100% tevredenheidsgarantie Direct beschikbaar na betaling Zowel online als in PDF Je zit nergens aan vast
logo-home
Samenvatting Cursus Bioeconomics €3,99   In winkelwagen

Samenvatting

Samenvatting Cursus Bioeconomics

 25 keer bekeken  1 keer verkocht

Dit is een cursus/samenvatting van het vak Bioeconomics gebaseerd op de slides van het vak. Voor bio-ingenieurs maar ook andere richtingen hebben dit vak ook (ik weet niet exact wie)

Voorbeeld 4 van de 95  pagina's

  • 26 december 2023
  • 95
  • 2021/2022
  • Samenvatting
Alle documenten voor dit vak (1)
avatar-seller
Sciencestudent123
2021 – 2022




(Bio-)economics
Lecture 1: introductions to economics

1. Why economics?
▪ To understand everyday life
▪ To understand society / be an informed citizen
▪ To learn a way of thinking



2.The economic problem of scarcity & choice
▪ Scarcity and choice
o Resources are limited …
▪ Natural resources: land, minerals, timber, biodiversity, climate, …
▪ Capital resources: machinery, buildings, roads, software,…
▪ Human resources, labor time, skills & talents, worker’s health,…

 … we need to choose among competing uses of these resources…
▪ People forced to choose among competing uses or resources
▪ Fundamental concern of economics: how to allocate scare resources
▪ (cause there’s always a second, third,… best option)

 … we make constrained choices beperkte keuzes, these determine:
1. What gets produced
2. How it is produced
3. Who gets what is produced

▪ Opportunity cost: the best alternative that we forgo, or give up, when we make a choice or
decision
o Everything has an opportunity cost, even going to a movie
o A cost ≠ an expenditure in money
o For kids in poor countries: the OC becomes too high to go to school, they need to work

Consider a very simple 1-person small island economy
▪ Recourses (land, time, skills, … are limited
▪ Economic decisions: choose to allocate time to go hunting, collecting berries, collecting wood,
fishing, building shelter ,…
▪ Preferences: basic needs: water, food, shelter,…
o If he collects wood: he has a shelter and fire to keep himself warm, but NO food
o Opportunity costs: the food he forgoes because he’s not collecting food

➢ Even in an 1-person economy there’s and opportunity costs and trade-offs (choices to be made)

Consider 1 extra person in the small island economy (2-person)
▪ Recourses still limited, only time has doubled (2 persons)
▪ Persons are not the same: choices become more complex
o Preferences, skills & talents, may differ
o The can cooperate, take the lead or split up

➢ Opportunities arise through specialization and exchange
Each does where they’re best in, then they create more opportunities




1

, 2021 – 2022


2.1 Specialization and exchange
Theory of comparative advantage
Specialization and trade will benefit all trading parties
▪ Society and people in society get better of when they specialize in the things that they are good in
and exchange with each other
→ Idea: David Ricardo (1772-1823)

Absolute advantage:
▪ A producer has an absolute advantage in the production of something if they can produce that
good or service cheaper in absolute cost than someone else can

Comparative advantage:
▪ A producer has a comparative advantage over someone else in the production in the specific good
or service if that person can produce that product at a lower opportunity cost
▪ Think about coffee beans, impossible to plant in Belgium
▪ This leads to exchange

Consider a 2-person small island economy
▪ Production possibilities in 1 year on the island:
o Person A can produce 600 kg food/ year OR 200 logs of wood/year
o Person B can produce 200 kg of food/year OR 600 logs of wood/year
▪ Can be depicted in production possibility frontiers afbeelden met productiemogelijkheidgrenzen

Production possibility frontier:
▪ Combination of all goods and services that can be produced if the resources are used
efficiently

Production possibility curve for A Production possibility curve for B
250 800
Wood (logs)




Wood (logs)




200 600
150
400
100
50 200
0 0
0 300 600 0 100 200
Food (kg) Food (kg)
A B

▪ A has an absolute advantage in the production of food
▪ B has an absolute advantage in the collection of wood

▪ If A&B dot not exchange with each other AND A&B prefer the amounts of food & wood
 A&B each produce & consume 150 kg food and 150 logs wood

A B
Food 25% of the time · 600 kg/year = 150 kg 75% of the time · 200 kg/year = 150 kg

Wood 75% of the time · 200 logs/year = 150 kg 25% of the time · 600 logs/year = 150 kg


▪ 150 is their consumption level, or level of well being , well fair level




2

, 2021 – 2022




Production possibility curve for A Production possibility curve for B
250 800
Wood (logs)




