Summary
Summary Economics 114 Units 1, 2 and 3
Digitally summarized economics notes for economics 114. * Please note that if the display example seems smaller than A4, the downloaded version will not be like this - it will be full-sized.
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By: yatesmegan29 • 2 months ago
By: linawatkins • 1 year ago
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UNIT 1: THE CAPITALIST REVOLUTION "1700s capitalism > advances in technology ,
increase in average living standards capitalist revolution
7 productivity in workplace
>
specialisation
private Martlets
firms
property
✓
economics compare living standards
how with each other GDP domestic
product / income
*
study of people interact and :
gross
↳ total of every
the natural environment in producing their livelihoods value
good + service
produced by a country 's economy in a
Disposable income
GDP / capita +
wellbeing income after
time period ( market value of all goods)
paying
~
income has a major influence taxes
*
GDP / capita =
GDP
receiving
+
population
on
wellbeing ,
but does Not account for : government transfers
>
average annual income per person
environment
quality
•
•
healthcare + education
> measures average living standards
relationships
•
•
meals / childcare comparing growth rates
*
ratio scale
income does *
change income
GDP vs Disposable > not
growth rate = in
original level income
takes government goods and services
into account
=
y current Yprevious
-
Y previous
growth line
* rate
constant =
straight
sustained griwth began at diff .
times
\
faster rate
diff steeper =
in .
countries , leading to vast
differences in living standards between countries
e.
g. World Hockey Stick
African Hockey stick
~
interceded by crises that prevented sustained economic
growth
only took off in 1960s due colonialism slavery ( overuse in agriculture mining's
primary
~ to : sectors + extraction +
, ,
¥ segregation ( debt
,
labour decline , education, skills , hampered innovation)
lack of
data
quality
, Permanent technological revolution Industrial revolution
scientific +
technological advances in ±
1750s
pg
wave of technological advances +
organisational
18th
-
e.
g. textiles
, energy ,
transpiration technologies changes starting in Britian in century
cumulative nature MD industrial revolution ( new ideas .
Methods ,
Machinery ,
Commercial +
industrial economy )
technology
process that takes a set of materials
and other inputs ( like work of
progress ,
reduces amount resources needed to produce
labour machines ) and of
+ creates a
given amount output
an output
*
technological progress drastically decreased work hours + increased living standards
\ ' '
Bottom %
sudden upward kink
caused a in : • GDP /
capita >
TOP 10-1 .
mmmm
labour
productivity Cnotuinequalitywo
•
•
communication
impact of
economy on global environment
•
CAPITALISM
economic system c of organising production of
goods and services in an
economy ) characterized by
•
way
a combination of new institutions ( laws / customs that govern ) built around private property ,
markets
and firms
may be used in
any way you wish
①
•
most economies today are capitalist • >
private property
•
equipment , buildings ,
durable inputs
capital goods { used in
producing goods and services
•
may be owned by individuals, families ,
②
markets : means of transferring goods / services from a business etc .
except government
,
¥ •
one
person to another through a
process
☒ of buying and selling ( things being exchanged are private property )
E
firm is a way of
③ firms : a
organising production ( restaurants banks large farms internet service providers) , , ,
•
privately owned
• One or more individuals own a set of capital goods that are used in production.
NOT
family businesses,
non-profit organisations
• They pay wages and salaries to employees.
They direct the employees (through the managers they also employ) in the production of goods and services. government owned
-
•
• The goods and services are the property of the owners. entities
• The owners sell the goods and services on markets with the intention of making a profit.
offer internships > these play a
•
can
die able hire lesser role in a
•
can be born, expand and
very quickly to
many employees
not enough profit > die capitalist economy
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