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Economies worldwide fall into one of four categories: traditional, market, command and mixed. Within these categories, however, there is a considerable amount of variation. The type of economy that a market falls into depends on what it produces, how it produces those goods and who its goods are produced for.
Depending on the type and volume of products produced and overall health of the market, some economies tend to fare better than others. Traditional economic systems are those in which each new generation of business owners, producers and consumers maintains the same level of economic output and productivity as its parents’ and grandparents’ generations. These economies are generally supported by family businesses and trades, and their survival depends on the success of traditional social customs. Good examples are subsistence farming and production of artisanal handicrafts. Market economies, in contrast, revolve around changing consumer needs and spending habits. In these economies, trends and product popularity dictate what goods and services businesses produce and provide. Producers market products based on sound economic decisions, and buyers ultimately set prices. Command economies are those regulated entirely by governments: communism is a prime example. In these economies, markets play little, if any, role in production decisions. Finally, mixed economies contain aspects of both market and command systems. Businesses and the government help each other acquire and distribute resources for optimal economic growth.
Market economy/Free market economy features
Features:
· All the resources in a market economy are privately owned by people and firms.
· Every business will aim to make as much profit as possible i.e. profit is the main motive.
· There is consumer sovereignty.
· Firms will only produce those goods which consumers want and are willing to pay for.
· Price is determined through the price mechanism
Advantages:
· Market economies responds quickly to people’s wants
· Factors of production which are profitable will only be employed.
· There is wide variety of goods and services in the market.
· New and better methods of production are encouraged thus leading to lower cost of goods and services.
Disadvantages:
· Public goods may not be provided for in Market economy, thus the government will have to interfere to provide these types of goods.
· Market economies encourage consumption of harmful goods
· Prices are determined by the demand and supply of goods.
· Social cost may not be considered while producing goods and services.It may lead to unemployment because machines will be more productive than men.
Planned Economy/ Command Economy
Features:
· Government decides how all scarce resources were to be used.
· Government will decide what is to be produced, how much to be produced and how much should be charged for goods and services.
· The economy only has Public Sector.
Advantages:
· There is no competition between firms thus resulting in less wastage.
· Government ensures that everybody is employed.
· Less gap between poor and rich
Disadvantages:
· No incentives for businesses to produce.
· Production of goods is decided by government thus there is no consumer sovereignty.
· Businesses usually are less efficient because of lack of profit motive.
Mixed economy
Features
Mixed economy is a combination of market economy as well as government planning.
It has both private sector and public sector. Some businesses are owned by private individuals while some businesses are owned by the government. India, Indonesia is examples of mixed economies.
Mixed economy attempts to overcome the disadvantages of a market economic system by using government intervention to control or regulate different markets.
Primary literature
1. Экономикалық теория негіздері. Оқулық-Алматы, Санат 1998
2. Экономикалық теория. Оқу құралы-Алматы, 1999
3. Жалпы экономикалық теория. Оқулық. Редактор жетекшісі ШЕДЕНОВ Ө.Қ. Алматы-Ақтобе 2002
4. Экономикалық теория. Оқу құралы Г.К.Сулейменова, Ә.Ғ.Мұхамеджанова, М.А.Өмірзақова т.б., Қызылорда 2004
4. Ownerships relations and its role on economy
4.1. The economic and law contents of ownership
4.2. The object and subject of ownership
4.3. The privatization on Kazakhstan: periods, forms, methods and problems
The Purpose of lecture - acquaint student with main positions given to lectures, give student theoretical material on subject "Relations to property and their role in economy of".
Key words: property, разгосударствление, privatization, possession, use, dictation, subject to property, object to property, state property, private property
The ownership - a formation complex and multivariate. She pertains to the main abutment society, is a foundation of the whole economic system society. From its nature hang the relations a production distribution, exchange and consumptions life good. Its forms are changed with change human society. The main by operative power of this change is a development of production power.
In everyday life under property usually understand the attribute that or other things determined to persons or group of the persons, its identify with appropriation. Consequently if thing do not use separate, that and question about property does not appear. However scientific understanding to property greatly differs from empirical understanding.
The subject to property gains the status legal or physical person and is provided with by rights holdings, uses and dictations.
The possession - initial or primary property category, reflecting legal, documentary bolted fixed property. The possession presents itself actual possession by thing. The subject becomes the real owner under, entering in possession that is arranged by legal act.
The dictation - a right to make any legal actions in respect of object of the property (sale, presenting, exchange, issue on inheritance, delivery in lease, guarantee and etc.). The dictation means act of concentration of the rights holdings and uses in hand of the subject. At subject has a possibility to realize all main rights of the owner: determination of the ways of the using the object to property and right to make the deals. The true owner becomes if and when he владеет and orders the object to property.
Delegation, issue of the rights of the dictation, means, on essences, delegation of authority owner in the other hands.
The property as economic category - an attitude between people on cause of the conferring the facilities production (the material good, resource) and result production. At, the property emerges as attitude of the appropriation, master's use and economic is realized.
