|
社会科学 任务- 1 a.经济学的定义: 经济学是研究社会如何使用稀缺的资源来生产有价值的商品，然后分发给不同的人的。经济学是研究生产、分配和消费的商品和服务的社会科学。由于渴望使用更接近于自然科学的实证方法，在19世纪后期，政治经济领域的经济模型拓展出了更广泛的领域。 综合现代经济学的提法的一个定义是莱昂内尔罗宾斯在1932年发表的一篇文章中提到的:“…以其他用途的目的和稀缺手段之间的关系来研究人类行为的科学。” 稀缺性意味着可用资源不足以满足所有的需求。稀缺的和有可用的替代资源同样会存在经济问题。因此对这个概念的定义涉及到了研究的选择，因为他们受到了诱因和资源的影响。 b.机会成本的概念: 机会成本是某人在几个互斥的选项中的最好选择的价值。它是一个关键的经济学概念。 Social science Task - 1 a. Definition of Economics: Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Economics is the social science that studies the production, distribution, and consumption of goods and services. Current economic models developed out of the broader field of political economy in the late 19th century, owing to a desire to use an empirical approach more akin to the physical sciences. A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay: "... the science which studies human behavior as a relationship between ends and scarce means which have alternative uses." Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent of scarcity and alternative uses of available resources there is no economic problem. The subject thus defined involves the study of choices as they are affected by incentives and resources. b. Concept of Opportunity Cost: Opportunity cost is the value of the next-best choice available to someone who has picked between several mutually exclusive choices. It is a key concept in economics. It is a calculating factor used in mixed markets which favor social change in favor of purely individualistic economics. It has been described as expressing "the basic relationship between scarcity and choice." The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently. Thus, opportunity costs are not restricted to monetary or financial costs: the real cost of output forgone, lost time, swag, pleasure or any other benefit that provides utility should also be considered opportunity costs. Graphing Exercise: Production Possibilities Curve The economizing problem - scarce resources and unlimited wants - highlights the need for society to make choices among available alternatives. The production possibilities curve is a graphical illustration of the options that are available at a given point in time. The first graph illustrates the amounts of pizza and industrial robots that can be produced with a hypothetical society's currently available resources and technology. Each point on the curve represents the greatest number of robots that society can produce if it chooses to produce the corresponding quantity of pizza. At any point on the curve, producing more pizzas means fewer robots can be produced. Likewise, producing more robots means less pizza can be produced. The graph shows that, initially, society is choosing to produce 2 units of pizza (200,000 pizzas) and 7 units of industrial robots (7,000 robots). To use the graph, drag the blue triangle on the Pizza axis to the left or right to change the production mix and investigate opportunity costs. Clicking again on the triangle will establish that as a starting point. If society produces 200,000 pizzas (2 units—point "C" on the graph), what is the greatest number of robots that can be produced? Starting from an initial 2 units of pizza, what is the opportunity cost of the third unit of pizzas? What happens to the opportunity cost of pizzas as even more pizzas are produced? What happens to the opportunity cost of robots as robot production is increased? Economic growth allows for expanded choices: larger quantities of both pizzas and robots become attainable with either advances in technology or the availability of greater resources. One way that greater resources may become available is by choosing to use some of society's currently available resources to invest in the future—for example, by spending on education or research, or by producing capital goods. The amount of resources available to an economy at some future point depends upon the choices it makes today. To use the graph, use the mouse to drag the scroll bar button to the left or right, observing the impact of different choices on the future position of the production possibilities curve. How must society choose to produce today if it wishes its economy to grow faster? What is the opportunity cost of faster economic growth? Example: A person who invests $10,000 in a stock denies herself or himself the interest that could have accrued by leaving the $10,000 in a bank account instead. The opportunity cost of the decision to invest in stock is the value of the interest. c. Difference between micro and macro economics: Macro- and microeconomics, and their wide array of underlying concepts,have been the subject of a great deal of writings. The field of study is vast; here is a brief summary of what each covers: Microeconomics is the study of decisions that people and businesses make regarding the allocation of resources and prices of goods and services. This means also taking into account taxes and regulations created by governments. Microeconomicsfocuses onsupply and demand and other forces that determine the price levels seen in the economy. For example, microeconomics would look at how a