This document provides an overview of economic concepts including the four main economic sectors, different economic systems, and the current state of the European economy. It discusses:
1) The four main economic sectors - primary, secondary, tertiary, and quaternary - and their relative sizes in developed vs developing economies.
2) Three main economic systems - capitalism, planned economy, and mixed economy - comparing their characteristics, advantages, and disadvantages.
3) The impact of the 2007 recession on the European Union, and recent factors that have begun to benefit some European economies.
4) Key institutions and policies of the European Monetary Union, including the European Central Bank and common currency.
The role of government in supporting the implementation of satellite accounts...OECD CFE
This presentation was delivered on 16 October 2017 by Mojca Štepic in the context of the OECD/EC Working Seminar on Satellite Accounts for the Social Economy and the Third Sector.
Find out more: http://www.oecd.org/cfe/leed/social-economy.htm
The role of government in supporting the implementation of satellite accounts...OECD CFE
This presentation was delivered on 16 October 2017 by Mojca Štepic in the context of the OECD/EC Working Seminar on Satellite Accounts for the Social Economy and the Third Sector.
Find out more: http://www.oecd.org/cfe/leed/social-economy.htm
Economic System is the system of production, distribution and consumption of goods and services in a particular society.
The economic system is composed of people, institutions and their relationships.
It addresses the problems of economics like the allocation of the resources.
Economic System : An organized way in which a state or nation allocates its resources and distributes goods and services in the national community.
Economic system classified into mainly three economic system
Three economic system:
1.market-based economy
2.command-based economy
3.mixed economy
Economic environment – factors
The economic environment consists of microeconomic and macroeconomic factors.
Microeconomic factors
The microeconomic environment refers to things that happen at the individual company or consumer level.
Microeconomic factors do not affect the whole economy. Below are some microeconomic factors that may influence a business:
• Competitors.
• Demand.
• Market size.
• Suppliers.
• Supply.
• How you supply your goods, i.e., the distribution chain. For example, through retail stores, distributors, the Internet, etc.
Macroeconomic factors
The macroeconomic environment, on the other hand, refers to things that affect the entire economy. Macroeconomics is concerned with general or large-scale economic factors, such as:
• Unemployment
• Inflation.
• Interest rates.
• GDP growth. GDP stands for Gross Domestic Product. In other words, is the economy in recession, is it booming, etc.
• Taxes.
• Exchange rates, i.e., how much currencies are worth in relation to one another.
• How much discretionary income consumers have, i.e., income after paying tax, social security, etc.
• Levels of consumer confidence.
• Savings rates.
Business people cannot control their economic environment. However, they can evaluate conditions in the marketplace before deciding whether to proceed with a plan or project.
In this context, the term ‘marketplace ‘means the same as ‘market‘ in its abstract sense.
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Economic environment vs. environmental economics
Do not confuse the term ‘economic environment’ with ‘environmental economics.’ Although they sound similar, their meanings are quite different.
Environmental economics, a sub-field of economics, is all about environmental issues. Since the second half of the last century, environmental economics has become an increasingly popular topic.
Environmental economics looks at the economic effects of local or national environmental policies across the globe. Particular issues include the costs and benefits of alternative environmental policies that deal with water quality, air pollution, and global warming.
Components of Economic Environment
Role of Private and Public sector matters a lot in order to get investment. Because when the investors invest money, they see industry growth and the role of private sectors in the economy.
Rate of growth of GDP, GNP, and Per Capita Income, When the gross domestic product of the economy increases, it brings investment in the economy and show the growth of the economy to the investors.
Transport and Communication System helps to increase the growth of the economy. When the transport system will be good, it will increase the finished goods. When the communication system will effective, it will connect more people and will give them opportunities to do more business.
International Debt also matters in the growth of the economy. if the economy has more international debt, then the investors afraid to invest in the economy and vice-versa
From the late 19th century onwards Industrial powers began to use their advanced economies, armies and technology to take over territories with no state organisation.
Between 1870 and 1914 they created huge colonial empires in Africa, Asia and Oceania.
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The industrial Revolution inSpain took place later than in countries in northern Europe. Spain's Industrialisation was characterised by the excessive importance of agriculture in economy and social dominance of the rural elite in politics.
The new bourgeois society also revolutionised the artistic tastes. Linked to the new political ideals, the art experienced a new age of development during the 19th century.
During the end of the 18th Century and the first half of the 19th Century, a series of liberal revolutions spread across Europe, inspired by the French Revolution of 1789.
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This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
7. Economic sectors
• Primary sector
– Produce food for consumption and raw material
for industry
– Agriculture, livestock farming, fishing, forestry,
mining.
– In wealthy countries is the smallest sector.
8. • Secondary sector
– Transform raw material into manufactures
products.
– Industry, construction, exploitation of energy
sources.
– In developed economies this sector has more rate
of employment than primary sector, but far away
from the tertiary.