Appropriation - a concrete way of the mastering by thing is a most important economic function. She expects the economic relationship between people, which install their relations to thing; characterizes established economic (economic) relationship and means, who can pretend and who has the right not to pretend on given thing.
Stand out two types to property: private and the general.
Private property expects that separate persons pertain to capital goods (the resource) and result production as personally its. She has derived from quotient production (the crafts, trade and etc.). The object quotient to property is a cloth, footwear, products of the feeding and etc. I.e. subjects of the individual use. The private property can be two types: labor private property and nonworking private property.
The labor private property - a personal property. Its subject are farmers, handicraftsman’s, farmers, workman’s of the different spheres and branches, businessman’s- small producers. They simultaneously are and owner, and workman. All of these assign the results of its labor, to account which they increase its property and live. However nowhere labor private property is neither dominating, nor dominating type to property.
The nonworking private property, opposite, expects the separation of the labor and property. The factors production belongs to a little to persons, in connection with than appears the property inequality. The society splits on opposite classes and social groups, one of which monopoly has and order the factor and result production, but other - there are deprived. Poor have to working on owner and are found in full economic dependency from the last. The example of this type quotient to property is Asiatic, antique, feudal and capitalistic public-economic systems. The general property presents itself joint property i.e. attribute that or other object family, commune, associations, group, folk, state, society. All subjects have real and equal right to have, use and order the object to property with provision for the personal, collective and state interest.
For turning to the market necessary to draw near the producer to property, but this possible under разгосударствлении and privatization object to state property.
The privatization - a conversion object state and municipal property in private property. The nationalizing - an inverse process: from quotient - in public (state) owners. In privatization state enterprise can participate and foreign investors. However their share, as a rule, is clearly determined by legislation in interest of protection and maintenances to competitiveness of the national economy.
The privatization is realized in such forms:
- A transformation enterprise in joint-stock companies, in the company, in lease enterprises and other forms of the management with acquisition workman data enterprise actions JC;
- Acquisition by population of the actions of the join-stock companies and other managing subject with the following their sale. Distribution income from selling the actions privatized enterprise, residing in federal property, occurs thereby: in federal budget - 55, in republican - from 1 about, in local - 4, it privatized enterprise - 14%;
- A ransom property by lessee or lease enterprise on expiration of the lease. At ransom can be realized not only for cash facility, but also to account bank credit. The Incomes from operation such enterprise with interest cover taken on credit loans;
- A sale on contest (commercial, nonprofit investment) and on auction.
Sale on contest - acquisition physical or juridical persons in private property object to privatization. Herewith during determined period can be preserved profile of the enterprise and numerical composition of the former labor group.
The commercial contest is conducted in the manner of opened share sale or locked tender. At, the right of acquisition belongs to the buyer, offered maximum price.
The investment contest is conducted on investment sale. They are sold state and municipal enterprises; from buyer is required realization of the investment programs. At ownership is sent buyer, offered maximum volume investment.
Sale on auction - acquisition physical or the juridical persons in private property on opened sale object to privatization. Herewith not execution of some conditions is required to object of the privatization. Ownership is sent buyer, offered in the course of sale maximum price. Consequently, privatization object is used on discretion of the buyer.
Questions for self-control
1. What the place occupies the property in market economies?
2. What are the types of property?
3. What is a privatization?
4. Who from scientist created the economic theory of ownership?
Primary literature
1. Экономикалық теория негіздері. Оқулық-Алматы, Санат 1998
2. Экономикалық теория. Оқу құралы-Алматы, 1999
3. Жалпы экономикалық теория. Оқулық. Редактор жетекшісі ШЕДЕНОВ Ө.Қ. Алматы-Ақтобе 2002
4. Экономикалық теория. Оқу құралы Г.К.Сулейменова, Ә.Ғ.Мұхамеджанова, М.А.Өмірзақова т.б., Қызылорда 2004
5. The types of public economy
5.1. The natural and commodity economy
5.2. The main of commodity economy
5.3. The money: main and functions
The Purpose to lectures:
1. Acquaint student with main positions given to lectures
2. Give student theoretical material on subject "Forms public facilities"
Keywords: form public facilities, natural form facilities, goods form facilities, money
Goods - a thing, product of the labor, first, satisfying some need of the people, secondly, changed on the other goods. The goods form can take and facilities, emerging not in the manner of belongings, but in the manner of activity, useful effect (the repair, transportation cargo, facilities medical, entertainment and the other enterprise).
The categorization goods necessary in purpose automated information handling about product in different sphere of activity, for study consumer characteristic and quality goods, account and planning the trade turnover, formation catalogue and price-list, improvements of the system to standardizations, at certifications of the product and undertaking the marketing studies.
The categorization goods in made condition must answer the following requirements:
- guarantee the fullness of the incidence all type produced to product;
- promote the deep study characteristic goods;
- assist the principle of the coding goods;
- provide flexibility to categorizations, which expects enabling the new names in list of the product, not breaking general system to categorizations.
Cost of goods there is the substantiated in him public labor. Moreover cost reveals itself only through exchange of one goods on another, through of exchange cost, which emerges as the form of its manifestation. Being category history, cost exists in condition goods production only, expresses the production relations between commodity producers, their economic relationship with each other through changing the products of the labor. For exchange goods, the thing escapes the relations between people. Public consumers cost and cost - qualitative and quantitative opposition, which in unity express essence of goods.
