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Introduction to the Economics of Arts and Culture Summary
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A summary of the full course of the Introduction to the Economics of Arts and Culture course, International Bachelor of Arts and Culture Studies
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Introduction to the Economics of Arts and Culture – exam March 25th, 2016Market economy production and consumption are the result of individuals, firms,
etc.
Command economy a central authority makes the decision about production and
consumption
Economic principles
Scarcity
Opportunity costs (the cost of your best alternative)
Marginal decision making (comparing costs and benefits)
Individuals respond to incentives (make it easier for themselves)
Gains from trade
Markets move towards equilibrium
Resources should be used efficiently
Markets lead to efficiency
Government can improve market by intervention
“Miracle of the Market” + Externalities (uncoordinated actions lead to
beneficial outcomes in society)
Competitive market: Many buyers and sellers of the same goods or services, both
unable to influence the price
Behavior described in model of supply and demand
Demand curve: Hypothetical relation between price and demand
Supply curve: (High prices? Suppliers will want to join, and vice versa)
What shifts the demand curve?
- Variables outside model (trends, scarcity)
- Changes in prices of related goods (substitutes or compliments)
- Changes in income
- Changes in taste
- Changes in expectations (time variable, threat of recession)
- Changes in market (number of consumers, population growth)
What shifts the supply curve?
- Changes in input prices (goods used in production process, e.g. labor,
material)
- Changes in technology (substitution)
- Changes in expectations (of prices of other goods, or economic circumstances)
- Number of suppliers
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