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Samenvatting Economie voor politicologen Universiteit Leiden jaar 1 Bachelor Politicologie blok 3.
Lecture 1: The core of the market economy, a spontanous order
Opportunity costs: the value of the good service or time lost to obtain something else
Microeconomics studies individual decision-making units, such as a consumer, a worker, or a business firm.
Macroeconomics studies the economy as a whole or its aggregates
Aggregate: a collection of specific economic units treated as if they were one unit.
Economic problem: the need to make choices because wants exceeds means
Economic problems for individuals
Limited income forces people to choose what to buy and what not
Necessities and luxuries as types of wants
Economic problems for society:
Scarcity of economic resources: land, labor, kapital, entrepreneurial ability (KANO)
Many ways to distribute: goods and private or government services
Production possibilities model
Assumptions:
Full employment of resources
Fixed resources
Fixed technology
Two goods: consumer and capital goods
Creates a negative curve downwards
Law of increasing opportunity costs: as production of a good increases, the opportunity cost of producing an additional unit increases.
Budget Line: shows various combinations of two products a consumer can buy with a specific money income.
Economic system: a particular set of institutional arrangements and a coordinating mechanism for producing goods and services.
Two types of economic systems:
Command system
Government owns most of the production
Economic decisions are made by a central governing body
Failure because
Coordination problem: output targets
Incentive problem: no adjustments for surplus or shortage
Market system
Production is privately owned
Markets and prices are used to direct and coordinate economic activities
Freedom of enterprise
Freedom of choice
Private property
Self interest is the most advantageous outcome
Competition is the present in the market
The market brings buyers and sellers together
Technology and capital goods promote efficiency
An active but limited government
The invisible hand from Adam Smith
Unity of private and social interests
Efficiency
Incentives
Freedom
The circular flow model
Resource Market
Households sell resources -
Firms buy resources
- Product Market
Households buy products
Firms sell products
- Real flow of resources and products corresponds to the money flow in the opposite direction.
Lecture 2: Principles of Economics vraag en aanbod
There is a market for supply and demand
they determine price and quantity
There is a difference between a local, national and international market
Demand: demand is a schedule or curve that shows the various amounts of a product that consumers will buy at each of a series of possible prices during a specific period
The Law of Demand states that, all else equal, as price falls, the quantity demanded rises, and vice versa.
Individual demand: demand curve of a single consumer
Market demand: sum of all demands
Determined by:
Consumers tastes
number of consumers
income
the price of related goods
expected prices
Movements along the demand curves are changes in quantity demanded
Can happen because of a higher price
Supply:
A curve showing the amounts of a product that producers will make
The Law of Supply states that, all else equal, as price rises, the quantity supplied rises, and vice versa
Market supply: all individual supplies from a specific product
determined by:
resource price
technology
taxes and subsidies
prices of other goods
expected price
the number of sellers
Market equilibrium:
a competitive market will make no one able to set a price
Equilibrium: the balance point
Equilibrium price: the price at which quantity supplied and quantity demanded are equal
Equilibrium quantity: is the quantity demanded and supplied equal
A price above the equilibrium price would create a surplus: a situation where quantity supplied exceeds quantity demanded
A price below the equilibrium price creates a shortage: Demand exceeds supply
A price ceiling protects the buyers from too high of a price. creates a shortage
A price floor protects the sellers from a race to the bottom. creates a surplus, minimum wage
When supply increases: price drops quantity rises (RIGHT)
When supply decreases: price increases and quantity drops (LEFT)
ceteris paribus: If all else stays the same .
Government sets prices distort resource allocation and cause negative side effects
Demand: Willingness of the buyer to pay for a economic service or good at a certain price
Quantity demanded: the exact number of goods at a certain price
Price elasticity of demand: a measure of the responsiveness of the quantity of a product demanded by consumers when the product price changes
Responsive consumers with price changes are elastic products
with no response from consumers products become inelastic
Price elasticity is measured with the price elasticity coefficient
% change in demand / % change in price
Elastic when Ed>1
Inelastic when Ed<1
Perfectly (in)elastic demand: can be any amount at a given price/does not depend on the price
Price elasticity of supply: a measure of the responsiveness of the quantity of a product supplied by sellers when the product price changes.