specific company could maximize its production and capacity soit could lowerprices and better compete in its industry. Macroeconomics, on the other hand,is the field of economics that studies the behavior of the economy as a whole and not just on specific companies, but entire industries and economies. This looks at economy-wide phenomena, such asGross National Product (GDP) and how it is affected by changes in unemployment, national income, rate of growth, and price levels. For example, macroeconomics would look at how an increase/decrease in net exports would affect a nation'scapital account or how GDP would be affected by unemployment rate. Task - 2 a. Show how an individual curve is derived and how market demand is derived? The individual Demand Curve illustrates the price people are willing to pay for a particular quantity of a good. The market demand curve will be the sum of all individual demand curves. It shows the quantity of a good consumers plan to buy at different prices A change in price causes a MOVEMENT ALONG the Demand Curve, In the diagram, the line labeled "D" shows a plot of that demand curve, say for blue jean prices and number of pairs demanded. Prices are P (in $) and quantity is Q (in number of product units) on this diagram. At a price of $75 (vertical axis), two pairs are demanded (Q on horizontal axis). As the price P on vertical axis is lowered from $75 to $50, the quantity demanded Q is increased from two pairs to three pairs of blue jeans Shifts in the Demand Curve This occurs when, even at the same price, consumers are willing to buy a higher quantity of goods. This will occur if there is a shift in the conditions of demand. A shift to the right in the demand curve can occur for a number of reasons: An increase in disposable income, this can occur for a variety of reasons such as higher wages and lower taxes An increase in the quality of the good e.g. computers are now more powerful. Advertising can increase brand loyalty to the goods and increase demand. An increase in the price of substitutes, e.g. if the price of Kodak films increase the demand for Fuji films will increase A fall in the price of complements. E.g. a lower price of Play Station 2 will increase the demand for compatible games. Weather: In cold weather there will be increased demand for fuel and warm weather. Expectations of future price increases. Evaluation: For some luxury goods income will be an important determinant of demand. e.g. if your income increased you would buy more CDs but probably not salt. Advertising is important for goods in which branding is important, e.g. coca cola but not for bananas Derived demand: This occurs when a good or factor of production such as labor is demanded for another reason b.A Firm's Output Decision in the short-run A perfectly competitive firm produces the quantity of output that equates marginal revenue, which is equal to price, and marginal cost, as long as price exceeds average variable cost. The profit-maximizing choices of output at alternative prices generate the perfectly competitive firm's short-run supply curve.#p#分页标题#e# Consider three key points: A profit-maximizing firm produces the quantity of output that equates marginal revenue and marginal cost (MR = MC). A perfectly competitive firm is characterized by the equality between price and marginal revenue (P = MR). The law of diminishing marginal returns gives the marginal cost curve a positive slope. Combining all three points means that a profit-maximizing perfectly competitive firm produces the quantity of output that equates price and marginal cost (P = MC). If Profit per unit equals revenue per unit (or price) minus cost per unit (or average total cost). ($25 - $14) = 11 Total economic profit equals (price - average cost) x quantity produced ($25-$14) x9 =$ 99 The firm should continue to operate if the benefit of operating (total revenue) exceeds the cost of operating, or total variable cost. TR = (P x Q) must be greater than STVC = SAVC x Q, therefore, If P > SAVC, the firm should continue to operate If P < SAVC, the firm should shut down When price drops to $9, the firm adjusts output down to 6 rakes per minute to maintain P=SMC. The average variable cost of producing 6 rakes per minute is $6. The firm suffers a loss, but since price is greater than average variable cost, the firm continues to operate. The firm's shut- down price is the price at which the firm is indifferent between operating and shutting down. At $5, P = SAVC. Above this price, the firm is better off continuing to produce at a loss. Below this price, the firm is better off shutting down because it could not recover its operating cost. c.A Firm's Output Decision in the long-run A market reaches a long-run equilibrium when three conditions hold: The quantity of the product supplied equals the quantity demanded Each firm in the market maximizes its profit, given the market price Each firm in the market earns zero economic profit, so there is no incentive for other firms to enter the market In addition to the conditions above, in long-run equilibrium the typical firm earns zero economic