Two characteristics of goods (public consumer cost and cost), contradictions between them are conditioned by twofold nature of the labor, creating goods. The Labor incarnate in goods, is simultaneously and concrete, and abstract. The concrete labor - a labor in qualitative determined to form, labor of the certain type, professions.
The money - one of the greatest human inventions. The origin of the money is connected with 7 - 8 before n. e., when beside primitive tribes appeared from of some products, which possible was change on other necessary products. Historically as facility of the relief of the exchange was used - with variable success - a live-stock, cigars, sinks, stone, piece of the metal. But to serve as money, subject must pass only one test: he must get the general confession and buyers, and seller as facility of the exchange. The money are defined by society itself; all that society will acknowledge as address, - and there is money. Really, money - goods, you-stepping in dug the general equivalent, reflecting cost all about-sneeze goods.
The money, either as any other notion, has its essence.
Essence of the money reveals itself through:
1) general direct exchangeability;
2) Independent of exchange cost;
3) External property measure labor.
Besides, money has an own categorization. In particular, on the form of the existence money be the cash and cashless. The cash money in turn subdivides on real money, credit money (the banknotes and treasury notes) and change coin. The cashless money can exist as within the framework of national money-credit system in the form of national currency, so and in the form between nationalities payment facilities in system international payments.
The money possesses the certain function. The functions of the money:
1. The Measure of the cost. The Money emerge the measure of the cost. The Society considers suitable to use the money unit as scale for measuring the relative cost varied good and resource.
2. The facility of the payment. The money emerges as facility of the payment. This function of the money reveals itself, first of all in servicing the payments outside of spheres of the trade turnover. This tax, social payments, percent for credits.
3. The facility of the address. The money emerge as facility of the servicing the trade turnover. First, first of all money circulating today facility of the address, money possible to use under purchase and sale goods and services. As facility of the exchange money allow about avoid the inconvenience of the barter exchange. And, presenting suitable way of the exchange goods, money allow the society to use to geographical specialization and divisions of labor between people.
4. The facility of the accumulation (the savings). The money serves the facility of the saving. Since money the most liquid property, they show the most suitable form of the keeping wealth.
5. The world money. The function " world money " - a money in system of the international economic relations. The money play exclude-flesh important role in market economies.
The market impossible without money, money address. Money address - a moving the money, turn goods and services. It about the realization goods, as well as motion financial market.
Changing form of the cost (goods on money, money on goods), money are found in constant motion between three subjects: physical persons, managing subject and organ state authorities. Moving the money when performing them their own function in available and cashless forms presents itself money address.
Money address - a moving the money in internal economic turn of the country, in system of the foreign economic ties in available and cashless form, servicing realization goods and services, as well as non-commodity payments in facilities. The Base category of the money address are a money unit, money mass, money system and money-credit policy.
The money unit - historically established legislative bolted national unit of the measurement amount money, the prices goods and services.
The money mass - an available amount and cashless bankrolls, as well as the other facilities of the payment.
Money,-credit policy presents itself collection money-credit instrument (the parameters of the money mass, rates reserve, level of the percent, terms of credit, rates of the refunding and etc.) and institute money-credit regulation (the central bank, ministry of finance and etc.).
The money system presents itself form of the organizations of the money address, which has a history nature and changes in accordance with essence of the economic system and base money-credit politicians.
Money address is realized in available and cashless forms.
Available - a money address - a moving the cash of the money in sphere of the address and execution them 2-h function: facility of the payment and facility of the address. The hard cash are used: for payment goods, work, and services; for payment, not in accordance with motion goods and services
Cashless address - a moving the cost without participation of the cash of the money. The High level cashless calculation in any country speaks of correct, literate organization of the whole money turn.
Question for self-control
1. What are the forms to organizations public facilities?
2. What concluded Marxist method of the study category goods facilities?
3. What is the essence of the money?
4. What is the essence marjinalist method of the study category goods facilities?
6. The mains of market economy and its functions mechanisms
6.1. The main and types of market economy
6.2. The basic elements of market economy: demand, supply, price, competitive
6.3. The features of market economy. Advantages and disadvantages of market economy
The purpose of lectures - acquaint student with main positions given to lectures and give student theoretical material on subject "General feature market facilities"
The keywords: the market, demand, offer, competition, oligopoly, monopoly.
The market - a polyhedral notion. Exists the ensemble of the determinations market. The most simplifying determination: the market - a place, where is realized purchase and sale of goods. Such determination comes from that that first signs, as the meeting place seller and buyers, appeared as far back as epoch the primitive-communal building, when communes have begun be changed excess to its product. Today, such exchange is identified the barter.
To. Makkonnell and S. Brue give the following determination: the market - an institute, or mechanism, bring together buyers (the bearers of the demand) and seller (the supplier) separate goods and services.
The market a collection of the economic relations on cause bathed a sale goods and services. This means that economic relations provide motion goods and services from producer to consumer, but purchase and sale is a connecting-links in this system (the production and consumptions).