Consumer surplus: Upper triangle
Producer surplus: under triangle
Welfare loss due to a price floor/ceiling = Triangle downwards from price floor line
Substitutability: the more subtitute goods there are, the higher the elasticity
Proportion of income: the higher a products price relative to someones income, the higher the elasticity
The more something is considered a luxury, the higher the elasticity
The longer the time of consideration, the higher the elasticity
Market failure: the inability of a market to produce a desirable product or produce it in the right amount
Happens with:
Production of public goods and services (that involve externalities)
Private goods:
Rival
Excludable
Bough and consumed individually
produced and allocated by a competitive market
Public goods are:
Non-rival
Non-excludable
Free rider problem
Not produced in a market
Government provides most public goods with taxes
Market Demand for Public Goods and Optimal Quantity •
Market demand for a private good: a horizontal sum of individual demands: quantities demanded at each price are added up.
Market demand for a public good: a vertical sum of individual demands: individuals’ willingness to pay (per unit) for each given quantity of a public good are added up.
Optimal quantity of a public good is where the marginal benefit of this good (market demand) is equal to the marginal cost of producing the good (supply).
Externalities:
Negative externalities are spillover production or consumption costs imposed on third parties without compensation to them
Positive externalities are spillover production or consumption benefits conferred on third parties without compensation from them.
Lecture 3
Different types of businesses
Corporations: are firms that pool resources of large number of people
resources are pooled though sale of stocks and bonds
Long term geen vaste kosten
Labour output
Marginal product: extra production with 1 extra worker
Average product: total/units
Law of diminishing returns: how more units are added, in the end it will decline
Arbeidsdeling, in de weg lopen daarna
First extra labour increases marginal returns, then diminishing marginal returns and too many workers lead to negative marginal returns.
As long as marginal stays above the average, it rises
- Explicit costs: monetary payments that a firm must make to an outsider to obtain a resource.
- Implicit costs: equal to the monetary income that a firm sacrifices when it uses a resource that it owns rather than supplying the resource in the market.
Fixed costs (TFC) are costs that do not change in total when the firm changes its output.
Variable costs (TVC) are costs that increase or decrease with a firm’s output.
Total costs (TC) is the sum of fixed costs and variable costs.
TC = TFC + TVC
Average costs are TFC/Q or TVC/Q or AFC + AVC
Marginal cost = Change in TC / Change in Q
The extra or cost when producing one more unit
controllable
Long run production cost
Firms enter and exit
New plants
Long run ATC curve is U-shaped because more plants does not mean more profit
Economies of scale:
specialization
efficient capital
other factors
Diseconomies of scale:
Control and coordination problems
communication problems
worker alienation
Shirking
Minimum efficient scale
Minimum efficient scale
Lowest level of output with lowest possible long run average cost
determines the structure of the industry
4 markets:
Perfect competition: large number of sellers, standardized product, easy entry and exit
Monopolistic competition: large number of sellers, differentiated product, easy entry and exit
Oligopoly: small number of sellers, standardized or differentiated product, limited entry
Pure monopoly: one seller, unique product, no entry
Pure competition:
Very large numbers of independently acting sellers who offer their products in large markets.
Standardized product: firms produce a product that is identical or homogenous.
Firms are “price takers”: the firm cannot change the market price but can only accept it as “given” and adjust to it.
Free entry and exit: no barriers to entry exist.
Demand (Pure competition)
perfectly elastic (Horizontal demand curve)
Average revenue is equal to price
Total revenue = P x Q
Because the firm has to accept the market price it can only maximize profit by adjusting output. To calculate the firm compares MR and MC for each extra unit
MR=MC (MO=MK) best number of products to make
Pure monopoly
Single supplier: the firm is the sole producer of a specific product.
No close substitutes: this product is unique.
Price maker: the firm has considerable control over price, since it controls the total quantity supplied.
Blocked entry: there is no immediate competition, because there are barriers to entry.
Those barriers may be economic (economies of scale create natural monopolies), technological, legal, or of some other type.
