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1971 | Buch

Supply and Demand Kapitel lesen Erstes Kapitel lesen

Principles of Economics

verfasst von: C. T. Standford, M. S. Bradbury

Verlag: Palgrave Macmillan UK

Buchreihe : Studies in Economics

Enthalten in: Professional Book Archive

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SUCHEN

Inhaltsverzeichnis

Frontmatter
Chapter One. Supply and Demand
Abstract
Mankind’s material wants are met by the consumption of goodsl which are obtained by production. If we assume that the quantity of goods which can be made is restricted by the limited quantities of resources, and that human wants are unlimited, the problem of scarcity emerges, i.e. goods are scarce not simply in the sense that there is only a limited quantity available, but relative to the demand for them. Also, given that all of society’s wants cannot be met because of scarcity, there is a problem of choice, i.e. society has to choose how to allocate resources between competing uses. Three aspects of this problem are usually distinguished in elementary economics:2
1.
What goods are to be produced and in what quantities ?
 
2.
How is each good to be produced, given that it can usually be made by using alternative combinations of resources ?
 
3.
How are the goods to be distributed, i.e. what share of production does each person receive and what combination of goods does the share consist of?
 
M. S. Bradbury
Chapter Two. Opportunity Cost
Abstract
In Chapter One it was noted that the problem of scarcity led to that of choice, i.e. as all wants cannot be met at any one time, society has to choose how to allocate scarce resources between competing uses. Hence, the production of more of one good implies that less of another can be made. Thus the real cost of producing a good can be measured in terms of the forgone opportunity of producing something else. This important concept is called opportunity or alternative cost.
M. S. Bradbury
Chapter Three. Variation of Cost with Output
Abstract
An entrepreneur who decides to change his rate of output will have to re-examine his inputs of the factors of production. The quantities of some inputs, e.g. raw materials, may be variable within a few days; others, e.g. complex plant and machinery, may take several years. To simplify analysis, economists divide the process of adjusting factor inputs into three stages: the short run, the long run and the very long run. At any one time, the duration of these decision-making time horizons will vary from one industry to another.
M. S. Bradbury
Chapter Four. Equilibrium of the Firm in a Perfectly Competitive Market
Abstract
The concept of the profit-maximising firm is central to economic theory. The entrepreneur must make such decisions about purchases of inputs and the technique and scale of production that will yield him maximum profit. An understanding of these choices clarifies many of the concepts and techniques that are used in all branches of economics.
Edward Horesh
Chapter Five. Aspects of Imperfect Competition
Abstract
This chapter is concerned with two aspects of the theory of the firm:
I.
The links between the objectives of firms and market behaviour.
 
2.
The nature and significance of barriers to the entry of new producers.
 
First, however, a note of warning on the uses and abuses of the theory of the firm.
M. S. Bradbury
Chapter Six. Wages
Abstract
The Gross National Product in any year is produced by the combination of the factors of production in that year The income generated by this activity is the price paid in total for the use of these factors of production. The division of the total price paid into respective categories according to the contributions of factors results in the allocation of shares of the income generated to the providers of the factors used. The price paid to respective providers of the factors constitutes their income from current economic activity and thus the theory of the determination of the prices of factors of production is called the Theory of Distribution. Wages and salaries are the share of income generated which represents the price paid for the contribution of labour of whatever type to the total product.
J. Tofts
Chapter Seven. Profits and Variations in Factor Shares
Abstract
The introduction to the previous chapter sketched in the barest outline of what may be called the factor-pricing Theory of Distribution, and then went on to discuss in a little more detail the Theory of Wages, i.e. the price of the labour factor and its share in the value of what is produced.
J. Tofts
Chapter Eight. National Income and Output
Abstract
In a typical economy a large number of economic transactions occur. National income accounting is an attempt to classify these transactions in a way that is economically meaningful. In simplest terms, an economy can be thought of as a set of flows. Taking, for example, an economy which has no external trade and no government sector, the major flows can be depicted as in Fig. 8.1.
P. N. Dean, G. C. Dean
Chapter Nine. Changes in Economic Activity: Consumption, Investment and the Rate of Interest
Abstract
The general level of income and employment depends on the aggregate level of demand for goods and services; it is the demand for goods and services which creates the demand for labour (which is therefore a derived demand).
C. T. Sandford
Chapter Ten. Money and Banking
Abstract
Money can be briefly defined as anything generally acceptable in immediate settlement of a debt. It is usual to identify three (or sometimes four) functions of money:
1.
A medium of exchange — which avoids the inconveniences, coincidences and problems of divisibilities associated with barter.
 