To condition of existence (operation) market pertain:
- economic independence subject in conclusion of the deals on cause bathed- sale and at the disposal their own income;
- presence to competitions;
- reliable information on the market;
- a right subject define the price on their own goods and facilities itself;
- determined excess of the offer on demand;
- a free entry and output;
- presence of the intermediary companies, as well as feed forward between producer and consumer goods and services
The market executes the following functions:
- pricing. The market installs the price on the market in accordance with expenses of the public necessary labor and law of the supply and demand;
- information. The market gives the information about amount, quality, assortment goods and services. This allows the producer constantly to check its production with changing condition on the market;
- intermediary. The market allows the commodity producer be changed result to its activity.
- adjusting. This function is the most important. The market gives the answer to questions: That to produce? What produce? For who produce? This function executes the competition, being main adjusting power on the market;
- stimulating. The market forces the producers to reduce, but this possible when introducing the achievements of the science and technology;
- cleaning. The market is hard, rather than charitable system. His inherent social stratification and ruthlessness to poor. The economy of the country cleans By means of competition market from unstable, impractical facilities and gives the green light more enterprising and efficient. As a result increases the average level to stability of the whole economy of the country.
The structure market - an internal construction separate its element, their share in the general volume market. Distinguish the following taxonomic signs of the structure market:
- on object (the economic contents) follows to select:
1. market goods and services (the consumer market);
2. market of the labor;
3. financial market;
4. exchange market;
5. market to information;
6. market of the facilities production;
7. market patent and license.
- on subject distinguish:
1. market of the buyers;
2. market seller;
3. market government institutions;
4. market go-between.
- on geographical (territorial) to position distinguish:
1. local (local);
2. between regional;
3. republican;
4. international.
Their possible unite in national (internal) market and world (external) market;
- on degree of maturity:
1. developed; 2. forming;
3. monopoly; 4. oligopoly
- on legal sign:
1. legal (official);
2. illegal (prohibited): "dark", "black", "gray".
- on branch sign:
1. car;
2. agricultural;
3. oil;
4. computer;
- on nature of the sale:
1. wholesale;
2. retail.
From structure possible to select the following types a market:
* The Market goods and services. In this group enter:
- a market of the consumer goods (food and nonfoods);
- a market of the consumer services (home, transport, public);
- a market vane and buildings nonproduction purposes;
* The Market factor production. In their composition enter:
- a market capital;
- a market of the labor (the labor);
- a market of the land;
* The Financial market. To the pertain:
- a credit market;
- an investment market;
- a stock market (RCB);
- exchange - a money market;
* The market of the intellectual labor (the inventions, works of literature and art, innovations, certificates, licenses).
The market infrastructure - a collection organizing-legal forms, providing motion goods and services. She is called to provide the normal mode of the operation market.
The element of the market infrastructure are:
1. exchanges (goods, stock, exchange);
2. forms none change mediation (the auctions, fairs and etc);
3. bank system - CB RF, commercial banks and of the institution;
4. insurance companies;
5. advertising agency, documentation centers;
6. facility to business communication;
7. customs system;
8. tax system;
9. auditor companies;
10. consulting companies;
11. special zones of the free enterprise;
12. systems of the regulation to employment of the population;
13. varied funds of support enterprise and stimulations to business activity.
Questions for self-control
1. What are the basic elements of market mechanism?
2. What types of competitive do you know?
3. What features of market mechanism?
4. What advantages and disadvantages of market mechanism?
Primary literature:
1. Экономикалық теория негіздері. Оқулық-Алматы, Санат 1998
2. Экономикалық теория. Оқу құралы-Алматы, 1999
3. Жалпы экономикалық теория. Оқулық. Редактор жетекшісі ШЕДЕНОВ Ө.Қ. Алматы-Ақтобе 2002
4. Экономикалық теория. Оқу құралы Г.К.Сулейменова, Ә.Ғ.Мұхамеджанова, М.А.Өмірзақова т.б., Қызылорда 2004
7. The theory of demand and supply
7.1. Law of demand. Demand curve
7.2. Law of supply. Supply curve
7.3. Market equilibrium
7.4. The coefficient of elasticity
The purpose of lectures - acquaint student with main positions given to lectures and give student theoretical material on subject "Bases to theories of the supply and demand".
Keywords: demand, offer, determinants, market balance, goods excess, goods deficit, resilience, under-elastic demand, rubber-band demand
The demand - a form of the expression to need or solvent need, t. e. amount of the money, which buyers can pay for necessary him goods and facilities. Consequently, desire of the people must be supported by money. Need move over to demand then, when there are bankrolls for acquisition given goods.
Usually demand is expressed graphic in the manner of crooked line and is marked by symbol D. Exists the dependency between the price R and amount of bought goods Q.
Than above price of the goods, that less him(it) on bathe, and then below its price, that more its buy. Such dependency is expressed in law of the demand. The essence of the law of the demand: than above price, that demands less, conversely. The reason of the reduction of the demand is a growing of the prices and insufficiency income populations.