A monopolist charges a higher price and sells a smaller level of output, alos it lacks productive efficiency
Prices between monopolists and pure competition differ because
Economies of scale
X-inefficiency
monopolies maintain entry barriers
monopolies can lag in technology
Price discrimination: the business practice of selling the same good at different prices while the costs are the same
have monopoly power
segregate the market
prevent resale
Antitrust laws: government actions against a monopoly whe:
Anti competitive actions
creates substantial economic inefficiency
and appears to be long-lasting
Monopolistic competition
Large number of sellers
Differentiated products
Easy entry and exit
non-price competition (advertising)
Demand curve not perfectly elastic
Elasticity increases when there are more rivals/weaker product differentiation
Short run: MC=MR, P>ATC = profit
long run: entry and exit so: p=ATC, will lead to a normal profit
efficiency: productive inefficiency P>ATC, allocative inefficiency P>MC
Oligopoly:
Few large producers
Homogeneous or differentiated products
Blocked entry
Kinked-demand model
An oligopolist’s rivals will ignore a price increase above the going price but follow a price decrease below the going price.
The demand curve is kinked at this price and the marginal-revenue curve has a vertical gap.
Price and output are optimized at the kink.
Collusion: rival firms working together
reduces uncertainty and increases profits
with identical cost, demand and MR’s firms can use MR=MC
Cartel: is a formal agreement among producers to set the price and the individual firm’s output levels of a product (OPEC)
Is mostly not allowed: anti trust laws, also coordination problems, easy chitable, demand and costs may differ. High profits attract potential entry.
Lecture 4: Wage determination
Firm’s demand labor
Labor is derived demand this it depends on
productivity
price of the good it helps produce
Derived demand: the demand for a resource that result from the demand for the product it helps produce
Marginal revenue product: the change in a firm’s revenue when it employs another employee
Change in total revenue / unit change
marginal resource cost: change in a firm’s total cost when it employs another employee
In a competitive market MRC is equal to the market wage rate
Change in total cost / Unit change in labor
Labor demand changes when:
changes in demand
changes in productivity
quantity of other resources
technological advance
quality of labor
Changes in price of other resources
a decline in price of complementary resources increases labor demand
a change in price of substitute resources has an ambiguous effect on labor demand
Labor demand can be elastic
EW = % change in Q labor / % change in wage
EW > 1 = elastic
Elasticity of demand depends on:
ease of resource substitutability = more substitutability the more elastic
elasticity of product demand: the greater, the more the labor demand elasticity
ratio of labor cost to total cost: the greater the share of labor in total cost, the greater the elasticity of labor demand
Market supply of labor
increases because of different job options
labor supply and demand crosses is the equilibrium wage rate and employment
In a competitive labor market there are many employers and firms use MRP = MRC to determine employment at market wage
Monopsony is a market structure in which there is only a single buyer of a good, service, or resource.
the employer is here the wage maker and determines with MRP=MRC
Union Models
Exclusive unions: restrict supply of skilled labor to increase the wage rate received by union members
Inclusive unions: include as members all workers in an industry and put great pressure on firms to agree to wage demands through the threat of a strike
Wage differentials are the differences of wages
a weak labor demand will result in a low equilibrium wage
a low labor supply will result in a high equilibrium wage
Members of noncompeting groups differ in their mental and physical abilities and levels of education, thus can receive different compensation
Lorenz curve and gini ratio
Lorenz curve weakens through government transfers
Income mobility
income changes and mostly increases till middle age
low and high income are not permanent conditions
Causes of income inequality
ability
education
discrimination
preferences in market work
risk willingness
unequal distribution of wealth
luck and connections
Equality vs efficiency
An equal distribution of income maximizes the total consumer satisfaction (or utility) for any particular level of output and income.
Income distribution is important in determining the amount of output or income that is produced and available for distribution.
It is a tradeoff
Poverty: when someone does not have the means to satisfy basic needs
Gross domestic product (GDP): the total market value of all final goods and services produced annually within a country.
To avoid double counting GDP ignores intermediate goods altogether and secondhand goods
GDP=C+Ig+G+Xn
Add up all that was spent to buy total output in a certain year
Personal consumption + gross Private domestic investment + government purchases + Net exports
Nominal GDP: measured in terms of the price level at the time of measurement (i.e., GDP that is unadjusted for inflation).
