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.
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
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
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
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
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
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 miaolivier16. 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.
