Chapter 01, cont'd: Economics
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Chapter 01, cont'd: Economics

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Chapter 01, cont'd: Economics Chapter 01, cont'd: Economics Presentation Transcript

  • BUS 100 Chapter 1: Exploring the World of Business and Economics, cont'd cc licensed ( BY NC SA ) flickr photo by Trey Ratcliff: http://flic.kr/p/9hTDQd
  • economics? study of how societies allocate scarce resources
  • microeconomics: supply & demand ©1993 Bill Watterson
  • increased demand?
  • cc licensed ( BY NC ND ) flickr photo
  • increased prices?
  • cc licensed ( BY NC ) flickr photo by judy_and_ed: http://flic.kr/p/aYTyXk
  • equilibrium price $0.70 $0.60 $0.50 $0.40 Price Supplied Demanded $0.30 Equilibrium $0.20 Point $0.10 $0.00 0 10 20 Units 30 40 50
  • demand elasticity
  • cc licensed ( BY NC SA ) flickr photo by Jim: http://flic.kr/p/GMcAK
  • cc licensed ( BY NC SA ) flickr photo by Gillian: http://flic.kr/p/mgE1
  • cc licensed ( BY ) flickr photo by Stewart Butterfield: http://flic.kr/p/AULUo
  • macroeconomics: how the economy operates
  • competition • • • • • pure competition monopolistic competition oligopoly monopoly monopsony
  • government role • fostering competition – antitrust – price fixing – mergers & acquisitions • regulating industry • protecting stakeholders • stabilizing economy – business cycle: recovery/recession/recovery
  • money supply • value of money influenced by supply and demand – inflation – deflation • monetary policy – reserve requirement – discount rate – open-market operations
  • fiscal policy • • • • taxing/spending power decreased taxes? increased spending? deficit v. debt – deficit: this month’s charges on credit card – debt: total credit card bill
  • current figures • deficit: – 2010: $1.3T – 2011: $1.3T – 2012: $1.1T – 2013: $560B • debt: – Jan 2001: $5.6T – Jan 2009: $11T – current: $17.3 T – $55,055/person
  • economic measures • price stability – CPI – PPI • economic growth – GDP – GNP • employment – unemployment (≠ jobless!)
  • U.S. Unemployment rate December 2013 Jobs Report: • economy adds 74,000 jobs • unemployment rate 6.7% • lowest unemployment since 2008 • Good news? • 347,000 workers left labor market • Oct. 2013: 204,000 new jobs
  • Unemployment v. Labor Force Participation Rate https://www.globalfinancialdata.com/gfdblog/?p=1846
  • Labor Force Participation Rates by Age http://www.bls.gov/opub/ted/2014/ted_20140106.htm
  • Unemployment Rate v. Nonfarm Payroll http://ycharts.com/indicators/total_nonfarm_payrolls/chart/