Real GDP : measured in terms of the price level in a base period (i.e., GDP that is adjusted for inflation)
Economic growth is the expansion of real GDP (or real GDP per capita) over time.
Increases through
Inputs of resources
productivity of inputs
Main ingredients for economic growth:
Supply factors
Increases in the quantity and quality of natural resources -
Increases in the quantity and quality of human resources
Increases in the supply or stock of capital goods
Improvements in technology
Demand factor: households, businesses, and government must purchase the expanding output.
Efficiency factor: the economy must achieve economic efficiency and full employment.
Real GDP = Hours of work x labor productivity
Labor productivity consisting of:
Technological advance
quantity of capital
education
economies of scale and resource allocation
Institutional Structures
Strong property rights
Patents and copyrights
Efficient financial institutions
Free trade
A competitive market system
Productivity accelerates trough
Microchip/information technology
New (start-up) firms
Increasing returns (firm’s output increases by a larger percentage than its inputs)
More specialized inputs
Spreading of development costs
Simultaneous consumption
Network effects
Learning by doing
Global competition
Is growth sustainable?
Antigrowth:
environment
economic wealth is not a good life
no evidence that is solves sociological problems
pro growth
increases standard of living
helps poverty
improves working condition
human imagination solves environmental issues
Marginal costs/profits: cost/profit that one product adds
Lecture 5: Business cycles, unemployment and inflation
Downward Price-level Inflexibility:
Fear for price wars
Menu costs
Discretionary fiscal policy
Not discretionary: No influence in the market
Discretionary: Spend more or less
Expansive policy:
Government pays more
Reduces taxes
burden of public debt
the annual interest charge accruing on the bonds sold to finance the debt is the primary burden of the state debt
Lecture 6: Money and Banking
Functions of money
Medium of exchange
An item that sellers generally accept and buyers generally use to pay for goods and services
Unit of account
A standard measurement unit in terms of which prices can be stated and the relative value of goods and services compared
Store of value
An asset set aside to purchase items in the future
Components of the money supply
Two definitions of the US money supply M1 and M2
M1: currency in the hands of the nonbank public, all deposits
M2: is a broader definition of money including saving deposits, time deposits and money market mutual funds
Near-monies are certain highly liquid financial assets that do not function directly or fully as a medium of exchange but can be readily converted into currency or checkable deposits
Federal reserve vs European Central Bank
European bank combats inflation, fed also combats unemployment rates
Federal reserve also needs to:
issues currency
sets reserve requirements and holds reserves
lends money to banks and thrifts
provides the banking system with a means for collecting checks
Acts as a fiscal agent for the federal government
supervises banks
controls the money supply and thus the interests rates
independent part of the government
protects the fed from political issues
Crisis of 2007/2008
Mortgage default crisis
Causes:
Government programs that encouraged home ownership
Declining real estate values
Bad incentives provided by mortgage-backed bonds
Fractional reserve banking:
A bank only needs a fraction of money that it lends available
calculable with reserve ratio: Commercial bank’s required reserves / commercial bank’s checkable-deposit liabilities
Balance sheet
Assets = liabilities + net worth
Necessary transactions
Create a bank
Accept deposits
Lend excess reserves
Giral money is created with debt acceptance
Money multiplier:
The money multiplier is the multiple of its excess reserves by which the banking system can expand checkable deposists and this the money supply …
Monetary Policy and interest rates:
Monetary policy
Open-market operations: buying obligations
Changing the reserve ratio: influences the ability of the commercial banks to lend (zelden)
Discount rate: change the interest rate the federal banks charge on the loans they make to commercial banks
Fishers equation
M x V = P x T
advantages of monetary policy
quick and flexible: easy to change and more subtile
Political neutrality
There is one review session in this course
This Course is given in Dutch
Exam consists of 10 open questions
Good luck!
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Samenvatting Economie voor politicologen Universiteit Leiden jaar 1 Bachelor Politicologie blok 3.
