econmics
经济学
Economics
Economics (经济学) is the study of how society manages its scarce resources.
Economics
In
most societies, resources are allocated not by a single central planner but through the combined actions of millions of households and firms.
1. People face tradeoffs.
Efficiency vs. Equity
Efficiency
(效率) means society gets the most that it can from its scarce resources. Equity (公平) means the benefits of those resources are distributed fairly among the members of society.
Society and Scarce Resources:
The management of society’s resources is important because resources are scarce.
Scarcity
Scarcity (稀缺性) means that society has limited resources and therefore cannot produce all the goods and services people wish to have.
2. The cost of something is what you give up to get it.
01 经济学的性质与范围(Nature and Scope of Economics)
第1单元经济学的性质与范围（Nature and Scope of Economics）经济学BA330 1.1 什么是经济学？（What is Economics?）人们到处都在努力赚钱并为了满足他们的需要而将钱花掉。
经济学研究的正是这种赚钱、花钱的活动。
1.2经济学的各种定义（Various Definitions of Economics）i) 亚当史密斯：“探究国民财富的性质与起因”的学科叫经济学。
ii) J.S. 密尔斯：研究“财富的生产与分配的实用科学”叫经济学。
iii) L. 罗宾斯：经济学是“将人类行为看作是具有可选择用途的目标资源和不足资源之间的关系进行研究的科学”。
iv) 理查德利普西：现代经济学研究的是：-a) 社会资源在各种用途上的分配和社会产品在个人与团体之间的分配。
b) 生产与分配随时间而变动的方式。
c) 经济体制的有效性和无效性。
总定义（General Definition）定义：经济学是研究人们如何为了满足无限的需求而将有限的资源如土地、劳力和资本而进行分配的学科。
1.3 经济学分支（Branches of Economics）1.3.1 微观经济学（Microeconomics）定义：研究市场环境下公司和个人的经济决策的学科叫微观经济学。
微观经济分析的问题有：-a)消费者如何行为。
b)企业如何进行选择。
c)如何确定市场价格。
d)税收和价格控制对消费者和生产者有何影响。
BA330 经济学e)市场结构对经济特性有何影响。
f)工资、利率、租金和利润是如何确定的。
g)家庭中的收入是如何分配的。
1.3.2 宏观经济学（Macroeconomics）定义：将经济作为一个整体进行研究，探讨各总总量度之间的关系的学科叫宏观经济学。
宏观经济学分析研究的问题有：-a)国民收入。
b)国家的货币供应量和货币需求量。
c)货币价值。
d)通货膨胀及其决定因素。
e)宏观经济的目标，如价格稳定、充分就业、收支平衡和经济增长。
what is economics
What Is Economics?There is no single adequate definition of what economics actually is, and the old joke that “economics is what economists do” is hardly helpful.A famous economist of the past, Alfred Marshall (1842—1924), said:Economics is the study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being.Economics has also been defined as the study of decision-making; decisions which involve choosing between alternatives in the related activities of earning, spending, producing and consuming, all with the object of achieving material well-being.In short , economics is, like sociology, law and politics, a study of one aspect of human behavior. It is important and relevant to all of us because it is concerned with such everyday activities as buying things, getting a job, using a bank and paying tax. Economics is concerned with people's wants, in particular their material wants, and how they can be satisfied.Economics is often thought of as a science. However, it is very inexact science because it is a social science, and is affected by many influences that lead to incessant change. Human behavior cannot be examined with the same precision with which a natural scientist can examine laboratory specimens. The social sciences, which includeeconnomics, psychology, sociology and political behavior, can never be exact sciences since human behavior is extremely difficult to test or measure. Much economic behavior is based on what is known as a value judgment ,which means it is based on the personal values of individuals and so cannot be verified in a factual way. Economics is a living subject, which is constantly developing and it affects us all.To understand the society in which we live, we must be informed about what is going on in our society and what issues are. As consumers we are interested in the goods and services which we buy and how much they cost us,and we are interested in the incomes we can earn. We spend a great deal of time thinking about the money we earn and the money we need. Workers are concerned with the availability of jobs, wages and working conditions. Business people are interested in the sale of their goods and the costs involved in the production of them. Everyone is affected by depression, inflation, unemployment and government policies.A knowledge of economics will allow us to analyze and assess the values of policies and decisions made by politicians. And it will help us to become more aware of the current and future problems of our society and therefore better able to cope with them. We are all consumers and most of us read the newspapers, so it is up to us to understand what is going on.Even our own personal decisions are often affected by thestate of the economy, so we could make better choices if we understood the way the economy operates.An economy is often affected by factors such as the use of technology, the actions of the government, industrial relations, and overseas trade. All of these influcences result in constant change. Prices seem to rise constantly. Some jobs are no longer available, while new types of jobs appear. Changes in employment and prices affect almost everyone.Employment and the types of jobs available are all part of the economic pattern. Some jobs may involve extreme specialization, such as making just a small part of something; others demand professional skills. All of these activities enable us to have a variety of goods and services. But while economic activities satisfy our wants, there are also economic problerms to be faced. The economic system is made up of human beings and so human behavior is crucial to the system. The principles and motives from which people act are not necessarily economic in origin, and are often based on non-economic values. Differing values and social forces have led to countries developing different economic systems, but all countries face the same economic problems—such as whether they are producing the right things and by the best methods, how wants are to be satisfied, and whose wants are to be satisfied.Economics is a study of living and working in society; but not all societies behave in the same way.In order to produce the things people want there must be some kind of organization. An economic system is made up of the collection of relationships, customs, institutions, laws and arrangements that are combined to satisfy the economic wants of the community—to determine what and how production takes place, and who receives the output. Naturally it depends on the participation of the members of the community. An economic system is not just an abstraction; it is the real world.In one sense the economic system of a society does grow or, rather, develop, because the type of system a country has depended on its historical background and its political forces. A nation’s history and political tradition are important in shaping its economic goals and methods, and its basic economic institutions. The values and beliefs held by the members of the society are also influential.The job of an economic system is to form a framework of orgnization which enables choices and decisions to be made on how to satisfy the wants of the community. The way it does this depends largely on the type of society. In the USA there is still a belief in the value of free enterprise and the ability of individuals to succeed if they work hard enough. In some countries, such as England and possibly Sweden, there is a belief in the welfare state, that it is up to the government to look after the citizens from the cradle to the grave, although there have been criticisms of thisapproach because of cost. Countries like Australia seem to represent a mixture of both these attitudes.National characteristics and belief systems have led to many differences between economic systems. It cannot be said that just because two countries have the same political governments, they will run their economics in the same way. It is not easy to compare one economy with another and say that one is better or worse—there is too much diversity, and adequate measurement is impossible. One can, however, say that the standard of living is better in one economy than in another. Or one can compare such things as the level of unemplyment or the stability of prices. But these single measures cannot show a true or complete picture of an economy.。
Economics 西方经济学
5.贸易能使每个人状况更好
人们从相互交易中获益 人们从竞争中获益. 贸易使人们可以从事自己最擅长的活动.