profit so there is no further incentive for firms to enter the market. In long-run equilibrium, price equals marginal cost (the profit-maximizing rule), and price equals short-run average total cost (zero economic profit). In the long run, after new firms enter, if equilibrium settles at $14. The new price is a higher price than the price before the increase in demand (increasing cost industry). In a constant-cost industry, firms continue to buy inputs at the same prices. The long-run supply curve is horizontal at the constant average cost of production. After the industry expands, the industry settles at the same long-run equilibrium price as before. If an increase in the demand for ice increases the price of ice to $5 per bag. In the long-run, the price of ice returns to its original level. Task - 3 a. How an equilibrium price and equilibriumquantity is achieved? In the market for any particular good X, the decisions of buyers interact simultaneously with the decisions of sellers. When the demand for good X equals the supply of good X, the market for good X is said to be in equilibrium. Associated with any market equilibrium will be an equilibrium quantity and an equilibrium price. The equilibrium quantity of good X is that quantity for which the quantity demanded of good X exactly equals the quantity supplied of good X. The equilibrium price for good X is that price per unit of good X that allows the market to “clear”; that is, the price for which the quantity demanded of good X exactly equals the quantity supplied of good X. The determination of equilibrium quantity and price, known as equilibrium analysis, can be achieved in two different ways: by simultaneously solving the algebraic equations for demand and supply or by combining the demand and supply curves in a single graph and determining the equilibrium price and quantity graphically b. The effects of excess supply on market equilibrium: Excess supply occurs when, at a given time, the equilibrium price of the market is less than the price that the goods are supplied at. However, excess supply cannot be maintained when a free market operates. The price must be reduced to the equilibrium price, at which time; there is no longer excess supply. The following graph illustrates excess supply. Suppliers of a good are expecting a price at the market of P* and bring to the market Q* quantity of goods. However, demand is such that the equilibrium price is actually on P and the equilibrium quantity is Q. A temporary situation of excess supply exists. Let us give an example. Suppliers of bananas are expecting bananas to sell at a price of 1 per kilo at the market. They bring 10 tones of bananas to sell. In fact, the equilibrium price is only 80p per kilo. The suppliers of the bananas cannot sell all their bananas at this price. One of the suppliers decides to reduce his price to 80p. Thereafter, all the other suppliers of bananas have to follow suit. The market price falls to 80p per kilo. At this price, some of the suppliers of bananas decide to withdraw some of the bananas from the market and make banana paste out of them instead! So the quantity supplied to the market also falls. c. The effects of excessdemand on market equilibrium: Excess demand occurs when the current market price is below the equilibrium price (P*). With excess demand, consumers want to purchase more units of a good than producers want to sell. When price is below equilibrium and the product sells out quickly, competition among consumers, along with recognition by producers that they could raise price and still sell all units, leads to upward pressure on prices. On a graph, you can show excess demand as the horizontal distance between the demand and the supply curves at a price below the equilibrium price. Looking at the graph below, notice that the current market price, P1, is below the equilibrium price, P*. You can see that at P1 the quantity demanded, Qd, is much greater than the quantity supplied, Qs. The difference between Qs and Qd is excess demand. Task - 4 a.Explain clearly what is meant by perfect competition: In economics, perfect competition occurs in markets in which no participant has market power. Because the conditions for perfect competition are strict, there are few if any perfectly competitive markets. Nonetheless, the concept of perfect competition can serve as a useful benchmark against which to measure real life, imperfectly competitive markets. Characteristics Generally, a perfectly competitive market exists when every participant is a "price taker," and no participant influences the price of the product it buys or sells. Specific characteristics may include: Infinite Buyers/Infinite Sellers - Infinite consumers with the willingness and ability to buy the product at a certain price, Infinite producers with the willingness and ability to supply the product at a certain price. Zero Entry/Exit Barriers - It is relatively easy to enter or exit as a business in a perfectly competitive market. Perfect Information - Prices and quality of products are assumed to be known to all consumers and producers.