Lecture 1: The core of the market economy, a spontanous order
Opportunity costs: the value of the good service or time lost to obtain something else
Microeconomics studies individual decision-making units, such as a consumer, a worker, or a business firm.
Macroeconomics studies the economy as a whole or its aggregates
Aggregate: a collection of specific economic units treated as if they were one unit.
Economic problem: the need to make choices because wants exceeds means
Economic problems for individuals
Limited income forces people to choose what to buy and what not
Necessities and luxuries as types of wants
Economic problems for society:
Scarcity of economic resources: land, labor, kapital, entrepreneurial ability (KANO)
Many ways to distribute: goods and private or government services
Production possibilities model
Assumptions:
Full employment of resources
Fixed resources
Fixed technology
Two goods: consumer and capital goods
Creates a negative curve downwards
Law of increasing opportunity costs: as production of a good increases, the opportunity cost of producing an additional unit increases.
Budget Line: shows various combinations of two products a consumer can buy with a specific money income.
Economic system: a particular set of institutional arrangements and a coordinating mechanism for producing goods and services.
Two types of economic systems:
Command system
Government owns most of the production
Economic decisions are made by a central governing body
Failure because
Coordination problem: output targets
Incentive problem: no adjustments for surplus or shortage
Market system
Production is privately owned
Markets and prices are used to direct and coordinate economic activities
Freedom of enterprise
Freedom of choice
Private property
Self interest is the most advantageous outcome
Competition is the present in the market
Summary Comparative Politics
University Leiden
Year 1, Block 3, Politicologie
Lecture 1: What is comparative politics
Objectives:
Define comparative politics
The role of comparison
Recognise different theoretical approaches
Comparative Politics
addresses how factors influence others, what drives behavior including multi level politics.
There is a scientific reason to compare: does X influence Y? is there causality or correlation?
Statistical control: mathematically estimate the effects when changing one variable
Comparative controle: Select cases in such a way that we can eliminate alternative explanation
Qualitative Methods: Small cases but a lot of information
Quantitative methods: Statistical solvability by mathematical comparisons using graphs
Single case studies according to leiphart:
A-theoretical
Interpretative
Hypothesis building
theory infirming
Deviant case study
Comparative in this case means comparing your study to all other cases which accort to a specific theory
Comparative research consists of:
most similar system
selecting cases which are as similar as possible but contain different outcomes
look for the differences which determine the different outcomes
This formes an independent variable
Most dissimilar systems design:
select different cases but similar outcomes
look for select similarities within different cases in cofounding potential
This forms the reason of the similar outcome
Challenges of comparison
Too many variables and too little cases
Biased selection
Survivorship bias: only accord for the surviving states
Confirmation bias: selecting cases which for your theory
Value bias: selecting cases which accord to your outcome
Lecture 2: The State
Objectives:
Define and outline the differences between the key concepts of politics, power and authority
Discuss the classical definition of the state
Outline discussions surrounding the role of the state
SPSS instructies video samenvatting Statistiek II:
Scatterplot en regressielijn
Scatterplot maken (simpel):
Beide interval ratio, geen missing values!
x-as onafhankelijk, y-as afhankelijjk
Graphs > Chartbuilder > Scatter > simple scatter > linear fit lines total > OK
Chart editor > fit line at total
Scatterplot maken (lastig)
Beide interval ratio, geen missing values!
x-as onafhankelijk, y-as afhankelijjk
Graphs > Chartbuilder > Scatter > simple scatter > Paste > (rij ELEMENT point.jitter( > Run (vanaf GGRAPH)
Chart editor > fit line at total
Bivariate en multivariate regressie
Bivariate regressie analyse maken
Beide interval ratio
Analyze > regression > linear > Dependent en independent > ok
Coefficients unstandardized B voor de constante en de richtingscoëfficient
Multivariate regressie analyse maken
Beide interval ratio
Analyze > regression > linear > Dependent en 2x independent > ok
Multivariate regressie hiërarchische methode gebruiken
Analyze > regression > linear > independent > next > independent > r square change (geeft weer of het model in blok twee significant beter is dan het model in blok 1) > OK
Significantie van de R squared change laat zien of model 1 beter is dan geen independent variables en of model 2 beter is dan model 1.
