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Samenvatting International economics
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Samenvatting van 8 pagina's voor het vak Technische Bedrijfskunde aan de Hanze
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Chapter 2Microeconomics: studies the behavior of individual households and firms in
making decisions on the allocation of limited resources
Price elasticity: gives the percentage change in quantity demanded in response
to a one percent change in price.
Ceteris paribus.
Customer needs change by:
- Demography
- Education
- Lifestyle trends
Substitution effect: een lagere prijs voor een bepaald product trekt ook de
gebruikers aan van vergelijkbare producten.
Income effect: als de prijs daalt kunnen consumenten bij gelijkblijvend
inkomen meer van het product kopen.
Verschil: gevaar cola extreme omhoog, dan gaaan mensen pepsi kopen. Bijv. Olie
koopt iedereen toch wel
Demand
The relationship between price and the quantity demanded can be expressed as
an equation:
q = - 2p + 600
in which:
q = the quantity demanded
p = the price
Price elasticity: gives the percentage change in quantity demanded in response
to a one percent change in price.
Epq= %∆q/%∆p
Epq= price elasticity of demand
%∆q= the percentage change in quantity demanded
%∆p= the percentage change in price
Elastic: Epq < - 1
Inelastic: - 1 < Epq < 0
Kleiner dan -1 en groter dan 1 is elastisch
Tussen -1 en 1 is inelastic
Income elasticity
Epy = %∆q/%∆Y
Epy = the income elasticity of the quantity demanded
%∆q = percentage change in quantity demanded
%∆Y = percentage change in income
Basic goods: 0 < Eqy < 1
,Luxury goods: Eqy > 1
Inferior goods: Eqy < 0
For a company is it important to know of it is elastic or inelastic. The company
wants to know how demand responds if they change the price. The company can
use the price elasticity of demand to calculate the expected demand and profit.
Chapter 4
– Prosperity: the availability of goods and services
– Welfare: well-being, this is an indication of the sense of
contentment and satisfaction.
To measure national production
– Production approach: adding the added value of businesses and
governments within the country
– Income approach: adding together all the remunerations of the
production factors within a country
– Expenditure approach: the total spending on goods and services
Labour and investments
Economic development
- Factor based growth, Requirements: a stable political and economic
climate, good working market for production factors and goods and a
reliable political system
- Investment based growth, Requirements: stable political and economic
climate, investments in the physical infrastructure and effective laws and
regulations
- Innovative growth, Requirements: good education, research and
developments possibilities and taking away financial and legal
restrictions
, Chapter 5
There are four sector who spend money:
- Consumers
- Business
- Government
- Foreign countries
National savings balance = export balance
- (S – I) + (T – G) = (X – M)
- S= private savings
- I = Investments
- T = Taxes
- G = Government spending
- X = Export
- M = Import
Chapter 6
The business cycle
Er bestaan vier achtereenvolgende fasen in een business cycle:
Upturn phase: De uitgaven, de productie en de arbeidskosten zullen enorm
stijgen. Hetzelfde geldt voor de totale vraag, terwijl de prijzen gelijk zullen
blijven. In deze fase geldt een negative output gap.
Economic boom: De vraag naar goederen zal in deze fase de productie capaciteit
overschrijden. Hierdoor zullen de prijzen stijgen. Ook voor de bedrijven zullen
de kosten voor grondstoffen en arbeid stijgen. Er heerst een gevoel van
hoogmoed en aan het eind van deze fase zullen bedrijven al een omslag
voelen.
Downturn phase: In deze fase zullen de uitgaven, de productie, de
werkgelegenheid en de winstgevendheid enorm dalen.
Economic recession: Er geldt een recessie als het GDP twee achtereenvolgende
kwartalen daalt. Investeringen en rente dalen tot op het punt dat de economie
weer aantrekt en de cyclus weer begint.
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