[1][2] Transactions are Costless - Buyers and sellers incur no costs in making an exchange.[2] Firms Aim to Maximize Profits - Firms aim to sell where marginal costs meet marginal revenue, where they generate the most profit. Homogeneous Products - The characteristics of any given market good or service do not vary across suppliers. Examples Free software works along lines that approximate perfect competition. Anyone is free to enter and leave the market at no cost. All code is freely accessible and modifiable, and individuals are free to behave independently. Free software may be bought or sold at whatever price that the market may allow. b. Explainclearlywhat is meant by oligopoly In Economics, an oligopoly is a market form in which a market or industry is dominated by a small number of sellers. The word is derived, by analogy with "monopoly", from the Greek oligoi 'few' and poleein 'to sell'. Because there are few sellers, each oligopolist is likely to be aware of the actions of the others. The decisions of one firm influence, and are influenced by, the decisions of other firms. Strategic planning by oligopolists needs to take into account the likely responses of the other market participants. Characteristics: Profit maximization conditions: An oligopoly maximizes profits by producing where marginal revenue equals marginal costs. Ability to set price: Oligopolies are price setters rather than price takers[2] Entry and Exit: Barriers to entry are high.[3] The most important barriers are economies of scale, patents, access to expensive and complex technology and strategic actions by incumbent firms designed to discourage or destroy nascent firms.[4] Number of firms: "Few" - a "handful" of sellers.[5] There are so few firms that the actions of one firm can influence the actions of the other firms. [6]#p#分页标题#e# Long Run Profits: Oligopolies can retain long run abnormal profits. High barriers of entry prevent sideline firms from entering market to capture excess profits. Product differentiation: Product may be standardized, steel, or differentiated, automobiles.[7] Perfect Knowledge Oligopolies have perfect knowledge of their own cost and demand functions but their inter-firm information may be incomplete. Interdependence: The distinctive feature of an oligopoly is interdependence.[9] Examples There are now only a small number of manufacturers of civil passenger aircraft, though Brazil (Embraer) and Canada (Bombardier) have participated in the small passenger aircraft market sector. Oligopolies have also arisen in heavily regulated markets such as wireless communications: in some areas only two or three providers are licensed to operate Task - 5 a.An explanation & Evaluation of what is mean by Keynesian economy Keynesians - Introduction Keynesian economists are, not surprisingly, so named because they are advocates of the work of John Maynard Keynes (if only all economics was that easy!). Much of his work took place at the time of the Great Depression in the 1930s, and perhaps his best known work was the 'General Theory of Employment, Interest & Money' which was published in 1936. Keynesians - Beliefs Keynes didn't agree with the Classical economists!! In fact the easiest way to look Keynesian theory is to see the arguments he gave for Classical theory being wrong. In essence Keynes argued that markets would not automatically lead to full-employment equilibrium, but in fact the economy could settle in equilibrium at any level of unemployment. This meant that Classical policies of non-intervention would not work Keynesians - Policies The other sections about Keynesians show that they believe that the economy can settle at any equilibrium. This means that they recommend that the government gets actively involved in the economy to manage the level of demand. You will then be stunned to learn that these policies are known as demand-management policies. Demand management means adjusting the level of demand to try to ensure that the economy arrives at full employment equilibrium. Reflationary policies Reflationary policies to boost the level of economic activity might include: Increasing the level of government expenditure Cutting taxation (either direct or indirect) to encourage spending Cutting interest rates to encourage saving Allowing some money supply growth The first two policies would be considered expansionary fiscal policies, while the second two are expansionary monetary policies. The impact of them should be to reduce aggregate demand and therefore the level of output. The diagram below shows this: [Reflationary-policies] The reflationary policies have boosted the level of output from Q1 to Q2. The impact on the price level has been small, though if demand increased any more it may well be inflationary. Deflationary policies Deflationary policies to dampen down the level of economic activity might include: Reducing the level of government expenditure Increasing taxation (either direct or indirect) to discourage spending Increasing interest rates to discourage saving Reducing money supply growth The first two policies would be considered contractionary fiscal