Unit 1 eco

36問 • 2年前

問題一覧

The process by which market forces are analyzed and understood by experts and people from the academe, in order to create optimal decisions based on past and current market conditions.

Market Analysis

The extent or difficulty of labor in producing a good or service.

Labor Applied

These ideas shape build upon experiential and scientific investigations in the wide field of economics.

Elements of Economic Analysis

Market Analysis typically involves understanding the concepts of ________________.

Demand, Supply, and Price.

The human input and factor of production.

Labor

It typically involves understanding the concepts of Demand, Supply, and Price.

Market Analysis

Comprised of the available labor force who are willing and able to work.

Labor Supply

Typically consists of the percentage of the population who are in between the ages of 20 to 40 years old.

Labor Pool

The amount of goods and services consumers are willing to purchase.

Demand

Consider as the “apex” of working ages.

Labor Pool

Often has an inverse relationship with Price.

Demand

Payments made in exchange for the work and service rendered by workers.

Wages

As prices increase, demand typically decreases.

Law of Demand

Determines if the demand for one product is elastic or inelastic.

Price Elasticity of Demand

The same as wages, but typically associated with a “higher” value. More or less associated with high incomes.

Salary

Changes in price typically affect demand (ex: soda, ballpens, street food)

Elastic

Wages and Salaries are usually paid on several bases:

Per Hour, Per Day, Per Month, Per Commission

Usually done when the work is outputbased, thus the payment of wages are usually done on the basis of or calculated when the service/product/output has been accomplished (video edits, refrigerator repair, etc.)

Per Commission

Changes in prices only slightly affect demand (ex: electricity, oil, water)

Inelastic

One of the main metrics of economic activity. It is the number of goods & services produced in the economy, as well as the volume of purchases accounted together.

Output

Determinants/Factors of Demand Shifts

Income, Tastes/Preferences of Consumers, Prices of related goods/substitutes, Changes in speculations, Population

There are many measures of economic output:

Gross Domestic Output (GDO), Gross Domestic Product (GDP), Gross Domestic Income (GDI), Gross National Product (GNP), GDP Per Capita

Refers to the available stock, resources, and quantities of products/services being demanded in the economy.

Supply

Overall output of the economy.

Gross Domestic Output (GDO)

If the price or value of a product is high, producers/sellers will be more obliged to produce larger supplies of these products. This is on the assumption that sellers are profit-driven.

Law of Supply

An excess of supply.

Surplus

A lack of supply.

Shortage

Determinants/Factors of Supply Shifts

Costs of Production, Technology, Taxes and Subsidies, Number of Sellers or Related Firms

Refers to the cost of goods and services in the economy.

Price

This is usually measured in terms of value and labor applied.

Price

Measure of benefit, worth, or good a product/service brings.

Value

[GDP + GDI]

GDO

measure of consumption (consumer spending), investment, and government spending in the economy.

Gross Domestic Product (GDP)

Measure of labor compensation, business profits, and other sources of income in the economy.

Gross Domestic Income (GDI)

measures the monetary value of the finished goods and services produced by the country’s factors of production irrespective of their location.

Gross National Product (GNP)

Economic output of a nation per person in its population.

GDP Per Capita

Pg 1. Radio-and-Television

Jian Estelle · 23問 · 2年前

Pg 1. Radio-and-Television