6.市场通常是组织经济活动的一 种好办法
计划经济和市场经济 亚当· 斯密
的“看不见的手”理论（ invisible hand）
案例：计划经济和市场经济
朝鲜 VS 韩国
二战后经济实力之比 2 : 1 60年后经济实力之比 1 : 20
思考：opportunity cost
姚明是该去 上大学
还是去 NBA
3.理性人考虑边际量
边际变动是对现有行动计划进行微小的增
量调整，经济学家把这些调整称为边际变 动。 Marginal changes are small, incremental adjustments to an existing plan of action.
人们如何相互交易
How people interact with each other
5.贸易能使每个人状况更好
. 6.市场通常是组织经济活动的一种好 办法 . 7.政府有时可以改善市场结果 .
整体经济如何运行
The forces and trends that affect the economy as a whole.
举例
假设一架200个座位的飞机飞一次每个座位的成本是500 美元，有人会说：票价决不应低于500美元。但是当飞机即 将起飞时仍有10个空座，在登机口等退票的乘客愿意支付 300美元买一张票，应该卖给他吗？
当然应该。如果飞机有空座，多增加一位乘客的收益是 300，但是边际成本仅仅是这位额外的乘客将消费的一包花 生米和一杯饮料而已。
打击毒贩使毒品供给量减少，但吸毒者的需求 几乎不变，毒品价格上升，瘾君子消费毒品的 支出增加，为了筹集比以前更多的毒资……
经济学各学科专业名称中英文对照
经济学各学科专业名称中英文对照第一篇：经济学各学科专业名称中英文对照经济学各学科专业名称中英文对照 02经济学 Economics0201理论经济学 Theoretical Economics020101政治经济学 Political Economy020102经济思想史 History of Economic Thought020103经济史 History of Economic020104西方经济学 Western Economics020105世界经济 World Economics020106人口、资源与环境经济学Population, Resources and Environmental Economics0202应用经济学 Applied Economics020201国民经济学 National Economics020202区域经济学 Regional Economics020203财政学（含税收学）Public Finance(including Taxation)020204金融学（含保险学）Finance(including Insurance) 020205产业经济学 Industrial Economics020206国际贸易学 International Trade020207劳动经济学 Labor Economics020208统计学 Statistics020209数量经济学 Quantitative Economics020210国防经济学 National Defense Economics第二篇：河北工业大学专业名称中英文对照专业名称中英文对照土木工程：Civil Engineering结构工程：Structural engineering岩土工程：Geotechnical Engineer防灾减灾工程及防护工程：Disaster Prevention and Reduction Engineering and ProtectiveEngineering桥梁与隧道工程：Bridge and Tunnel Engineering市政工程：Municipal Engineering道路与铁道工程：Highway and Railway Engineering建筑与土木工程：Architectural and Civil Engineering交通运输工程：Communication and Transportation Engineering第三篇：职务名称中英文对照职务名称中英文对照首席技术执行官CTO/VP Engineering技术总监/经理Technical Director/Manager信息技术经理IT Manager信息技术主管IT Supervisor信息技术专员IT Specialist项目经理/主管Project Manager/Supervisor项目执行/协调人员Project Specialist / Coordinator系统分析员System Analyst高级软件工程师Senior Software Engineer软件工程师Software Engineer系统工程师System Engineer高级硬件工程师Senior Hardware Engineer硬件工程师Hardware Engineer通信技术工程师Communications EngineerERP技术/应用顾问ERP Technical/Application Consultant数据库工程师Database Engineer技术支持经理Technical Support Manager技术支持工程师T echnical Support Engineer品质经理QA Manager信息安全工程师Information Security Engineer软件测试工程师Software QA Engineer硬件测试工程师Hardware QA Engineer测试员T est Engineer网站营运经理/主管Web Operations Manager/Supervisor网络工程师Network Engineer系统管理员/网管System Manager/Webmaster网页设计/制作Web Designer/Production技术文员/助理Technical Clerk/Assistant职务名称中英对照（2）那么多职务你搞不清它们的英文名字？别着急，这就给你来一个办公室职务名称大搜罗，保证你下次再看到英文的时候不会弄错哦。
Economics-词汇整理
指随着收入增加而需求量上升或随着收入减少而需求量降低的商品
O
oligopoly
寡头垄断
指一种货品或服务的市场被少数公司控制的情况
P
perfect competition
完全竞争
完全竞争是这样一种市场结构，在其中同质的商品有很多卖者，没有一个卖者或买者能控制价格，进入很容易，并且资源可以随时从一个使用者转向另一个使用者
远期升水
货币的远期汇率高于即期汇率
G
GDP deflator
GDP 平减指数
名义与真实GDP 的比值
Giffen good
吉芬物品
一种特殊的低档物品。作为低档物品，吉芬物品的替代效应与价格呈反方向变动；而收入效应与价格呈同方向变动
gross domestic product
国内生产总值
是指一个国家(或地区)所有常住单位在一定时期内生产的全部最终产品和服务价值的总和
流动性陷阱
发生流动性陷阱时，再宽松的货币政策也无法改变市场利率，使得货币政策
失效。
LM curve
LM 曲线
LM曲线是一条用来描述在货币市场均衡状态下国民收入和利率之间相互关系的曲线
long-run shutdown point
停业点
在这个市场价格水平,企业的收入正好等于它的可变成本(或者说,损失正好等于固定成本),这个关键的市场价格称为停业点
CFA一级~经济Economics词汇吐血整理
Economics
A
aggregate demand
总需求
总需求曲线是经济中的需求总量与价格水平之间关系的曲线
aggregate supply
总供给
总供给曲线表明了价格与产量的相结合，即在某种价格水平时整个社会的厂商所愿意供给的产品总量
Economics (1)
1.掌握如何计算price elasticity of demand and interpret 价格变化与需求变化的关系，详见note page5-6 例题2.Giffen good: is an inferior good, 价格下降时，需求量下降（因为收入对Giffen的影响大于替代品的影响----收入呈负影响，收入越高，Giffen需求越少，而替代品都是正影响，所以价格下降时，相当于收入增加，导致需求减少），价格上升时，需求量上升；比如1万元刷油漆的预算，实际上好油漆涨价了（价格上升），为了平衡预算，只能多买点差的油漆（需求量上升），其中差的油漆就是吉芬品Veblen good: not an inferior good; a higher price makes good more desirable. Like GUCCIVeblen goods violate the fundamental axioms of demand theory, which have a positive sloped demand curve over some range of prices;3.GDP deflator (GDP紧缩指数) is a price index that can be convert nominal GDP into real GDP;GDP deflator for year t= [nominal GDP in year t/ (real GDP in year t)]*100Base year的nominal and real GDP are the same;ing the expenditure