Distinguish individual and market demand. The individual demand - need concrete, separate buyer, expressed in money form.
The market demand - a total demand of the buyers given goods on given to price.
The points on crooked demand А, В, with show the volume of the demand I.e. motion goods from sibling to the other (was 400 items, became 800 sht.)..
The maximum price, on which buyer ready to buy goods, there is price of the demand. The relationship between volume demand for goods and the price of the goods presents the scale of the demand. She shows, how much buyers to should like to gain goods on each of ensemble of the prices.
The demand possible to consider with quantitative and qualitative sides. The demand with quantitative sides - an amount consumed good on given moment. The demand with qualitative sides - solvency I.e. amount of the money, paid for obtained goods.
On demand influence price and non-price factors (the determinants).
The price factors change the volume of the demand that is the demand characterized by moving on crooked line from one point (but) to other (В or С, or D) or back upwards.
To price factor pertain: effect of the income, effect replacement and law decreasing usefulness.
The effect of the income - an increase to purchasing power of the money as a result of reductions of the price on goods. The buyer as a result of reductions of the price can buy more given goods and in ditto time can address to the other goods, since purchasing power of the money (the income) increases.
The effect replacement - a reduction of the price on determined goods, stimulation person to gain it instead of similar, but more road goods. buyer is herewith biased to change expensive goods more cheap - interchangeable, t. e. alternative goods, for instance, cream butter by oleomargarine, beef by pork.
The law decreasing usefulness. The essence it is concluded,in that that with acquisition of each following unit of the product buyer gets usefulness less or satisfactions, than from previous. For instance, the third ice-cream less useful, than the first and the second. So buyers will buy the additional units of the product only at reduction of its price (about this in detail below).
Though the price is a most important factor, influencing upon demand, however and non-price factors influence upon demand and cause its change. To the pertain: change taste consumers, change amount buyers, income but the price change on associate (interchangeable) goods, change to waiting the consumers. They displace (shift) twist demand to the right or to the left.
Change taste consumers. This occurs under influence of the advertisement, modes, age, and climate. For instance, disadvantage climate displaces twist downwards (D2), but favorable -upwards (D1).
Change amount buyers. Than more on the market of the consumers, tem. above demand D1 and, on the contrary, reduction of the number of the consumers means the reduction of the demand D.
Change the income (the budget) of the buyers. The demand increases at growing of the income for more expensive and qualitative goods. Consequently, curve of the demand D is displaced upwards (D1). N, on the contrary, at reduction of the income curve D is displaced downwards (D2).
Change the prices on associate (interchangeable) goods. The price reduction on plane tickets shortens the demand for trips bus. Consequently, demand, on planes grows and curve moves upwards (D 1). Opposite falls the demand for buses (D2).
Change to waiting the consumers (consumer waiting). The disadvantage weather in America generates waiting the more high prices on coffee and hereunder grows the current demand for coffee. The curve of the demand D is displaced upwards (D1), but favorable weather shortens the current demand and curve strives downwards (D2).
The supply - a collection goods and services, residing on the market or delivered on it. It is defined by production. However not always made goods and facilities can be presented in the manner of offers on the market. This is connected with transport, road and etc. Exists the straight line for between the price R and amount offered goods Q. This dependency is expressed in law of the offer. The essence of the law of the offer - than above price, that above offers goods and services, conversely, than below price, that below supply.
The price of the supply - a minimum price, on which seller agree to sell goods. The scale of the offer - a dependency between volume of the offer of goods and its price. This list of the proposed volumes under each of ensemble of the prices.
The supply possible to consider with quantitative and qualitative sides. The supply there is volume with quantitative sides to readiness (the amount goods) goods, for given length of time. The supply with qualitative sides - there is readiness to make a deal on sale of concrete goods i.e. readiness to return the money.
On change the offer affect as price, so and non-price factors. The price factors move the offer from one point (in) to other (А and with) upwards or downwards. This depends on level (high or low) of the prices. Consequently, the main by factor, defining volume of the offer, is a price.
Non-price factors displace twist offers or to the right (downwards), or to the left (upwards). To the pertain: change recourse prices, change to technologies, change the prices on goods-substitutes, change the taxes and subsidy, change the waiting the producers, change amount seller (the supplier).
Change recourse prices. Increase the prices on facility promotes increasing of the production costs and hereunder shortens the offer and curve of the offer 5 are displaced upwards. Than more costs, that offers less. The growing of the prices on facility causes the offset of the crooked offer to the left (51) upwards conversely (52).
As a result of interactions of the supply and demand is fixed the market balance and is formed market price.
The market balance - such state of business, when interests of the producers and consumers coincide, when supply and demand are. This means, no excess to product and no deficit to product that about produce, that and is sold. Such situation appears on crossing the crooked demand D and offers S in point O. Only in this single point price makes simultaneously and buyer and seller that is identified the market равновесной by price. If the price increases above balance, that seller tries to sell more goods, but consumer will buy with smaller hunt. As a result excess of goods is formed. Under influence of the competitions seller price begins to fall and desire will appear beside buyers to bathe more, but seller to sell less. As a result market to bring back into condition rest.
