
Marketequilibriumprice–pricewheretheamountsuppliedinamarketmatchesexactlytheamountdemanded.
Totalrevenue–theamountofmoneygeneratedfromthesaleofgoodscalculatedbymultiplyingpricebyquantity.
ImportantContent:
Equilibriumprice
Chapter12Themixedeconomy
KeyTerms
Economy--systemthatattemptstosolvethebasiceconomicproblem
Efficiency--minimizingcostsandtheuseofresources
Marketfailure--wheremarketsleadtoinefficiency
Mixedeconomy--aneconomywheregoodsandservicesareprovidedbyboththeprivateandthepublicsectors
Privatesector--theprovisionofgoodsandservicesbybusinessesthatareownedbytheprivatesector
Publicsector--governmentorganizationsthatprovidegoodsandservicesintheeconomy
ImportantContent
Typesofeconomy
●Amarket/freeeconomy
●Acommand/plannedeconomy
●Amixedeconomy
Efficiency
●Producinggoodsatthelowestcostpossible
●Minimizingthequantityofresourcesthatareneededtoproducegoods
●Onlyproducingthosegoodsthatareneededbypeople
Marketfailure
●Externalities
●Lackofmarket
●Missingmarket
●Factorimmobility
Chapter12Themixedeconomy
KeyTerms
Economy--systemthatattemptstosolvethebasiceconomicproblem
Efficiency--minimizingcostsandtheuseofresources
Marketfailure--wheremarketsleadtoinefficiency
Mixedeconomy--aneconomywheregoodsandservicesareprovidedbyboththeprivateandthepublicsectors
Privatesector--theprovisionofgoodsandservicesbybusinessesthatareownedbytheprivatesector
Publicsector--governmentorganizationsthatprovidegoodsandservicesintheeconomy
ImportantContent
Typesofeconomy
●Amarket/freeeconomy
●Acommand/plannedeconomy
●Amixedeconomy
Efficiency
●Producinggoodsatthelowestcostpossible
●minimizingthequantityofresourcesthatareneededtoproducegoods
●onlyproducingthosegoodsthatareneededbypeople
Marketfailure
●Externalities
●Lackofmarket
●Missingmarket
●Factorimmobility
Chapter13:
Thedivisionoflabour
KeyTerms:
Labour–Thepeoplethatworkinacountry.
Divisionoflabour–Breakingtheproductionprocessdownintomanysmallpartswitheachworkerdoingonespecificsmalljob.
Specialization–Theproductionofalimitedrangeofgoodsbyindividuals,firms,regionsorcountries.
Workingpopulation–thosepeoplewhoareinworkorseekingwork.
Importantcontent:
Companieswanttoproducegoodsinthemostefficientwaypossible–don’twastemoneyandresourcesandproduceonlywhatisneeded.Themostefficientwayofusinglabourinproductionistodividethejobofproducingsomethingintosmallpartsandletsomeonewhoisgoodatittodoeachsmallpart.Thisisdivisionoflabour.
Divisionoflabourandtheworker
Advantages:
∙Ifaworkerdoesthesamejobforalongtimetheycanbecomeverygoodatit–“expert”.
∙Workersthataregoodattheirjobwillfinditeasiertofindbetterjobsandwillgetpaidmore.
Disadvantages:
∙Ifaworkerdoesthesamejoballthetimeitmightbecomeveryboring.
∙Ifaworkeronlyhasoneskillmighthaveahardtimefindingadifferentjob.
Divisionoflabourandthefirm
Advantages:
∙Efficiencyisimprovedbecauseworkersthatdoonlyonejobcandoitfasterandbetter.
∙Thecompanyiseasiertomanageandorganize–forexampleassemblyline.
∙Productiontimeisreducedbecauseworkersdon’twastetimemovingaround.
Disadvantages:
∙Ifworkersbecomeboredwiththeirjobtheywilldoitpoorly.
∙Problemscanhappenifonepartoftheproductionproce
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