Economics. Course of lectures

84 Pages·0.667 MB·English

by  Gorlov S.M., Lazareva N.V. et al.

ECONOMICS.COURSEOFLECTURES 1
С.М.Горлов,Н.В.Лазарева,
С.А.Прищепчук,В.А.Фурсов
ЭКОНОМИКА
КУРСЛЕКЦИЙ
УЧЕБНОЕ ПОСОБИЕ
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МОСКВА
2015
2 S.M.GORLOV,N.V.LAZAREVA,S.A.PRISHCHEPCHUK,V.A.FURSOV
УДК330.3
ББК65.01
Г 67
РЕЦЕНЗЕНТЫ:
И.П.Беликова,докторэкономическихнаук,профессор,
Ставропольский государственный аграрный университет
Д.Е.Давыдянц,докторэкономическихнаук,профессор,
Технологический институт сервиса (филиал) Донского
государственного технического университета в г. Ставрополе
Горлов,С.М.,Лазарева,Н.В.идр.
Г 67 Экономика.Курслекций[Текст]:учебноепособие/С.М.Горлов,
Н.В.Лазарева,С.А.Прищепчук,В.А.Фурсов.–М.:МИРАКЛЬ,2015.–
84с.
ISBN 978-5-9905511-8-3 УДК330.3
ББК65.01
В учебном пособии излагаются теоретические и практические
основысовременногоэкономическогоразвитияхозяйства:пробле-
мы экономической теории и прикладной экономики, финансовой
системыипредпринимательстваинекоторыедругие.Концентриро-
ванное изложение теоретического материала и приведенные в по-
собииконтрольныевопросыпомогутстудентудостаточнобыстрои
глубоко усвоить данный курс и научат применять исследовательс-
кий аппарат при анализе реальных экономических ситуаций.
Издание предназначено для иностранных студентов российских
вузов, а также бакалавров, обучающихся по программам билинг-
вальной подготовки.
с Коллективавторов,2015
ISBN 978-5-9905511-8-3 с ИздательскийДом“МИРАКЛЬ”,2015
ECONOMICS.COURSEOFLECTURES 3
S.M.Gorlov,N.V.Lazareva,
S.A.Prishchepchuk,V.A.Fursov
ECONOMICS
COURSEOFLECTURES
STUDY GUIDE
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MOSCOW
2015
4 S.M.GORLOV,N.V.LAZAREVA,S.A.PRISHCHEPCHUK,V.A.FURSOV
УДК330.3
ББК65.01
Г 67
REVIEWERS:
I.P.Belikova,DScofEconomics,Professor,
StavropolStateAgriculturalUniversity
D.E.Davydyants,DScofEconomics,Professor,
InstituteofTechnologyofService(branch)Donskoy's
StateTechnicalUniversityinStavropol
Gorlov,S.M.,Lazareva,N.V.,etc.
Г 67 Economics. Course of lectures [Text] : study guide / S.M. Gorlov,
N.V.Lazareva,S.A.Prishchepchuk,V.A.Fursov.–М.:МИРАКЛЬ,2015.–
84p.
ISBN 978-5-9905511-8-3 УДК330.3
ББК65.01
Inthemanualtheoreticalandpracticalbasesofthemoderneconomic
developmentofeconomyareexplained:problemsoftheeconomictheory
and application-oriented economy, financial system and business and
someother.Theconcentratedpresentationoftheoreticalmaterialandthe
controlquestionsgiveninthemanualwillhelpthestudentquicklyenough
and deeply to acquire this course and will teach to apply a research
vehicleintheanalysisofrealeconomicsituations.
IssuingisintendedforforeignstudentsoftheRussianhighereducation
institutions,andalsobachelorswhoaretrainedaccordingtoprogramsof
bilingualpreparation.
с Groupofauthors,2015
ISBN 978-5-9905511-8-3 с Publishinghouse“МИРАКЛЬ”,2015
ECONOMICS.COURSEOFLECTURES 5
CONTENT
INTRODUCTION---------------------------------------------------------------------------7
Lecture1.SUBJECTANDMETHODOFTHEECONOMICS
1.1.AnintroductiontoEconomics----------------------------------------------8
1.2.Targetsofeconomicpolicy-------------------------------------------------11
1.3.Instrumentsofeconomicpolicy------------------------------------------12
1.4.Thevalueofeconomicactivity--------------------------------------------14
Questionsandexercises-----------------------------------------------------16
Lecture2.PROBLEMSOFECONOMICS
2.1.TheMeaningofEconomics------------------------------------------------17
2.2.ResearchMethodsinEconomics-----------------------------------------19
2.3.ProductionPossibilities------------------------------------------------------21
2.4.EconomicSystems------------------------------------------------------------23
Questionsandexercises-----------------------------------------------------24
Lecture3.PRICEDETERMINATION
3.1.Demand-------------------------------------------------------------------------26
3.2.Supply----------------------------------------------------------------------------28
3.3.MarketEquilibrium-----------------------------------------------------------29
3.4.PriceElasticity------------------------------------------------------------------30
Questionsandexercises-----------------------------------------------------31
Lecture4.BEHINDTHESUPPLYCURVE
4.1.Thelawofdiminishingreturns--------------------------------------------33
4.2.Thetheoryofcosts-----------------------------------------------------------34
4.3.Revenue-------------------------------------------------------------------------35
4.4.Profit------------------------------------------------------------------------------37
Questionsandexercises-----------------------------------------------------38
Lecture5.FACTORMARKETS
5.1.PerfectlyCompetitiveSupply-----------------------------------------------40
5.2.Thetheoryofmonopoly----------------------------------------------------41
5.3.Theoriesofimperfectcompetition----------------------------------------41
5.4.Oligopoly------------------------------------------------------------------------42
Questionsandexercises-----------------------------------------------------43
Lecture6.MEASURINGTHEECONOMY