If the price is lowered below balance, that demand will more be an offers, will appear the deficit of goods. Under influence of the competitions of the buyers price will begin to go up to that times while offer is not equalized with demand, while on becomes dull the balance.
Questions for self-control
1. What role does play the supply and demand in market economies?
2. What are the laws of the supply and demand?
3. What is a market balance?
4. What is a resilience of the supply and demand?
8. Circulating capital. Enterprises income and expenditure
8.1. The basic and circulating capital.
8.2. Business and its types
8.3. Investigation
8.4. Expenditures and income
The purpose to lectures - acquaint student with main positions given to lectures and give student theoretical material on subject " Circulation and turn of the capital of the enterprise".
Keywords: circulation of the capital enterprise, turn of the capital enterprise, main and current capital, wear-out of the fixed capital, amortization, investments, physical wear-out, obsolescence
The Main factor production are a capital (K) and labor (L).
Defining capital (to) as factor production, economists identify it with capital goods. The Progenitor of such interpretation emerged the classicists political spare: A. Smith considered the capital as accumulated and the substantiated labor, D. Ricardo considered that capital - capital goods. Fiziokratism in France under capital understood the land.
However capital is bound always with its money form. Together with that capital - a knowledge, skills of the person, its energy, used in production economic good.
The capital - time, creating good (the income). The income remuneration for refusal of satisfactions of the personal needs for present time for the sake of future.
In the opinion of Marks, the capital - a complex notion. Outwardly he emerges in capital goods (the constant capital), in money (the money capital), in folk (the variable capital), in goods (the goods capital). But all of these become the capital in that event, when emerge in dug the instruments purpose of the someone else labor. The glances economist on capital varied, but all of these united in one: capital is associated with ability to bring the income.
А. Smith, S.Mill and the other economists in process of the operation distinguish main and current capital. In base of this fission lies the nature of the moving the cost factor production on ready product or service.
The capital given material form to in facility of the labor (the building, buildings, tool and t. d.), functioning in production several years and fart carrying its cost on ready product on a parts in the manner of depreciation charge, there is fixed capital. The other part of capital, including subjects of the labor (the raw material, material, energy and etc.) and fart carrying its cost on ready product immediately, is a current capitals. The money spent on current capital, return to businessman right after sales of products.
Constant moving the cost of the fixed capital on measure of its wear-out on made product and use of this cost amortization is identified the fixed capital for the following reproducing. A part of cost of the fixed capital, which is constantly carried on produced product and after sales of products is used for its reconstruction, there is depreciation charge. The attitude of the amount of the depreciation charge to cost of the fixed capital, expressed in about cent, is a rate to amortizations. In he is taken into account physical and obsolescence.
The physical wear-out - a process, as a result which fixed capital becomes physically unfit for the further use. He emerges in two types:
. wear-out as a result of using (the usages);
. wear-out as a result of inactions (the influence of the atmospheric precipitation, corrosion metal and etc.) though the fixed capital and is not used.
The collection of the depreciation charge during determined time forms the amortization fund. He allows to conduct current and heavy repair, as well as completely update the fixed capital.
The capital must not be at rest. He must make constant motion, t. e. circulation. The circulation of the capital - a moving the capital from begin advance it in money form before its return owner in money form on a parts. As a result of circulation capital is simultaneously found in three functional forms (money, production and goods) and three stages (in 1 and 3 stages occurs the process of the address, in 2- process production).
The circulation of the capital must be realized continuously. If capital detains on 1 stage, that production goods not will, but occurs only accumulation tool, machines, material and etc. Circulation, constantly reiterative from begin advance the capital before its full return in initial form, there is turn of the capital. The period, during which capital returns to owner, there is time of the turn. Time of the turn of the fixed capital is equal several circulations, but current capital - one circulation. Time on-company is divided for time production and time of the address.
Time production - time, during which capital is found in production. It consists of performance period and time production respite (drying, coloration fabrics and etc.). Time of the address - time, during which capital is found in sphere of the address (trade). It consists of time, buying and time of the sale goods. Time of the address depends on conditions of the transport, roads, from capacity market, from distance and etc.
Questions for self-control
1. What is a circulation of the capital?
2. What are types of the production capital?
3. What are the types of the wear-out?
4. The structure and types investment?
9. Production factors market and forming of factoring income
9.1. The labor market and wages
9.2. Capital and rates
9.3. The land market and rent
The labor ability of the person to toil, physical and mental possibilities, as well as skills, allowing person to execute the certain types work, providing herewith necessary level to capacity of the labor and quality prepared to product.
The market of the labor this sphere of the shaping the supply and demand of the labor (the labor services). Through the market of the labor majority working population gets work and incomes. The market of the labor is adjusted by supply and demand of the labor.
Particularities market labor:
On the market of the labor are bought only labor services, rather than individual itself.
The compensation for labor is presented not only salary by charge, but also fringe benefits (the bonus and money remunerations, cost vein, social security, and cost of the professional education, cultural-home service and etc.)
The labor contracts except money aspect, deals included: contents and term of the labor, microclimate in group and rates to deference to ranks in management, probability of the conservation worker place and etc.
