- •Харків. Вид. Хнеу, 2010
- •Харків. Вид. Хнеу, 2010
- •Introduction
- •Module 1. Basics of market economy Lecture 1. Basic economic terminology
- •1. Terminology
- •Economic resources
- •2. Economic reasoning
- •Choices made at the margin(край)
- •Three basic economic decisions
- •5. Economic forces
- •6. The role of theory in economics
- •Value judgments
- •Microeconomics and macroeconomics
- •8. Economics and other subjects
- •Lecture 2. Economic systems: capitalism, socialism and mixed economy
- •1. Evolving развитие Economic Systems
- •2. Socialism
- •3. Capitalism
- •Figure 2.1. The circular of income and expenditure in a market economy:
- •Specialization and Exchange обмен
- •4. Differences between soviet-style socialism and capitalism
- •Table 2.1 Capitalism’s and soviet-style socialism’s solutions to the three economic problems
- •5. Mixed Economy
- •Government and the Economy
- •Some modern models of mixed economy
- •6. Transition economy
- •Government price setting.
- •Passive macroeconomic policies.
- •7. Other classifications of economic systems
- •Lecture 3. Supply спрос and demand требование
- •1. Markets: purposes and functions
- •2. Demand
- •The Market Demand Curve and the Law of Demand
- •Table 3.1 a demand schedule for grade a eggs
- •Foundation for the law of demand:
- •Figure 3.2. Changes in demand
- •Figure 3.3. Changes in quantity demanded
- •3. Supply
- •The market supply curve and the law of supply
- •Table 3.2 a supply schedule for a eggs
- •4. The marriage of supply and demand (market equilibrium)
- •Lecture 4. Elasticity of supply and demand
- •1. Price elasticity of demand.
- •2. Price elasticity of supply.
- •1. Price elasticity of demand
- •Determinants of price elasticity of demand
- •3. The proportion of income consumers spend on the good.
- •2. Price elasticity of supply
- •Determinants of price elasticity of supply
- •Perfectly inelastic and perfectly elastic supply
- •Module 2. Basics of micro and macroeconomics Lecture 5. Business firm
- •3. Functions of business firms.
- •1. Terminology
- •Scale of production
- •2. Basic types of business enterprise
- •Pros and cons of corporate business
- •Other types of enterprises
- •3. Functions of business firms
- •4. Management
- •Lecture 6. Production, cost and profit
- •3. Variable costs, fixed costs, and total costs.
- •1. Production relationships
- •Period of Production
- •2. The law of diminishing marginal returns
- •Total product curve and marginal product curve
- •Average Product
- •3. Variable costs, fixed costs, and total costs
- •4. Measuring cost and profit
- •5. Normal profit and economic profit
- •Theories of profit
- •Profit as a pay for input
- •Table 7.1 Annual production possibilities for food and clothing
- •3. Law of increasing opportunity cost
- •4. Economic growth: expanding production possibilities
- •Lecture 8: Macroeconomics: economic growth, business cycles, unemployment, and inflation
- •2. Business cycles.
- •4. Inflation.
- •1. Economic growth and living standards
- •Productivity
- •2. Business cycles
- •Leading Indicators
- •3. Unemployment
- •Types of unemployment
- •4. Inflation
- •Types of inflation
- •Relationship between inflation and unemployment
- •Economic interdependence among nations
- •5. Macroeconomic policy
- •Types of macroeconomic policy
- •Lecture 9. Monopoly, oligopoly and competition
- •1. Monopoly
- •How monopoly is maintained: barriers to entry
- •2. Perfect competition
- •3. Monopolistic competition
- •Product differentiation
- •Price discrimination
- •4. Oligopoly
- •Concentration ratios
- •The competitive spectrum
- •1) Cartel.
- •Forming a cartel: directions and difficulties
- •2) Implicit Price Collusion.
- •3) Price war.
- •4) The Contestable Market Model.
- •5) Price leadership.
- •6) Price rigidity: the kinked demand curve model.
- •7) Entry-limit pricing.
- •A Comparison of Various Market Structures
- •Lecture 10. Money, banking and financial sector
- •2. The definition and functions of money.
- •1. Financial sector
- •Institutions and financial markets
- •Financial institutions
- •Types of financial Institutions
- •Financial Markets
- •Differences among Money Market Assets
- •The role of interest rates in the financial sector
- •References
- •Contents
Some modern models of mixed economy
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West-European.
Main characteristics: high level of government entrepreneurship; high level of removing устранения of national product by budget – 50%; a lot of institutions of social policy.
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American.
Main characteristics: less level of government sector; high level of productivity and orientation on personal luck; government is guaranty of stabilization and economic equilibrium.
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Japanese.
Main characteristics: less level of government entrepreneurship; traditional relations, government bureaucratize with private entrepreneurship; high productivity and low level of salaries зарплата and level of life; low level of costs and high level of international competition; interests of the nation are the main.
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South Korean/
Main characteristics: like Japanese (because of psychology of people). Differences – place for global corporation (financial and industrial conglomerate); help for small entrepreneurship to create middle class; difference between center and provinces.
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Sweden.
Main characteristics: strong social policy; high level of tax; try to destroy classes; functions of production are on enterprise; functions of satisfaction high level of life on government.
6. Transition economy
Main industrial characteristics of Russia and China were:
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state (government) ownership of property собственных resources;
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authoritarian central planning (5 or 7 years plan).
Planning goals and techniques:
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industrialization – military strength, extensive обширный investment in heavy industry (such as steel, chemicals, and machine tools) and the allocation размещение to the military large percentage of domestic output. In both countries the plans greatly neglected пренебрегать consumer goods industries and the distribution and service sectors.
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resource mobilization – both countries achieved industrialization and economic growth through the mobilization of labor, capital and raw materials.
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allocation размещение of directives – central planners directed the allocation of inputs among industries and firms, thereby determining the composition of output.
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Government price setting.
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Passive macroeconomic policies.
Main problems with central planning.
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Coordination problem;
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Incentive стимул problem;
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Isolation;
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Large military burden груз;
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Poor product quality;
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Declining growth. падение
7. Other classifications of economic systems
There is way of civilization of classification of society. Factors are: elements of historical life (culture and others). Three of the biggest levels of human society are (by Smith, Marx, Zombart, Veber and others):
traditional (not market). Main factor – land – feudalism, mercantilism;
market – industrial way of growth, money and capital;
post-industrial – main factors – information and knowledge.
Lecture 3. Supply спрос and demand требование
1. Markets: purposes цели and functions.
2. Demand.
3. Supply.
4. The marriage of supply and demand (market equilibrium).