Anovatest: laat zien dat beide modellen dezelfde N gebruikt
Coëfficiënts: constanten en coëfficienten voor model 1 en 2 los, laat zien dat beide een significante waarde hebben
excluded variable: laat zien welke waarde niet is toegevoegd aan model 1
Dummy-variabelen in een regressieanalyse
Voor nominale waarden in een regressietabel moet er een dummyvariabele worden gemaakt
transform > recode into different variable > verander naam in voorspelling van de nieuwe variabele > Change > old and new values > 1 wordt 0, 2 wordt 1, MISSING-SYSMIS
Analyze > regression > linear > independent=dummy > ok
Coefficients: constante laat de gemiddelde waarde op de variabele zien, female coefficient laat zien hoe meer/minder op de variabele wordt gekeken (Let op sig)
Bij meerdere dummies
De kern van economie bestaat uit behoeften en middelen.
Een belangrijk fenomeen waar je mee te maken hebt bij middelen is schaarste. Dit wordt veroorzaakt door de hoeveelheid vraag en aanbod. Dit beïnvloed eveneens de keuzes van bedrijven tot het maken van bepaalde investeringen.
Bij het economisch denken zijn schaarste en keuze belangrijk. Er wordt gekeken naar opportunity kosten, waarbij rekening word gehouden met de marginale kosten en marginale voordelen.
Bij het doen van onderzoek is het belangrijk hypotheses op te stellen en deze te testen, om ze vervolgens te accepteren of te verwerpen. Wanneer een hypothese die getest is geaccepteerd wordt, is er vanaf dat moment sprake van een theorie. Wanneer een hypohese verworpen wordt, is het tegendeel van de uitspraak bevestigd. Een goed geteste hypothese mag ook een wet genoemd worden. Deze wetten worden gebruikt in modellen waarmee analyses worden gemaakt.
Economische principes worden gebruikt bij het ontwikkelen van theorieën en kunnen onder ideale omstandigheden gedrag voorspellen in bepaalde economische omstandigheden.
Bij het opstellen van die gedragsvoorspellingen wordt gebruikt gemaakt van generalisaties. Dat houdt in dat aangenomen wordt dat deze voorspelling voor alle mensen geldt. Het is universeel toepasselijk.
De economische principes van micro- en macro-economie worden ontwikkeld op twee niveaus.
Micro-economie houdt zich bezig met keuzes die individuele consumenten maken.
Macro-economie houdt zich bezig met economie op een grote schaal. Het gaat om het totale beeld van de wereldeconomie. De overheid, de huishoudens en de bedrijvensector zijn hierbij betrokken.
Bij het maken van individuele keuzes wordt er onderscheid gemaakt tussen luxe goederen en standaardgoederen. Naarnate iemand een hoger inkomen heeft, is er een groter verlangen naar luxe goederen. Zelfs mensen met de hoogste inkomens hebben behoeftes die niet te bevredigen zijn. Er blijven altijd onvervulde verlangens over.
Met behulp van een model kan inzicht worden gegeven in bepaalde situaties en kan bijvoorbeeld bepaald worden wat een productieniveau zou moeten zijn van een bepaald goed ten opzichte van een ander goed. Een model wordt dus gebruikt om problemen op te lossen en vragen te beantwoorden.
Elke maatschappij heeft zijn eigen economische systeem waarin geregeld is wekle goederen geproduceerd worden en op welke wijze dit gebeurt.
Er zijn twee sytemen waartussen een onderscheid kan worden gemaakt: het centrale planningsysteem en het marktsysteem.
In het centrale planningsysteem is de overheid de eigenaar van de meeste middelen en bedrijven en is zij verantwoordelijk voor de belangrijke economische besluiten. Er wordt op een centrale wijze een besluit gevormd.
In het marktsysteem is er een kapitalistisch systeem aan de orde metprivaat eigendom. De allocatie op de markt wordt bepaald door de consumenten en de producenten. Zij bepalen samen de prijsvorming. De markt is hier het hoofd van de besluitvorming voo de allocatie en dus niet de overheid.
In
Deze samenvatting is gebaseerd op het studiejaar 2013-2014.