1. On the market of the labor workman’s can differ, in particular, ability, qualification, capacity, experience, but work differ on required qualifications and term of the labor.
2. When buying the labor length contract seller and buyer have a vital importance: from she depends the experience of the workman, its capacity тру да; the employer encloses the facility in education workman and interruption of the contract carries the damage to both parties.
3. On the market of the labor is present the large number structure, representing interests state, business, the trade union. Each of they contribute its contribution to development rules of the play on the market of the labor.
4. The market of the labor deals with special resource human capital.
The human capital spare of the intellectual abilities and practical skill, got in process of the formation and practical activity of the person, but in economic science ability of the people to participation in process production.
Is it today considered that the most efficient is the investments in human capital exactly?
5. The Market of the labor be competitive and noncompetitive. The salary form material remuneration for labor (the part of cost, created and marketed commodities, and services), entering hired workman enterprise and institutions.
6. Factors, influencing upon value of the salary. Cost life good required for reproduction labor minimum level payment of the labor workman, corresponding living wage Level to qualifications workman developing economic and social conditions to life’s of the population Supply and demand on market of the labor
7. Distinguish nominal and real salary.Nominal salary remuneration for labor, which appoint workman in the manner of determined amounts money
Real salary amount life good which possible to gain for nominal charge at price level these goods and facilities
The factors of the real salary:
Value nominal salary of the charge Level prices on subjects consuming and facilities Amount taxes of the imposition
8. Forms of the salary
Constant (the salary) remuneration for labor, not hanging from some conditions.
Periodic remuneration for labor in dependence from про working time. Piece-work remuneration for labor in dependence from amount preparing products.
The mixed forms remuneration for labor in dependencies not only from amount perfected by workman time, but also from financial of the position enterprise, total work each workman and company as a whole.
Questions for self-control
1. What is a cost of the enterprise?
2. What are the types of the costs?
3. What are the types an income?
10. The national economy as a system
10.1. The basic macroeconomic indicators
10.2. Macroeconomics equilibrium
The purpose of lectures - acquaint student with main positions given to lectures and give student theoretical material on subject "National economy as system"
Keywords: public production, reproduction, model of the circulation income and expenses, GDP, GNP, transfer payments, stock market, consumer expenses
The Structure of the national economy and macroeconomics. Macroeconomics - a branch of the economic science, studying operating the economy as a whole with standpoint of the ensuring the conditions, firm economic growing, full employment resource and minimization rate of inflation. The brought determination emphasizes, first, difference of the subject of macroeconomics from microeconomics (as a whole!), in - second, outlines the circle of the main problems, which studies this science. We stop in detail on difference micro- and macroeconomics. Microeconomics, as is well known, studies the behavior separate economic subject on the individual market. The result of micro analyze is a statement about that that market mechanism, representing itself interaction of the supply and demand on base of the competitions, provides efficient use a resource. Microeconomics gives the answers to questions: as price of the goods is defined as volume of production given goods, as (and what) facility move on production of goods, who will get goods?
The main difference of macroeconomics consists in that that if microeconomics studies the particularities of the balance on separate market, that macroeconomics studies the economy as integer that is to say this science about aggregate behavior in economy.
This means, first of all that macroeconomics researches all market a good as one market, as it is woke; waked whole economy consists of one company (the producer) and one family (the consumer). All market of the labor is considered as one market. Same pertains and to the market of the capital, financial market. Certainly, aggregation distorts and simplifies reality, but then enables to study the regularities of the economy as united integer. As a result aggregation public facilities appear as interaction four macroeconomic subjects:
1. sector of the households;
2. business sector;
3. state sector;
4. sector "rest world".
In brought above determination is named three the most important problems, forming subject of the study of macroeconomics: employment, inflation, and economic growing.
National accounting is founded on use the system generalizing factors (the unit), reflecting results of the operating the national economy as a whole for determined length of time (usually 1год). The source factor in system national count since 1992 is a factor of the gross domestic product (GDP). Before 1992 such factor was a gross national product (GNP).
GDP - countable on market prices total cost all final goods and services, made inwardly country for determined length of time (usually for 1).
Since GDP measures the volume national annual production, he best a source of growing national wealth country, which presents itself total cost property (the asset), belonging to quotient physical, juridical persons, as well as state.
The whole made for given length of time product is divided on intermediate and final. The Fission to product on intermediate and final necessary to avoid at count GDP repeated count.
The intermediate product - a product, which is produced in given period, and in given period moves in the most further conversion or resale (for instance, growing in given year potatoes and in given year sold enterprise, producing starch).
The final product - a product, which is produced and gained during given period for final consumption (personal or production), that is to say, is not used as intermediate product. To from the general volume made product to exclude the intermediate product use the method of the calculation "on added cost".
The added cost of the company - presents itself volume of sales company (the general receipts) for deduction of the cost cheese and material, bathed beside the other companies for production of the product.
Follows to emphasize that GDP takes into account only goods and facilities, made in given period. The deals with earlier created asset do not fall into GDP given period. For instance, the price of the building, bathed in given year, but built last year will not fall into GDP given year, but here is payment of the services of the go-between - will enter. On this reason in GDP is not taken into account buying second-hand goods.