approach:GDP= C+I+G+(X-M) C: 消费，I: 投资；G: 政府采购；X: 出口；M: 进口GDP = Consumer spending on goods and services + Business gross fixed investment + Change in inventories + Government spending on goods and services + Government gross fixedinvestment + Exports − Imports + Statistical discrepancyUsing the income approach:GDP=national income + capital consumption allowance + statistical discrepancyCapital consumption allowance 资本消耗扣除：the amount would have to be reinvested to maintain the productivity of physical capital 有型资本；Statistical discrepancy 统计偏差：是由于收入法和支出法计算产生的差异而调整的部分；Or GDP= C+S+T因为total income = total expenditures,所以会有以下等式：(G-T) = (S-I) – (X-M)G: 政府采购，T: 政府净税收入，S: savings，I: 投资，X: 出口，M: 进口；其中G-T是fiscal balance，X-M是trade balance;5.总供给曲线的影响因素：refer to 手册page 746.经济周期各阶段特征： refer to 手册page 92-937.货币乘数Money multiplier= 1/ reserve requirement=1/0.25=4Money created= new deposit / reserve requirement 例如purchase $1 security, required reserve ratio= 15%, maximum increase in the money supply = 1/ 0.15= $6.678.Money supply增加，则会导致多余的money购买债券，导致债券价格上升利率下降；Money supply降低，则会导致money紧缺，通过卖债券来获取货币，导致债券价格下降利率上升；Central bank purchases securities-----cash replace securities----banks have excess reverses, more funds available for lending----money supply increase-----interest rate decrease等央行买债券，那利率就跌了；等央行卖债券收cash，cash 少了，利率涨了；Central bank sells securities----cash replace securities---bank has less reverses----reserverequirement increase-----decrease the fund for lending----money supply decrease-----interest rate increase;interbank lending rates decrease effects:-Market rate decrease;-Asset prices increases because lower discount rates are used for computing present values;-Raise expectations for economic growth and profitability;-Domestic currency depreciates---利率和汇率成正比；Policy rate上涨，导致长期利率上涨，国内投资借贷减少，增加海外对国内投资吸引力，从而增加国内货币需求，导致国内货币升值，出口货物增值，导致出口减少；减少overnight lending rate会鼓励借贷，扩张货币供应;当政策利率 > 中性利率，紧缩性货币政策；美国债贴现率是中性利率；当政策利率 < 中性利率，扩张性货币政策Neutral rate= trend rate + inflation targetIf policy rate > neutral rate, contractionaryIf policy rate < neutral rate, expansionary扩张的财政政策导致demand 增加，紧缩的财政政策导致demand 减少；扩张的货币政策导致利率降低，紧缩的货币政策导致利率上升；Private sector spending 和monetary policy 成正比；Public sector spending和fiscal policy成正比；9.货币政策和财政政策之间的关系详见手册page 135-13610.MV=PY M=货币数量；V=货币流通速度；P=平均物价水平；Y=真实产出水平；PY= Nominal GDP, so MV=Nominal GDP11.The multiplier for government spending is greater than the multiplier for a tax increaseAggregate demand of government spending= amount of increase * fiscal multiplierAggregate demand of tax increase= amount of increase *MPC* fiscal multiplier12.Currency board arrangement货币局制度: 承诺本币与某一确定的外国货币可以以固定汇率进行无限制兑换，比如港币，可以和美元兑换Conventional fixed peg arrangement传统盯住协议：盯住单一货币或者一篮子货币，汇率波动最大幅度不超过中心汇率正负1%Target zone 汇率目标区：汇率上下浮动不超过正负2%Crawling peg 爬行盯住：政府预先宣布的固定范围对汇率做较小的定期调整，或对选取定量指标的变化做定期调整，使汇率逐步趋向目标水平，分为被动和主动爬行钉住Management of exchange rates within Crawling bands爬行区间：货币当局首先让汇率盯住某个货币，随后允许汇率变动的区间随着时间的增长而增加Managed floating exchange rates 管理浮动：货币当局试图根据一些特定指标来影响汇率，这些指标包括国际收支帐户，价格稳定性，就业率等Independently floating 独立浮动：汇率由市场决定，货币当局的独立货币政策目标在于价格稳定和充分就业2nd round 复习：1.Cross price elasticities 交叉价格弹性：指某种商品的供需量对其他相关替代商品价格变动的反应灵敏程度；Own-price elasticity of demand 自身价格弹性：指某种商品的供需量对自身价格变化的反应灵敏程度；计算income elasticity 和cross price elasticity的公式核心一致，表明价格对需求的影响，具体例题详见page 5-6计算demand curve 的slope则是求出公式等式中左侧Q demand的斜率，参见2016morning 真题402.当price elasticity = -1时，total revenue最大；详见note page 3图figure 23.两个商品替代性越强，交叉价格弹性more positive，比如两种品牌的面包，一个涨价则消费者就买另一个；替代效应永远是正的，当price decrease, consumption 也decrease的时候，说明是总效应减少（替代效应虽然增加，但是收入效应降低的更多，从而导致总效应减少）两个商品互补性越强，交叉价格弹性more negative，比如汽车和汽油，汽车涨价，则销量下降，汽油销量也就下降；需求弹性的总结：另外，弧弹性可用于只有两个点的需求量与价格信息时的弹性的计算：E= [(Q1-Q0)/ (Q1+Q0)] / [(P1-P0)/ (P1+P0)]4.Substitution effect替代效应：总会导致由于商品价格下降而需求量上升的情况；Income effect收入效应：是指一种商品价格下降（上升）而使消费者的实际收入（消费者的消费可能性）扩大（缩小）所引起的那部分消费量增加（减少）；3 possible outcomes of a decrease in the price of Good X:1.Substitution effect is positive, and income effect is positive-------consumption of Good Xwill increase;2.Substitution effect is positive, and income effect is negative but smaller than thesubstitution effect-------consumption of Good X will increase;3.Substitution effect is positive, and income effect is negative and larger than thesubstitution effect-------consumption of Good X will decrease;5.Shutdown and break even Under perfect competition: 前提条件是price= marginalrevenue= average revenueIf average revenue< AVC (average variable cost), short-term should shut down;If AVC < average revenue < ATC (average total cost), should operate in short-term, and shut down if long term;If average revenue = ATC, it is breakeven point;7.