2.
A unit of account, or common denominator of value, which facilitates measurement of flows of goods and services and of stocks of goods.
 
3.
A store of value (or liquid asset).
 
C. T. Sandford
Chapter Eleven. Inflation
Abstract
Inflation may be provisionally defined as a situation in which aggregate demand for goods and services is in excess of aggregate supply at the existing price level, and output cannot be readily increased because equipment is already being highly utilised and employment is at a very high level Rising prices are the usual consequence of inflation, but inflation should not be equated with rising prices; rather inflation is the upward pressure being exerted on prices in general. Inflation may be present with little price rise if price increases are held back by controls (see below under ‘Suppressed Inflation’); indeed, a price rise may be deliberately used as a means of correcting inflation, for example by increases in outlay taxes designed to ‘mop up’ the excess demand which is exerting the pressure on prices.
C. T. Sandford
Chapter Twelve. Comparative Advantage
Abstract
In his Wealth of Nations Adam Smith refuted a mercan-tilist argument that a trade advantage to one nation implied a counterbalancing disadvantage to another. He insisted that international trade could be mutually beneficial and argued powerfully in favour of free trade, but it was David Ricardo (1772–1823) who firmly established the theory of comparative advantage.
A. L. Dalby
Chapter Thirteen. The Balance of Payments
Abstract
The balance of payments is the statement of all payments made by nationals to foreigners and all payments from foreigners to nationals during a period of time. We can distinguish:
1.
The balance of trade, which is the statement of the value of goods exported and imported by a country.
 
2.
The balance of payments on current account, which consists of the balance of trade together with ‘invisible’ earnings and payments. Invisible exports are services provided to people living abroad; ‘visible’ exports are the physical goods sold abroad. As the Report of the,ag Committee on Invisible Exports put it: ‘Whereas “visible” exports can be seen, touched, weighed, as they pass through Britain’s ports (both sea and air) “invisible exports” arise from a variety of activities. The performance of a British play on Broadway, the shipping of foreign goods by a British vessel, accounting advice given to a foreign client, the insurance of a foreign factory, the raising of capital in London by a foreign borrower, the profit on a sale of rubber from Malaya to Russia by a British merchant, the purchase of British industrial “know-how” by a foreign firm: all are “invisible” and all lead to the earning of exchange from foreigners.’ 1 Income derived from overseas assets is also classed as invisible earnings. The invisible earnings and payments usually shown in Britain’s balance of payments include. two other items: ‘private transfers’ — which include personal gifts, legacies and migrants’ funds; and government receipts and expenditure.
 
3.
The balance of payments on capital account comprises foreign investment and lending of a long-term nature (and similar kinds of investment or lending by foreigners).
 
C. T. Sandford
Chapter Fourteen. Exchange Rates and Devaluation
Abstract
Exchange rates are the ‘external’ value of a currency, the rate at which one currency will exchange for other currencies. Exchange rates are often grouped into three categories:
1.
Free, variable or floating exchange rates, where the value of a currency is determined by the current demand and supply conditions for that currency.
 
2.
Fixed exchange rates, where the exchange rate fluctuates only within very narrow limits because of undertakings by the central bank either (a) to exchange a currency for gold at a fixed rate, or (b) by its own buying and selling policy to intervene in the market to prevent the internationally agreed limits being exceeded.
 
3.
Controlled exchange rates, where a government lays down exchange rates for different purposes and ensures that they are maintained by physical controls over imports and exports.
 
C. T. Sandford
Backmatter
Metadaten
Titel
Principles of Economics
verfasst von
C. T. Standford
M. S. Bradbury
Copyright-Jahr
1971
Verlag
Palgrave Macmillan UK
Electronic ISBN
978-1-349-15438-8
Print ISBN
978-0-333-10282-4
DOI
https://doi.org/10.1007/978-1-349-15438-8