Wood (logs)
200 600
150
400
100
50 200
0 0
0 300 600 0 100 200
Food (kg) Food (kg)
A B

▪ Point C is where they are producing and consuming
▪ Resources are constrained: they are constrained by their own production possibility
▪ Point C will never be higher than the graphic

▪ If A&B do exchange with each other (assuming = preferences for food & wood)
o A specializes in food: producing 600 kg, B specializes in wood: 600 logs
Production A B
Food 100 % of the time · 600 kg/year = 600 kg 0% of the time

Wood 0% of the time 100 % of the time · 600 logs/year = 600 kg

o A&B negotiate a price (how much food for how much wood)
▪ Price = 1/3 kg of food for 1 log of wood: barely acceptable for B
▪ Price = 3 kg of food for 1 log of wood: barely acceptable for A
o If A&B have equal negotiation power, they will agree on a price of 1 kg of wood for 1 log
of wood → let’s assume this
▪ A&B will exchange 300 kg of food for 300 log of wood :
(exchange)consumption A B
Food (“sell”)300 kg (“buy”)300 kg

Wood (“buy”)300 logs (“sell”)300 logs

o They both have doubled their consumption level, income level, their well being
o Doing what you’re good in and exchanging with each other allows you be at a
higher income level

Production possibility curve for A Production possibility curve for B
250 800
Wood (logs)




Wood (logs)




200 600
150
400
100
50 200
0 0
0 300 600 0 100 200
Food (kg) Food (kg)
A B




3

, 2021 – 2022


▪ If A & B do exchange with each other: price negotiation:

A has negotiation power: B has negotiation power:
o Assume price of 1/3 kg of food for 1 log of o Assume price of 3 kg’s of food for 1 log of
wood wood
o Exchange 450 kg of food for 150 logs of o Exchange 150 kg of food for 450 logs of
wood wood
o A’s consumption triples but B’s remains- o A’s consumption remains but B’s triples
price just (not) acceptable for B price just (not) acceptable for A

Consumption A B Consumption A B
Food 450 kg 150 kg Food 150 kg 450 kg
Wood 450 logs 150 logs Wood 150 logs 450 logs


Production possibilities in 1 year on the island:
▪ Person A can produce 600 kg food/ year OR 600 logs of wood/year
▪ Person B can produce 100 kg of food/year OR 300 logs of wood/year
▪ Production possibility frontiers:

Production possibility curve for A Production possibility curve for B
800 400
Wood (logs)




Wood (logs)

600 300
400 200
200 100
0 0
0 300 600 0 50 100
Food (kg) Food (kg)
A A

 A: absolute advantage in production of food and wood
 B: no absolute advantage

▪ Absolute versus comparative advantage:
Absolute:
o A: absolute advantage in production of both food and wood bc he can produce food and
wood at a lower absolute cost than person B
→ A: cost of producing 1 kg of food is 365days/600 kg = 0.6 days
→ A: cost of collecting 1 log of wood is 365 days/600 logs = 0.6 days
o B: no absolute advantage because he can’t produce food nor wood at a lower absolute
cost than person A:
→ B: cost of producing 1 kg of food is 365 days/100 kg = 3.65 days
→ B: cost of collecting 1 log wood is 365 days/ 300 logs = 1.21 days
Comparative:
o A: comparative advantage in production of food because he can produce food at a lower
opportunity cost than person B
→ A: opportunity cost of producing 1 kg of food is 1 log of wood
→ A: opportunity cost of producing 1 log of wood is 1 kg of food
o B: comparative advantage in collection of wood because he can produce wood at a lower
opportunity cost than person A
→ B: opportunity cost of producing 1 kg of food is 3 logs of wood
→ B: opportunity cost of collecting 1 log of wood is 1/3 kg of food

▪ If A&B do not exchange with each other:
o A: produces and consumes 300 kg of food and 300 logs of wood
o B: produces and consumes 75 kg of food and 75 logs of wood


4

Voordelen van het kopen van samenvattingen bij Stuvia op een rij:

√  	Verzekerd van kwaliteit door reviews

√ Verzekerd van kwaliteit door reviews

Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!

Snel en makkelijk kopen

Snel en makkelijk kopen

Je betaalt supersnel en eenmalig met iDeal, Bancontact of creditcard voor de samenvatting. Zonder lidmaatschap.

Focus op de essentie

Focus op de essentie

Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper Sciencestudent123. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor €3,99. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 79373 samenvattingen verkocht

Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen

Start met verkopen
€3,99  1x  verkocht
  • (0)
  Kopen