按照垄断程度排序： perfect competition < monopolistic competition 垄断竞争< oligopoly寡头 < monopoly垄断Perfect competition完全竞争：只有在完全竞争市场，企业才会有给定的供给曲线；Oligopoly: 与垄断竞争相比，寡头有更高的准入门槛和更少的公司，另一个区别是公司间是相互依赖的（一个公司调价，其余公司跟着调价）Kinked demand curve model: P k是kinked point;price > P k时，表明一个公司调高价格，其余公司不跟着调价，导致即使小幅调高价格，demand也会大幅缩水，可能会失去市场份额；price < P k时，表明一个公司调低价格，其余公司也会跟着调低价格，所有公司的销售会增长，但是利润不如在P k点;古诺模型：假设只有两家企业，企业假设其他企业的供给量不变，以此决定自己利润的最大化，所以在均衡时，两企业的产量相同，也称为古诺均衡；斯塔克伯格模型：存在一家市场占有率极高的主导者，其余企业只能追随；如果其它小企业想打价格战，会被踢出市场，主导者的市场份额会增加Monopoly:Short-run cost & revenue:Monopoly profit = (P - ATC)*QRegulation要求ATC与D交叉点做为Quantity，随之对应的Price，这样有以下好处：-Increase output and decrease price;-Increase 社会福利；-Ensure the monopolist a normal profit because price= ATC;MB: Marginal be nefit 是增加的利益，通常 MB= MR - MCMR: Marginal revenue 是指多生产1 unit增加的收入P= MC =AC 是长期平衡等式，当P =MC > AC时，新公司才会进入市场8.HHI (Herfindahl-hirschman Index) 的算法就是把每个公司所占市场份额比例平方后求和，目的是better reflects the effect of mergers on industry concentration.9.哪些包括在GDP里，哪些不包括在GDP里：包括在GDP里的定义： market values of final goods and services, which is, goods and services will not be resold or used in the production of other goods and services;-Goods and services provided by government: 比如警察和法官的服务，基础设施建设；-自住房屋和租房服务；不包括在GDP里：-电脑芯片 computer chips；-名人字画：因为不是在当期生产的；-环境污染；transfer payments made by the government (e.g. unemployment, retirement, and welfare benefits) are not economic output and are not included in the calculation of GDP;10.最终产出价值法(value-of-final-output)：直接关注最终产品的价值；价值附加法(sum-of-value-added)：首先考虑每一步的增值部分，然后加总；11.IS Curve VS LM CurveIS (investment-saving) & LM (liquidity-money)曲线必须分别满足两个条件：1.总支出=总收入：计划支出=实现收入；2.货币市场均衡：货币需求=货币供给；满足这两个条件后，总收入与价格水平呈现反向关系IS Curve 是基于S-I = (G-T) + (X-M), 从利率出发：利率提高，导致I 投资减少，为了平衡等式，S必须随之减少，而income 和 savings 成正比，所以利率提高，income降低，两者成反比；LM Curve是基于利率升高持有货币量降低的逻辑：M/P = (1/V) * Y ，其中M/P是real money supply (M=nominal money supply, P=Price level), 1/V是持有货币量，Y是收入；保持M/P不变，从Y升高出发，1/V必须随之降低，所以利率必须升高；利率和收入成正比；根据note page 60 figure 5会出现这个现象，收入不变的情况下，货币供应越高（M/P 越高），利率越低；12.Aggregate demand curve (AD) VS Aggregate supply curve(AS)AD总需求曲线是quantity of real output (real income)和price level 之间的关系-----成反比，因为价格越高，生产的产品越贵，所以Output越少，也就导致real income越少；AS总供给曲线是price level 和quantity of real GDP supplied之间的关系：Very short run: price 不变，Output增长；因为时间很短，加班加点干；Short run: 成正比；Long run: 无论price 如何变化，output 不变；因为price level 变了，长期来看，都被工人工资抹平了；11和12点总结：IS & LM曲线是利率和收入的关系；AD & AS曲线是价格和收入(GDP)的关系；手册page 70--总需求曲线的影响因素手册page 74--总供给曲线的影响因素13.Recessionary gap萧条缺口----demand 减少：当总需求减少时，短期内由于需求不足，Output 和price level都会低于长期均衡水平；Inflationary gap通胀缺口---- demand 增加：总需求的增加导致经济扩张，实际GDP和price level 上升；Stagflation 滞涨---- demand 增加，supply突然减少：经济停滞和通货膨胀并存，会导致price level 上升并GDP下降；这里的Output = GDP，画图理解： AD线与AS线在LRAS处交叉，AD1线已经确定和LRAS的交叉点，所以AS1线可以确定画出；AD1与AS1交叉点对应的Y轴是Price level of long term;AD0与AS1交叉点对应的X轴是GDP of short term;注意：本币弱势，导致出口增加，所以需求增加；Short-run macroeconomic effects14.经济周期理论：新古典主义学派（Neoclassical school）:经济周期是对长期均衡的暂时性偏离，最终会恢复到长期均衡状态，另外，技术上的变革会引导总需求与总供给的变化。
economics
1.Demand and supply
Willing + ability = demand
a)Movement along & shift
Movement along只有价格P
Shift看Q的变化（Q向右Q向左）：I，P替代，互补，w（劳动力价格）
b) surplus, deadweight loss& tax
4.弹性影响因素：availability of substitute替代品是否可得
Relative amount of income spent on good相对收入占比
Time since the price change价格改变时间
ii.Cross elasticity of demand:
e)Elasticity
i.Price elasticity of demand: 弧弹性； 点弹性
1.Highly / perfectly elastic & relatively / perfectly inelastic
2.在需求曲线上有一点Ed=1，在这个点之上有高弹性，实行PR;反之PR
3.弹性和税收：谁的弹性小，谁承担的多
c)Key terms in the labor market
bor force？
ii.
