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economics

what is economics?

economics is the social science that deals with production, distribution and consumption

microeconomics

focusses on the behaviour of individuals, such as consumers, producers and markets

macroeconomics

deals with a broader aspect of the economy, such as national income, unemployment, inflation and economical growth

scarcity

there arent enought resources to full fill the needs and wants that people have

examples of needs and wants

food, shelter, water, clothing, money

wants

deseirs that go beyong the basic necessities for survival.

why are needs and wants unlimited?

needs and wants are unlimited due to the nature of human desiers:
human nature

social comparisons

advertising and consumerism

cultural and social influences

status and identity

finite resources

resources that have a limited supply, meaning there is a definite quanitity

examples of finite resources

non renewable energy: fossil fuels and natural gases
minerals and metals like gold, silver are finite

what is the basic economical problem

scarcity

how is the basic human problem summarized

What to produce, How to produce and who to produce for

oppurtunity cost

is the value of the next best thing that is forgone when a choice is made

oppurtunity cost in govermental context

taxation and spending
budget allocation

demand

is the ability and willingness of a consumer to buy a product at a given price

law of demand

when things are expensive less people will buy it, when things are cheapter more people will buy it

why would there be a movement along the demand curve

only occurs due to a price change

factors that shift the demand curve

advertising, income of people, taste and fashions, price of substitues, price of complements, demographic changes

complementery goods

are products that are typically consumed together because using one enhances the other

substitutes (goods)

are goods that can be used in place of one another to satisfy a similiar need and want

ppc

is a graphical representation of the maximum combination of 2 goods that can be produced with a given level of resources

capital goods

items that are used to produce other goods and survices

consumer goods

items that are produced for the direct consumsion of consumers

examples of capital goodds

manufacturing machinery, construction equipment, computers and servers used for business operations

concepts show on a ppc

efficiency, scarcity, oppurtunity cost

what do they focus on in developing economies

they priotitize production of capital goods to build infustructure. This may lead to a short term sacrifise in living standards.

economical growth

is when a country production of goods and services is increasing over time

why do economies grow?

technological advancements, education and skills, new natural resources, improvement in efficiency,

what causes negative economical growth

distruptions in the supply chain, major health crises, natural calamities.

supply

is the ability and willingness of a firm to sell a good or service at a given price.

law of supply

as the price of a product increases the quanitity supply also increases. If the price of a product decreases the quantity supplied also decreases.

movement of the supply curve

there will be a movement only due to price

fixed supply

refers to when the quantity of a particular good or resource available in a market is limited and cannot be easily fixed or changed. eg - tickets at a football game

factors that shift the supply curve

change in producction cost, technological advancments , subsodies and incentives, natural desasters and supply shocks, goverment regulations and taxes.

revenue

is the total amount of money generated by a firm through the sale of goods and services

total revenue = equillibrium price and equilibrium quantity.

equillibrium

refers to a state of balance or stability in a market where the quantity of a good or service demanded by consumers equals the quantity supplied by producers.

ped

the price elasticity of demand is the responsiveness of quanitity demanded to a given change in price.

price elasticity of demand = percentage change in quantity demanded/percentage change in price.

elastic demand

implies that consumers are sensitive to price changes. A small increase in price results in a proportionately larger decrease in quantity demanded.

inelastic demand

refers to a situation where the quantity demanded of a good or service is relatively insensitive to changes in price. When the price of a product chnages, the percentage change in the quantity demanded is proportionately smaller.

examples of inelasticc goods

basic necessities: food, water, electricty
medicines


ped range : 0<PED<1

perfectly elastic demand

a theoretical concept used to descrive a situation where the quanitity demanded for a good or service becomes infinite at a specific price.

ped = infinity

unitary elastic demand

occurs when the percentage change in quantity demanded is exaclty equal to the percentage change in price

ped =1

perfectly inelastic demand

a situation where the quantity demanded for a good or service remains constant regardless of changes in price.

ped = 0

factors influencing ped

1. Availability of substitues
many = consumers are more responsive, elastic demand

less=petrol, inelastic demand


2. Necessity vs luxury

necessities = inelasticc demand

luxury = elastic demand


3. Time horizon

4. Brand Loyalty = less elastic

5. Habitual goods

6. Proportion of income spent

ped and relashionships to total revenue

elastic demand(PED>1)
if the profduct has elasticc ddemand and the price increase TR will fall. Instead the firm must lower selling prices in order to increase TR


inelastic demand(PED<1)

if the product has inelastic demand and the price increase TR will rise. The firm must INCREASE selling prices in order to increase TR

PES

measures the responsivness of quantity supply given the change in price.
PES=percentage change in quantity supply/percentage change n price.

elastic supply

when the quantity supplied chabfes by a larger proportion than the percentage change in price.
commonly found in products that are manufactured in factories using machines,.


1<PES<infinity

Inelastic supply

when the percentage change in quantity supplied is less thatn the percentage change in price.
commonly found in the market fot agricultural produce.


0<PES<1

perfectly elastic supply

there is no change in price, however quantity suppled could change, This is unrealisiic as prices cannot remain fixed.

PES=infinity

perfectly inelasticc supply

the quantity supplied does not change with pricce changes. The firm is unabble to supply any more units as it is fixed in supply

factors influencing pes

1. Access to raw materials-
easy access = elastic

difficuly= inelastic

2. availiability of stocks

sufficient = elastic

insufficient = inelastic

3. spare capacity

have=elastic

dont=inelastic

4.time to produce

long time = inelastic

short time = elastic

YED

measures the responsivness of quantity demanded to a change in consumer income.

YED=percentage change in quantity demanded/percentage change in income

NORmal goods

positive value - as the income increases the demand for the good also increases, such as high end fashion items, fuel, mobile phones

Necessities

when income rises or reduces consumers are not going to alter their consumption significaanly. YED value is between 0 and 1

luxury goods

the income elasticity of demand is elastic for such goods and services. YED value is >1

inferior goods

negative value - if the income elasticity is negative the good is an inferior good. Examples include generic or store brand products, low quality good and certain types of public transport.

subsidies

payments by the goverments to suppliers to reduce their cost

excess demand

occurs when tge quantity demanded exceeds the quantity supplied in current price

excess supply

occurs when the quantity supplied exceeds the quantity demanded at the current price

why is the ped value always negative

it will always be negative due to the law of demand

how to calculate change in percentage

final-initial/initial x 100

habitual goods

goods that are a part of a routine purchase, like coffee

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