In GDP do not enter the transfer payments (since these free payments).
GDP measures the production output, created on territory given country regardless of that, to who belongs to the facility. However country can have a property заграницей, people given country leave on earnings in the other country. On the other hand, in given country can function the foreign enterprises and work the foreign people. For measurement of the volume goods and services, made by means of own resource of the country, use the factor of the gross national product (GNP). The source system factor national count served before 1992 exactly GNP. GNP - countable on market prices total cost all final goods and services, made by means of own resource of the country for determined length of time (regardless of that, on what territory was realized production).
GNP = GDP + arrivals from abroad
We have two ways of the measurement GDP (and GNP).
The first way is connected with measurement of the flow of the expenses, necessary to ransom made goods and facilities, being included in GDP (or GNP). He is identified the calculation GDP (or GNP) on expenses.
The second way is connected with measurement of the flow income, got owner factor production, used for the same goods and service production, and is identified the calculation GDP (or GNP) on income.
Questions for self-control
1. The main positions to theories reproducing the public capital?
2. What the model of the circulation income and expenses looks?
3. What are the factors of macroeconomics?
4. What are the functions of the system national count?
Primary literature
1. Экономическая теория. Учебник под редакцией В.Д. Камаева- М., 2008.-557с.
2. Экономическая теория. Учебник под редакцией Е.Н.Лобачевой- М., 2008.-515с.
3. Экономическая теория. Учебник под редакцией В.И. Видяпина - М., 2008.-672с.
4. Экономическая теория. Учебник под редакцией А.А.Кочеткова- М., 2008.-608с.
5. Экономическая теория. Учебник для студентов вузов, обучающихся по специальности «Финансы», «Бухучет», «Мировая экономика»- М., 2008.-608с.
6. w.w.w.http//ekportal.ru
11. Unemployment and inflation
11.1. The main and types of unemployment
11.2. Consequences of unemployment
11.3. The inflation and its types
11.4. Ant inflation policy
This lesson goes beyond the data and terminology of measuring inflation and unemployment to look at the impact on the economy and on individuals of changes in the levels of prices and employment. By acknowledging the continuity of change, focusing on how change redefines winners and losers in the economy, and by pointing out that things are not always what they seem, lessons on employment and inflation can demonstrate how economics education adds value to people’s lives and helps them know more that is so.
Key Terms: Employment rate, unemployment rate, inflation, interest, consumer price index, capital market, nominal, real
Unemployment and inflation are two intricately linked economic concepts. Over the years there have been a number of economists trying to interpret the relationship between the concepts of inflation and unemployment. There are two possible explanations of this relationship – one in the short term and another in the long term. In the short term there is an inverse correlation between the two. As per this relation, when the unemployment is on the higher side, inflation is on the lower side and the inverse is true as well.
This relationship has presented the regulators with a number of problems. The relationship between unemployment and inflation is also known as the Phillips curve. In the short term the Phillips curve happens to be a declining curve. The Phillips curve in the long term is separate from the Phillips curve in the short term. It has been observed by the economists that in the long run the concepts of unemployment and inflation are not related.
As per the classical view of inflation, inflation is caused by the alterations in the supply of money. When the money supply goes up the price level of various commodities goes up as well. The increase in the level of prices is known as inflation. According to the classical economists there is a natural rate of unemployment, which may also be called the equilibrium level of unemployment in a particular economy. This is known as the long term Phillips curve. The long term Phillips curve is basically vertical as inflation is not meant to have any relationship with unemployment in the long term.
It is therefore assumed that unemployment would stay at a fixed point irrespective of the status of inflation. Generally speaking if the rate of unemployment is lower than natural rate, then the rate of inflation exceeds the limits of expectations and in case the unemployment is higher than what is the permissible limit then the rate of inflation would be lower than the expected levels. The Keynesians have a different point of view compared to the Classics.
The Keynesians regard inflation to be an aftermath of money supply that keeps on increasing. They deal primarily with the institutional crises that are encountered by people when they increase their price levels. As per their argument the owners of the companies keep on increasing the salaries of their employees in order to appease them. They make their profit by increasing the prices of the services that are provided by them. This means there has to be an increase in the money supply so that the economy may keep on functioning. In order to meet this demand the government keeps on providing more money so that it can keep up with the rate of inflation.
Full employment and Underemployment: A society is almost never fully employed, but one of the goals is to reach full employment. Full employment has two conditions: Everyone who wants to work is working, and the rate of inflation is stable. When the economy is at full employment, there is no cyclical unemployment but still frictional and structural unemployment. This is defined as natural unemployment.
· You are only classified as unemployed if you go and register with the government as available for work.
· The labor force is defined as those of 16 years of age or older who are employed plus all those who are unemployed seeking work.
Unemployment rate: the number of people with no work expressed as % of the labour force
Cost of unemployment: There are numerous costs of unemployment. For one thing, demand-side unemployment may be a slippery slope. For another thing, there are social costs such as high crime rates. There is a loss in potential output. There is political unrest brought by high levels of unemployment.
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