iii. 滞后指标
iv.Underemployed/discourage employed / voluntarily employed
d)Inflation
i.Inflation rate :%P
Hyperinflation :恶性通胀
Public sectors
3英语阅读-经济学人《Economics》双语版-Foodfirmsandfat-fighters
（2）：食品公司与减肥斗士【翻译交流】Feb 9th 2006From The Economist Global AgendaFood firms and fat-fighters食品公司与减肥斗士Five leading food companies have introduced a labelling scheme for their products in the British market, in an attempt to assuage critics who say they encourage obesity. But consumer groups are unhappy all the same. Is the food industry, like tobacco before it, about to be *engulfed[1]by a wave of lawsuits brought on health grounds?五家业内领先的食品公司采取了一项方案，就是在其投入英国市场的食品上作出标注，力图堵住那些说他们鼓励肥胖的批评人士的嘴。
不过，消费者团体仍然不开心。
食品业会像之前的烟草一样，被卷入一场关乎健康的诉讼之中吗？KEEPING fit requires a combination of healthy eating and regular exercise. On the second of these at least, the world’s food companies can claim to be setting a good example :they have been working up quite a sweat in their attempts to fend off assaults by governments, consumer groups and lawyers who accuse them of peddling products that encourage obesity. This week saw the unveiling of another industry initiative :five leading food producers—Danone, Kellogg, Nestlé, Kraft and PepsiCo—introduced a labelling scheme for the British market which will show “guideline daily amounts” for calories, fats, sugar and salt on packaging. The new labels will start to appear on the firms’ crisps, chocolate bars, cheese slices *and the like[2] over the next few months. A number of other food giants, such as Cadbury Schweppes and Masterfoods, have already started putting guideline labels on their products.将健康的饮食习惯和经常性的锻炼二者结合才可以让身体保持健康。
economics_definitions(经济学术语大全)
经济学的一些术语绝对优势（Absolute advantage）如果一个国家用一单位资源生产的某种产品比另一个国家多，那么，这个国家在这种产品的生产上与另一国相比就具有绝对优势。
逆向选择（Adverse choice）在此状况下，保险公司发现它们的客户中有太大的一部分来自高风险群体。
选择成本（Alternative cost）如果以最好的另一种方式使用的某种资源，它所能生产的价值就是选择成本，也可以称之为机会成本。
需求的弧弹性（Arc elasticity of demand）如果P1和Q1分别是价格和需求量的初始值，P2 和Q2 为第二组值，那么，弧弹性就等于-（Q1-Q2）（P1＋P2）/（P1-P2）（Q1＋Q2）非对称的信息（Asymmetric information）在某些市场中，每个参与者拥有的信息并不相同。
例如，在旧车市场上，有关旧车质量的信息，卖者通常要比潜在的买者知道得多。
平均成本（Average cost）平均成本是总成本除以产量。
也称为平均总成本。
平均固定成本( Average fixed cost）平均固定成本是总固定成本除以产量。
平均产品（Average product）平均产品是总产量除以投入品的数量。
平均可变成本（Average variable cost）平均可变成本是总可变成本除以产量。
投资的β(Beta）β度量的是与投资相联的不可分散的风险。
对于一种股票而言，它表示所有现行股票的收益发生变化时，一种股票的收益会如何敏感地变化。
债券收益(Bond yield）债券收益是债券所获得的利率。
收支平衡图（Break－even chart）收支平衡图表示一种产品所出售的总数量改变时总收益和总成本是如何变化的。
收支平衡点是为避免损失而必须卖出的最小数量。
预算线(Budget line）预算线表示消费者所能购买的商品X和商品Y的数量的全部组合。
它的斜率等于商品X的价格除以商品Y的价格再乘以一1。
1英语阅读-经济学人《Economics》双语版-Rebuilding the American dream machine
（1）：重建美国梦机器From The Economist print editionRebuilding the American dream machine重建美国梦机器FOR America's colleges, January is a month of reckoning. Most applications for the next academic year beginning in the autumn have to be made by the end of December, so a university's popularity is put to an objective standard :how many people want to attend. One of the more unlikely offices to have been flooded with mail is that of the City University of New York (CUNY), a public college that lacks, among other things, a famous sports team, bucolic campuses and raucous parties (it doesn't even have dorms), and, until recently, academic credibility.对美国的大学而言，一月是一个清算的月份。
大多数要进入将于秋季开学的下一学年学习的申请必须在12月底前完成，因此一所大学的声望就有了客观依据:申请人的多少。
纽约城市大学，一所公立学院，与其他学校相比，它没有一支声名显赫的运动队，没有田园诗一般的校园，也没有喧嚣嘈杂的派对——甚至连宿舍都没有，而且，直到最近也没取得学术上的可信度，可就是这所大学的办公室塞满了学生们寄来的申请函，这简直有些令人难以置信。
Economics(数理经济学基础)
Syllabus of『Fundamental Methods of Mathematical Economics』(数理经济学基础)Course DetailsSemester: 2005-2006学年,第2学期Lecturer 张明恒PhD., Associate ProfessorOffice: (教学行政大楼) Teachers Official Buildings 512RoomOffice Time: P.M.6:30 – 8:30, TuesdayTelephone: +86 21 6590 2567E-Mail: mingheng@Coordinator:Date: 3/4,Wed;1/2,FridayRoom: 1405Rm, No.1 Teaching Buildings(1405,国定路一教) Website: /~mingheng/MathEcon.htmlStudent Background(i)the pre-session mathematics course(ii)the background mathematical material(iii)the fundamental of EconomicsGeneral AdviceThe key to success in a course like mathematical economics is to work carefully and consistently on the course material as the semester progresses. Falling behind with the course material is a recipe for disaster. Therefore students are strongly urged to attempt to complete the exercise sheets prior to attending the examples class and to read the appropriate chapters in the course text in conjunction with their lecture notes.The learning resources(i)the office hours of the lecturer when he will be available to see students;or make appointment by email or phone to meet the lecturer at anothertime(ii)the textbooks (incl. the materials on the classroom)(iii)the materials on the course web page(iv)the discussion with (the advice from) colleagues and friends on the course AimsThe aims of this course are to(i)Provide an introduction to mathematical methods for economics that willassist students in understanding mathematical research in their field;(ii)Enable students to apply these mathematical methods in their own research.ObjectivesAt the end of the course students should be able to(i) Demonstrate their understanding of the mathematical methods foreconomics;(ii)Understand and study Equilibrium Analysis, Comparative Statics Analysis, Optimization (multivariate), Dynamic Economic, Simultaneous Equations andLinear Programming etc.;(iii)Ready to advanced microeconomics, macroeconomics and econometrics.List of Readings1)Chuang,A.C., Fundamental Methods of Mathematical Economics,McGraw-Hill Publishing Company, 1984, 3rd Ed. (刘学译, 数理经济学的基本方法, 商务印书馆,2003年)(Text Book).2)Silbergerg, E., The Structure of Economics – A Mathematical Analysis,McGraw-Hill Education - Europe, 1990, 2nd ed, paperback.3)Klein,M.W., Mathematical methods for Economics, Addison-Wesley, 1998.4)Dowling,E.,T., Theory and Problems