policies, while the second two are contractionary monetary policies. The impact of them should be to reduce aggregate demand and therefore the level of output. The diagram below shows this: [Deflationary-policies] The initial level of aggregate demand was inflationary - Prices were increasing rapidly. However, the deflationary policies have reduced demand to AD2 and thus reduced the level of inflation. b. An explanation & Evaluation of what is mean by monetarist economy. Monetarist is an economist who holds the strong belief that the economy's performance is determined almost entirely by changes in the money supply. Monetarists is a group of economists who believe that changes in the money supply are the most effective instrument of government economic policy, and the main determinant of the price level. Monetarism is an economic theory which focuses on the macroeconomic effects of the supply of money and central banking. Formulated by Milton Friedman, it argues that excessive expansion of the money supply is inherently inflationary, and that monetary authorities should focus solely on maintaining price stability. Monetarists - Beliefs Monetarists vary in their precise beliefs on expectations. Some believe that expectations adjust so quickly that any policy change will immediately be taken into account by people, and there will therefore be no short-term adjustment. This school of Monetarism is known as 'rational expectations'. More moderate Monetarists accept that there may be an adjustment period, and so policy changes may have temporary or short-term effects on the level of output. Perhaps one of the best known quotes from Friedman's work is that: "Inflation is always and everywhere a monetary phenomenon" This quote is perhaps the best indication of the reason why Monetarists are called Monetarists! Monetarists - Theories Much of the Monetarists' theory is a development of earlier Classical theoretical work. Their main contribution is in updating many of these ideas to fit them into a more modern context. The two key areas of Monetarist work that we will look at are: Quantity Theory of Money Expectations-augmented Phillips Curve Quantity Theory of Money The Quantity Theory of Money was a bit of Classical theory based around the Fisher Equation of Exchange. This equation stated that: MV = PT Where: M is the amount of money in circulation V is the velocity of circulation of that money P is the average price level and T is the number of transactions taking place Classical economists suggested that V would be relatively stable and T would (as we have seen above) always tend to full employment. Friedman developed this and tested it further, coming to the conclusion that V and T were both independently determined in the long-run. The conclusion from this was that: [^] M [-->] P [^] If the money supply grew faster than the underlying growth rate of output there would be inflation. Inflation would be bad for the economy because of the uncertainty it created. This uncertainty could limit spending and also limit the level of investment. Higher inflation may also damage our international competitiveness. Who will want to buy UK goods when our prices are going up faster than theirs? Monetarists - Policies Since the work of Monetarists is mainly limited to their view of inflation, their policy recommendations are pretty much on inflation only as well. They tend to believe that if you control inflation as the main priority, then this will create stability and the economy will be able to grow at its optimum rate. The key policy is therefore control of the money supply to control inflation. The government should certainly not intervene to try to reduce unemployment as the economy will automatically tend to the natural rate of unemployment. The only way to change the natural rate is through the use of supply-side policies. All of this makes Monetarists' policy recommendations pretty similar to those of the classical economists. Supply-side policies Supply-side policies can be used to reduce market imperfections. This should have the effect of increasing the capacity of the economy to produce (in other words the long-run aggregate supply) they should therefore reduce the natural rate of unemployment. This will be the only non-inflationary way to get increases in output. Above figure shows that using supply-side policies has increased the level of output from Qfe1 to Qfe2, but the price level has remained stable. Supply-side policies as we have said are ones that reduce market imperfections. They may include: Improving education & training to make the work-force more occupationally mobile Policies to make people more geographically mobile (scrapping rent controls, simplifying house buying to speed it up,) Reducing the power of trade unions to allow wages to be more flexible Getting rid of any capital controls Removing unnecessary regulations Money supply policies The real key to Monetarist policy though is the control of monetary growth. In this way (as predicted by the Quantity Theory of Money) the Monetarists would be able to maintain low inflation. |
 |
|||
| 网站地图 |