Hoofdstuk 1 |
|
Schaarste | middelen zoals grondstoffen zijn niet onbeperkt. |
Opportunity costs | de kosten die iemand moet maken om een goed of dienst te bemachtigen, die ook ergens anders voor gebruikt hadden kunnen worden. |
Marginaal | letterlijk ‘extra’. |
Marginale kosten | de extra kosten voor het bemachtigen van 1 extra eenheid van een product. |
Marginaal voordeel | het extra voordeel bij het bemachtigen van 1 extra eenheid van een product. |
Other-things-equal assumption | de vooronderstelling dat in een economisch model alle andere factoren dan die in het model staat, gelijk blijven. |
Micro-economie | houdt zich bezig met keuzes die individuele consumenten, gezinnen en bedrijven maken. |
Marcro-economie | houdt zich bezig met het grote plaatje van de economie: de overheid, de huishoudens en de bedrijvensector. |
Budget Line van de consument | een grafiek met verschillende combinaties van twee producten die een consument kan kopen met een bepaald bedrag. |
Attainable | een combinatie van producten die gekocht kan worden van dat bedrag (of minder). |
Unattainable
| een combinatie van producten die niet gekocht kan worden van dat bedrag. |
Kapitaal | economisch middel dat indirect nodig is voor productie zoals gereedschap en machines. |
Entrepreneurial ability | menselijke invloed dat middelen kan veranderen in een product of service. Dus innoveren en strategische keuzes maken. |
Productiemogelijkheden Model | in dit model wordt inzichtelijk gemaakt welke combinaties van twee producten geproduceerd kan worden met een bepaalde hoeveelheid middelen |
Consumer goods | producten die meteen gebruikt kunnen worden door consumenten. |
Capital goods | goederen die gebruikt worden in productie van andere goederen. |
Samenvatting Economie voor politicologen Universiteit Leiden jaar 1 Bachelor Politicologie blok 3.
Lecture 1: The core of the market economy, a spontanous order
Opportunity costs: the value of the good service or time lost to obtain something else
Microeconomics studies individual decision-making units, such as a consumer, a worker, or a business firm.
Macroeconomics studies the economy as a whole or its aggregates
Aggregate: a collection of specific economic units treated as if they were one unit.
Economic problem: the need to make choices because wants exceeds means
Economic problems for individuals
Limited income forces people to choose what to buy and what not
Necessities and luxuries as types of wants
Economic problems for society:
Scarcity of economic resources: land, labor, kapital, entrepreneurial ability (KANO)
Many ways to distribute: goods and private or government services
Production possibilities model
Assumptions:
Full employment of resources
Fixed resources
Fixed technology
Two goods: consumer and capital goods
Creates a negative curve downwards
Law of increasing opportunity costs: as production of a good increases, the opportunity cost of producing an additional unit increases.
Budget Line: shows various combinations of two products a consumer can buy with a specific money income.
Economic system: a particular set of institutional arrangements and a coordinating mechanism for producing goods and services.
Two types of economic systems:
Command system
Government owns most of the production
Economic decisions are made by a central governing body
Failure because
Coordination problem: output targets
Incentive problem: no adjustments for surplus or shortage
Market system
Production is privately owned
Markets and prices are used to direct and coordinate economic activities
Freedom of enterprise
Freedom of choice
Private property
Self interest is the most advantageous outcome
Competition is the present in the market
De economie wordt doorgaans naast de staten en het maatschappelijke middenveld gezien als grote invloed op de leefomstandigheden van de mens. Een basisbegrip van deze kracht is voor de politicoloog dan ook onontbeerlijk en Essential of Economics levert dit basisbegrip.
Het boek is goed te gebruiken als inleiding tot de economie, maar ook om theoretische en ideologische stromingen van hedendaagse politici en theoretici terug te brengen tot de grondvaders en -moeders.
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Field of study
Verdiepende samenvattingen Daan Blitz contributed on 11-04-2022 12:14
Wie zich verder wil verdiepen in het vak kan hieronder samenvattingen vinden bij Essentials of economics van Brue et al.:
Samenvatting van Essentials of economics van Brue et al.? Een vergelijking van De PoliticologieSupportal
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