of Introduction to Mathematical Economics, 3nd5)Handbook of Mathematical Economics Vol.1-6,6)International Journal on Mathematical Economics such asi.Journal of Mathematical Economicsii.Journal of Economics Theoryiii.Journal of Economics and Businessiv.Journal of Mathematical Financev.Journal of Econometricsvi.Mathematical Social Sciencesvii.Economics Modellingviii.Economics Lettersix.Economics Theoryx.Game TheoryLecturesChapter 1 Nature of Mathematical Economics/数理经济学的实质Chapter 2 Economic Models/经济模型Chapter 3 Equilibrium Analysis in Economics/静态均衡分析，市场均衡模型，国民收入均衡模型Chapter 4 Linear Models and Matrix Algebra/线性模型与矩阵代数Chapter 5 Linear Models and Matrix Algebra/线性模型与矩阵代数，市场模型，国民收入模型，Leontief投入产出模型Chapter 6 Comparative Statics and the Derivative/比较静态分析，变化率/导数/曲率，极限定理，函数的连续性与可微性Chapter 7 Rules of Differentiation and Comparative Statics，微分法则，偏微分，Jacobi行列式Chapter 8 Comparative Statics of General Function Models，全微分/全导数，隐函数存在定理，一般函数模型的比较静态分析Chapter 9 Optimization (univariate)，最优值与级值，导数检验，Maclaurin/Taylor 级数Chapter 10 Exponential and Logarithmic Functions/指数函数与对数函数，自然指数与增长问题，最优时间安排Chapter 11 Optimization (multivariate)/多变量的最优化，最优化条件的微分形式，二次型，目标函数，Hessian矩阵检验，函数的凹/凸性与极值问题，多产品厂商问题，价格歧视，投入决策Chapter 12 Optimization with Equality Constraints/具有约束方程的最优化，Lagrange Multiplier, Bordered Hessian Matrix检验，二阶条件效用最大化与消费需求，齐次函数/生产函数，投入最小成本组合Chapter 13 Economic Dynamics and Integral Calculus/动态经济学与积分学，动态与积分，定积分/不定积分/广义积分，Domar增长模型Chapter 14 First Order Differential Equations/连续时间的一阶微分方程，市场价格的动态过程，恰当微分方程，非线性微分方程Solow增长模型Chapter 15 Higher Order Differential Equations/高阶微分方程，复数，三角函数，复数根，具有价格预期的市场模型、通货膨胀与失业模型Chapter 16 First Order Difference Equations/离散时间的一阶差分方程，均衡的动态性，蛛网模型，具有存货的市场模型，非线性差分方程Chapter 17 Higher Order Difference Equations/高阶差分方程，Samuelson数乘加速模型，通货膨胀与失业模型Chapter 18 Simultaneous Differential and Difference Equations/联立微分和差分方程动态投入产出模型Chapter 19 Linear Programming/线性规划，单纯形SimplexChapter 20 Linear programming - cont./线性规划（续），对偶定理，活动的微观和宏观水平Chapter 21 Non-Linear Programming/非线性规划，Kuhn-Tucker定理，约束规范，Arrow-Enthoven定理Chapter 22 Game Theory / 搏弈论Chapter 23 1st Seminarspetitive Equilibrium Hyperinflation under Rational Expectations, Also see epge.fgv.br/portal/arquivo/1792.pdf2.Multiple Equilibria with Externalities，Also see/depts/econ/dp/0409.pdfChapter 23 2nd Seminars1.Dynamic Analysis of a Solow-Romer model of endgenous Economical GrowthAlso see .au/policy/ftp/workpapr/ip-68.pdf2.Seignorage, Productive Government Spending and Growth in a Lucasian General Equilibrium Model Also see /economics/staff/hmk/paper/HMKAW96.PDFSupplemental Materials for a ChoiceChapter 51)Leontief, Wassily W. “Input-Output Economics.” Scientific American, October1951, pp.15-21.2)Iris Jensen ,The Leontief Open Production Model or Input-Output Analysis3)Internet Resources for the Leontief Model/mathews/n2003/leontiefmodel/LeontiefModelBib/Links/LeontiefMo delBib_lnk_1.htmlChapter 71)The Financial Returns to Education2)Why Does’t Capital Flow to Poor Counters?, See Robert E. Lucas,Jr., American EconomicView, V ol.80,No.2,pp.92 – 96, 1990(May)Chapter 81)Growth Accounting,Cobb-Douglas Production Function2)The Division of national IncomeChapter 111)Properties of a Valid Cost Function2)Government Revenue3)Isabel Correia and Pedro Teles,The Optimal Inflation Tax4)Jens Suedekum, Profit maximization and firm supply under perfect competition,University of Konstanz,Chapter 121)Dan Segal, A Multi-Product Cost Study of the U.S. Life Insurance Industry, RotmanSchool of Management,University of Toronto2)Martin Feldstein, “College Scholarship Rules and Private Savings”, American EconomicReview, Vol.85, No. 3,pp. 552 –566(June, 1995)Chapter 131)Economics Growth modelChapter 141)Charles I. Jones, A Note on the Closed-Form Solution of the Solow Model2)Fadhel Kaboub, Long-run Keynesian Growth Theory: Harrod and Domar vs.Solow Chapter 151)Tor Jacobson, Johan Lyhagen†, Rolf Larsson and MarianneNessén,Inflation, Exchange Rates and PPP in a Multivariate Panel Cointegration Model, Sveriges Riksbank Working Paper Series No. 145,December 20022)Pierre L. Siklos, INFLATION AND HYPERINFLATION, Department of EconomicsWilfrid Laurier UniversityChapter 161)Money and Prices Model2)Philip Cagan “The monetary Dynamics of Hyperinflation”, Studies in the Quanlity Theory ofMoney, ed., Milton Friedman (Univ. of Chicago Press, 1956)Chapter 171)Nicholas Rau,Introduction to Growth Theory, University College London2)Economic Problems of Developing AreasChapter 181)The Dynamic Variable Input-Output Model: An Advancement From The Leontief DynamicInput-Output Model,Annals of Regional Science, Vol. 34, No. 4, January 20012)Obst,N.M., “Stabilization Policy with an Inflation Adjustment Mechanism,” The Quarterly,Journal of Economics, 92 (May 1978), pp.355-359Chapter 191)Linear programming2)/otc/Guide/OptWeb/3)Global Optimization4)http://www.fi.uib.no/~antonych/glob.html5)Tom Cavalier's Optimization Links/faculty/t/m/tmc7/tmclinks.html6)Optimization Center at Northwestern Univ.7)/OTC/8)Yinyu ye at Stanfod9)/~yyye/Chapter 201)J. J. H. Forrest and J. A. Tomlin,Implementing the simplex method for the OptimizationSubroutine Library, IBM SYSTEMS JOURNAL, VOL 31,NO 1, 1992ATTENDANCESince exams will test your knowledge of materials covered in class, you are expected to attend class. You are responsible for material covered in class (including changes in assignment or rescheduling the test) even if you are unavoidably absent.GRADING POLICYYour final grade will be based on your performance on two exams and homework and it will be determined as follows:Mid exam 15%Final exam 60%Homework 15%Class participation 10%Total 100%Your total will be converted into final course grade and plus and minus grading will be used in this course.。
西方经济学Economics
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西方经济学大纲