9. • Tertiary sector
– Provides services to the population or to companies.
– Healthcare, education, transport, trade, culture…
– Is the main sector in developed countries and the
fastest growing in the world.
– Includes a lower-end tertiary sector of poorly paid
jobs: cleaners, fast food workers, street vendors…
10. • Quaternary sector
– Based on activities related to creation, distribution
of information, research and investigation…
– Workers need special training and high level of
expertise.
11. Economic systems: Subsistence
• Characteristics of societies with low levels of
development.
• Produce to meet their basic needs
• In case of surplus goods, sold or exchanged
locally
12. Economic systems: Capitalism
• Theoreticians:
– Adam Smith and David Ricardo.
• Characteristics:
– Defends free competition between
individuals and companies (also
called “Free market” system)
– Based on the law of supply and
demand: The market regulate
itself, depending on the needs of
the people. (“The invisible hand”)
– The means of production are
privately owned
– Started with the Industrial
Revolution (18th Century), is the
most widespread system in the
world today.
13. • Advantages of Capitalist system:
– Freedom of market: to produce and consume.
– Efficiency: The prices regulate production and
consumption.
– Allows social upgrading
• Disadvantages of capitalist system:
– Unequal distribution of wealth: could increase the
gap between poor and rich.
– The law of supply and demand isn’t always
respected: Big companies tend to control the
markets and fix the prices.
– Search of maximum benefit: Generates
overexploitation of resources and relocation of
industry.
14. Economic systems: Planned economy
• Theoreticians: Karl Marx and Friedrich Engels
• Main characteristics:
– The state own the means of production and controls all aspects in
economy: decides what, when, how, and how much to produce.
– The state decide how much the goods and services will cost, and what
to do with the profits.
– The private property in production is cancelled. The companies are
owned by the state.
– The objective is to provide goods and services for all the people.
– Created in 19th Century was widespread for many decades in the 20th
century. Today only exists in few states, that are slowly opening to the
private sector. (China, North Korea, Cuba, Vietnam…)
K. Marx
F. Engels
15. • Advantages of the planned economy system:
– Equal distribution of income: Guarantee free health care
system, education and housing for all the people.
– The workers have guaranteed job and fair salaries.
• Disadvantages:
– Total control of the state: The incentives are eliminated,
therefore workers and companies don’t look for
productivity, it generates inefficiency.
– Excessive bureaucracy: To control the whole economy in
the country = inefficiency
– Lack of freedom in economic decisions: The state
monopolizes the life of the population.
16. Economic systems: Mixed economy
• Theoretician: John Maynard Keynes.
• Characteristics:
– Includes elements of capitalism and planned
economy.
– Free market is allowed
– The state relocates and distribute the wealth.
– Guarantee basic services for the population:
Healthcare, education, social protection…
– It is the most widespread system in the advanced
economies of the world.
17. The EU and the economic crisis
• The recession that began in 2007 has weakened
the economy of the EU.
• Consecuences:
– Weak economic growth.
– Very low inflation: cosecuence of the recession.
– Growth of the unemployment rate in some countries.
– Massive public debt.
18. • Nowadays the EU faces the challenge of leaving
the economic crisis.
• From 2015 a combination of favorable factors
have begun to benefit some european
economies:
– The oil prices remain relatively low: estimulate the
production.
– The depreciation of the Euro against the dollar
favoured exports. But reduced imports
19. THE EMU
• The Economic and Monetary Union is the integration of 19 countries of the EU into
a common market that uses a single curency: The Euro.
• The main authority of the EMU is the European Central Bank (ECB) with the
headquater in Frankfurt (Germany) its current president is Mario Draghi.
• The function of the ECB is to set the monetary policies of the Eurozone and to keep
the inflation under control.
20. Economic future of the UE
• How is Spain responding the crisis?
• Do you consider that the EU has already
overcome the crisis?
• How is the EU responding the crisis? (Ex. D)
22. Economic crisis
• Are the following statements true or false? Correct the false ones.
– In the capitalist system a period of growth is followed by a period of
stability, then another period of growth.
– We can classify crisis according to their severity: depression, recession
or downturn.
– A drop in consumption forces companies to increase production and
hire more employees.
– In our economic system it is possible to avoid the cyclical fluctuations of
the economy.
– International economic and political institutions employ professionals
to introduce measures that will soften the effects of crisis.
23.
24.
25. Read and analyse graphs and diagrams
• Observation:
– What kind of diagram is it: Graph, bar chart, map…
– What information is represented in the diagrams?
– Where has the information come from?
• Description:
– How is the information represented? Describe what can you see: axes/sections, colours and its
meanings, different numbers…
– What is trying to highlight the source?
• Analysis:
– Describe the information represented: Highest figures, lowest figures, make comparisons
between different periods and data.
• Conclusion:
– Your opinion about this figures, possible solutions.