• 微观经济学 • 宏观经济学 • 发展经济学 • 国际经济学
01
微观经济学
需求与供给
需求
描述消费者在不同价格水平上愿 意并能够购买的商品或服务的数
量。
供给
描述在不同价格水平上生产者愿意 并能够提供的商品或服务的数量。
市场均衡
当供给与需求相等时，市场达到均 衡，此时的价格被称为均衡价格， 相应的数量被称为均衡数量。
财政政策
货币政策与财政 政策的作用
货币政策工具
财政政策工具
货币政策是指中央银行通 过控制货币供应量来调节 利率和影响经济活动的政 策。
财政政策是指政府通过税 收和政府支出等手段来调 节经济活动的政策。
货币政策和财政政策的主 要作用是促进经济增长、 控制通货膨胀、稳定经济 等。
货币政策工具包括利率、 存款准备金率、公开市场 操作等。
04
05
国民收入
经济增长
国民收入核算
经济增长因素
国民收入与经济 增长的关系
国民收入是一个国家在一 定时期内所有居民所获得 的最终产品和劳务的价值 总和。
经济增长是指一个国家或 地区在一定时期内国民收 入或国内生产总值的增加 。
国民收入核算是对一个国 家或地区一定时期内所有 居民所获得的最终产品和 劳务的价值进行统计和计 算的过程。
财政政策工具包括政府支 出、税收、公债等。
经济周期与稳定
经济周期 经济周期是指经济活动水平随时 间而波动的现象，通常包括扩张、 高峰、衰退和谷底四个阶段。
经济稳定的政策措施 经济稳定的政策措施包括货币政 策、财政政策、产业政策等，旨 在调节经济活动水平，减少经济 波动。
西方经济学--英文版
– iii) For whom are goods & services to be produced, i.e. who are to enjoy the goods & services produced? • This concerns with the distribution of such goods & services.
employment, Balance of Payments and Economic growth. – f) Government policies (e.g. Monetary and Fiscal Policies). – g) Public Finance (e.g. Government revenue and expenditure).
• Everywhere human beings are found to make efforts and earn money and then spend this money to satisfy their wants. Therefore, the activities concerning the earning and spending of wealth are studied under Economics. (Eco.)
Macroeconomics
• Macroeconomics is a study of economy as a whole and it concerns the relationship among aggregate (total) measures.
Economics-Notes微观经济学-英文笔记-需求
Pavane’s Economics Notes[4th Feb 2021]Economics is the study of how we use our limited means to satisfy our unlimited wants.L IMITED M EANS---- All people have limited time, skills and money so they have to make choices to how to use them to the best advantage for them.C HOICE---- Since we can’t have everything we want as we have limited means we have to make decisions. (Decisions between alternatives)O PPORTUNITY C OST---- The next best alternative forgone when a decision is made. [5th Feb 2021]The economics problem is scarcity. This means that we have limited means but unlimited wants. Because of this we have to make a choice. Every choice has an opportunity cost.N EEDS---- Those things we require in order to sustain life.e.g. food, clothing and shelterW ANTS---- Things we desire to make our life more enjoyable.e.g. cell phone, stereo, SPAWants change as we get older because our tastes change and new things are introduced as technology improves.[17th Feb 2021]V ALUES ---- Core beliefs or principles that influence your decisions.>>Honesty >>Integrity >>Fair-trading >>Consideration of othersI NFLUENTS ON VALUES : Culture , Environment , Education , Upbringing (Family) Internet, FinanceD EMAND ---- Demand is the amount of a good or service that a person is willing and able to purchase at each price. falls or as the price falls the quantity demanded increases, ceteris paribus.C ETERIS PARIBUS ---- All other factors remain constant.[17th Feb 2021]Hugh’s weekly Quantity Demanded schedulePrice [$] Quantity demanded3020127>>TTitle is clear starting what the graph shows and the time period. >>AEven and appropriate scale on your axis.>>LLabel axes with item and unite.>>PPlot your points and join them using a ruler.[22nd Feb 2021]D ETERMINANTS OF D EMANDInfluents, other than price, that will influent the amount consumers’ purchase.>>Income>>Taste/ Fashion>>Price of substitutes>>Price of Complementary goods>>SeasonsS UBSTITUTEGoods that can be used to instead of other goods.e.g. butter and margarine : If the price of butter increases, more people will buy margarine as it is relating cheaper.C OMPLIMENTSGoods that are used together.e.g. DVDs and DVD players : When price of DVD players decrease there is an increase in demand for DVDs.C HANGE IND EMAND---- Change in demand is cause by a change in determinants and will result in a movement of the entire demand curve.e.g. Decrease in Demand : the demand has decrease at each price.[4th Mar 2021]D EMAND S CHEDULE----A table showing the quantity of a good or service that consumer is willing and able to purchase at various prices, in a given time period, ceteris paribus.[16th Mar 2021]I NFERIOR G OODS---- They are poorer quality goods that you will buy less as your income rises.e.g. cheap cuts of meat instead of steakN ORMAL G OODS---- Goods that you will but more as your income rises.N ECESSITIES---- Things needed to sustain life. Necessities are usually normal goods so you will buy more as your income rises.L UXURIES---- Items not needed but make your life more enjoyable. Households on low incomes spend a small proportion of their income on luxuries. As a household’s income rises they spend a greater proportion of their income on luxuries.H OUSEHOLD---- A person or group of individuals (families, flat mates) living together under one roof.A GGREGATE H OUSEHOLD E XPENDITURE---- The spending of all households taken as a single group.Average weekly Expenditure for all households 2001 Expenditure Group $ Spend % Degree Food 59Home ownership and rent 86 Clothing and footwear 12 Household operation 46Car ownership and running 57Other goods 40Other services 60Total[19th Mar 2021]S PENDING P ATTERNS---- As a person’s income increases they may spend more money but they generally will save moree.g. If a person earns $1000 and saves $100, he spends 90% and saves 10%. If his income increases to $1200, he spends $1020 (85%) and save 180 (15%).---- The amount he spend has increased but as a percentage of his income has fallen. The percentage of the savings has increased.C ONSUMPTION---- The spending on goods and services.Group1- Basic Necessities-For household with low levels of income spend most of their money on this group with a little basic services and even smaller luxuries. They have no savings.Group2- Basic Services-All levels of income mainly in low-level incomes use this. Group3- Luxury goods and services-This is for households with higher level of income as they are able to afford more and better quality products/services. Group4- Savings- Savings is what households with high income levels do as theyhave money left after buying necessities and normal goods. Graph-This graph shows what households expenditure is used on relative to levels of income[27th Mar 2021]Application questionBen Wilson’s family income has doubled since 1996. The pie Graphs below show how the family used their income in 1996 and how they use it now.。
西方经济学WesternEconomics
第四节 价格对经济的调节
一、市场经济与价格机制
市场经济就是一种用价格机制来决定资源配置的经济体制。
二、价格在经济中的作用
价格机制（又称市场机制），是指价格调节社会经济生活的方式与规律。 •作为指示器反映市场的供求状况。 •价格的变动可以调节需求。 •价格的变动可以调节供给。 •价格可以使资源配置达到最优状态。
1．价格；包括：商品本身的价格和相关商品的价格（两种互补品之间价格与
需求呈反方向变动；两种替代品之间价格与需求呈同方向变动）。
2．收入；
3．消费者嗜好；
4．预期。
需求函数：表示影响需求的因素与需求的关系的函数。 D=f (P )
三、需求定理（需求规律）
基本内容是：在其他条件不变的情况下，某商品的需求量与价格之间成 反方向变动。
第二章 需求、供给、价格
重点掌握：
✓ 需求的定义 ✓ 需求曲线与需求定理 ✓ 需求量变动与需求变动的区别 ✓ 均衡价格的决定与变动
专题：供求决定价格
第一节 需求理论
一、需求、需求表、需求曲线
1．需求（demand）的含义
需求是指消费者在某一特定时期内，在每一价格水平时愿意而且能够买的商品量。
需有两个条件：一是购买欲望（即消费者愿意买）； 二是购买能力（消费者有支付能力）。
第一章 导言
重点掌握：
➢ 稀缺性的含义 ➢ 选择的含义 ➢ 机会成本的含义 ➢ 微观经济学的定义 ➢ 宏观经济学的定义 ➢ 实证方法与规范方法的区别
第一节 经济学的研究对象
一、稀缺性规律 相对于人类的无穷欲望而言，经济物品，或者说生产这些物品所需要的资
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（B）a high degree of monopoly
Many of the nation’s basic industries are represented by only a few major corporations
（C）private ownership
The privately owned and operated businesses, including farms, industries such as coal, steel, motor vehicle and shipbuilding, produce about 85% of the total output of goods and services, accounting for a larger share than in any other developed country. People in independent professional practice produce about 3% of the total.
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Section I Corporate Capitalism
The 3 Economic Ages in the USA (another way of describing the US economic development)
The USA undertakes the following three economic ages: (A) the Agricultural Age (B) the Industrial Urbanization Age (C) The Information Age
The Information Age is an entirely new age, a postindustrial society and economy, dominated by information economy, skilled services and high-tech manufactures, operating within a global-scale framework of business interactions
Forms of Business Organization
3. Corporation: A corporation is a business which may have many owners, but is operated as an individual firm. It is considered to be legally distinct from its owner; in the eyes of the law a corporation is a “person.” Business is transacted in the name of the corporation, which can sue and be sued in court. As a legal institution, the corporation receives its right to operate from the state government. Corporations raise money by selling “stock,” or shares of ownership. Each share represents a part ownership in the corporation. The corporation's profits are divided to pay stockholders and are called “dividends.”
Forms of Business Organization
2. Partnerships: A partnership is an agreement between two or more persons to share the profits and responsibilities of a business. Each partner owns a share of the business, but not always in equal parts. The profits are divided according to the agreement made when the partnership was formed. Each partner is responsible for all financial obligations of the business. That is, each partner has unlimited liability. Partnership is a form of business often used by such professions as law, medicine, and architecture.
Key Developments
1. 2. The introduction of the factory system The first factory in 1793, cotton textile mill in Rhode Island A cotton cloth factory by an Englishman Samuel Slater The American system of mass production about 1800 Originated in the firearms industry Require precision engineering to create interchangeable parts Assemble in stages Workers specialize in a specific operation The invention of cotton gin by Eli Whitney, cotton production efficient In 1913, Henry Ford introduced the moving assembly line A major saving in labor costs
2. Industrial：lasted from the 18th to the early 20th The American system of mass production originated in the firearms industry about 1800. industrial products surpass agricultural products; surpass Britain in industrial production; The most powerful nation by the 1880s. The construction of railroads beginning in the 1830s,marked the start of a new era for the United States 3. corporate/imperialism: In the late 19th and early 20th, imperialism, develop rapidly Large corporation have centralized; Establish ownership over means of production; Include a competitive free market sector. The application of the New technologies to industrial tasks. The emergency of new forms of business organs Organization
Most American businesses fall into one of three general forms of organization: single proprietorship, partnership, and corporation. 1. single proprietorship: Most small businesses and farms are controlled by a single owner or family. The owner is on his or her own boss. S/he makes all the decisions, raises the finances, and gets all the profits. is easy to set up and run. Its growth, however, is limited to the assets and credits of the owner. The owner is responsible for all losses and business debts. This is known as “unlimited liability.” Any property or income of the owner, not just the business, may be legally seized by the firm's creditors if the owner fails to pay them.
Key Developments
3. The application of new technologies: The textile industry switched from water to stream power after 1860s The emergency of new forms of business organization: the bank and the corporation The construction of railroads in 1830 marked the start of a new era: provide transportation for industries Promote the economic activities By 1913, over 1/3 of the world’s industrial production from the US