6.1.UnemploymentandInflation-----------------------------------------------44
6.2.GrossDomesticProduct----------------------------------------------------47
6.3.PriceIndexes------------------------------------------------------------------48
6 S.M.GORLOV,N.V.LAZAREVA,S.A.PRISHCHEPCHUK,V.A.FURSOV
6.4.BusinessCycles---------------------------------------------------------------49
Questionsandexercises-----------------------------------------------------51
Lecture7.THEORYOFDETERMININGTHELEVELOFINCOME
7.1.Consumptionandinvestment----------------------------------------------52
7.2.Мacroeconomicequilibrium----------------------------------------------53
7.3.Keynesianmodelofmacroeconomicequilibrium--------------------54
7.4.Thestatefiscalpolicy--------------------------------------------------------56
Questionsandexercises-----------------------------------------------------57
Lecture8.THETHEORYOFMONEY
8.1.Money----------------------------------------------------------------------------58
8.2.MonetaryTools----------------------------------------------------------------60
8.3.EconomicPolicy---------------------------------------------------------------61
Questionsandexercises-----------------------------------------------------63
Lecture9.TRADE
9.1.Thenotionoftradeanditsfunctions-------------------------------------64
9.2.Wholesales---------------------------------------------------------------------64
9.3.Retailtrade----------------------------------------------------------------------65
Questionsandexercises-----------------------------------------------------66
BIBLIOGRAPHY---------------------------------------------------------------------------67
GLOSSARY---------------------------------------------------------------------------------69
INFORMATIONABOUTTHEAUTHORS--------------------------------------------81
ECONOMICS.COURSEOFLECTURES 7
INTRODUCTION
Economics is a social science based on factual analysis and cause
and effect that avoids value judgments, opinion or moral and ethical
statements. Unlike normative economics that subjectively emphasizes
what should be, economics states what is, what was or what likely will be
in a way that can be tested for accuracy.
This is an introductory textbook in economics, starting at an elementary
stage and progressing, in some places, to an intermediate level. It is
designed to be read as a first book in economics. We hope, however, that
the book will be of interest to someone who has already studied one of
the many existing basic textbooks.
The objective of the survey course is to provide the student with an
understanding of economic forces. In a scant forty or so hours of class
time, the student is expected to gain an understanding not just of the
economic problems of today but also of those that will be encountered in
the future.
Our book contains thirty-one short chapters, each of which is devoted
to a different economic concept. The book is carefully structured to show
the relation among the concepts introduced and to establish a
comprehensive overview.
The text consists of nine modules. Each chapter is designed to cover a
single concept so that the student can easily read and digest the material
in one sitting. We help the student to see that economics is not just a
collection of facts but a unified approach to thinking about the world. To
encourage this thought process, there are questions for discussion at the
end of each chapter.
8 S.M.GORLOV,N.V.LAZAREVA,S.A.PRISHCHEPCHUK,V.A.FURSOV
Lecture 1. Subject and method
of the Economics
1.1. An introduction to Economics
1.2. Targets of economic policy
1.3. Instruments of economic policy
1.4. The value of economic activity
1.1.AnintroductiontoEconomics
The Economy is a special sphere of social life with its own laws,
problems and contradictions. This area forms the economic potential of
society, and produces a variety of benefits to meet the physiological and
spiritual needs of people.
Economic science is designed to summarize, reflect this complex
contradictory process, to find the path to the reasonable use of natural
and human resources with the greatest benefit for society. Nowadays the
interest of the educated people for economic theory is constantly
increasing. It canbeexplained bytheglobal changesthat occurworldwide.
WhyhasthehistoryofAustralia,alongwithmostcapitalistcountries,
beenoneofseveralyearsofboomandprosperityfollowedbyseveral
yearsofrecessionandunemployment?
Whyinthe1970sdidunemploymentinAustralia,Britain,theUnited
Statesandmanyothercountriesreachitshighestlevelsin40years?
Whydidinflationacceleratesodramaticallyinmostcountriesinthemid-
1970s?
Whatdeterminesthewagelevelandwhatinfluencedounionshaveon
theshareofnationalincomegoingtolabour?
Mustallmoderneconomiesmakeuseofmoney?
Whatdeterminestherelativesizeofsectors?ofindustries?offirms?
Whydosomecountrieshaveahigherstandardoflivingandafaster
rateofgrowthofavailablegoodsandservicesthanothers?
Howisitpossibletoimprovelivingconditionsintheworld'spoorer
countries?
Whydothepricesofsomecommoditiesfluctuatewidely,whilethe
pricesofothersrisesteadily?Whydothepricesofpetrolandhealth
carekeeprising,andthepricesofcalculatorsandtelevisionsetskeep
falling?
Whatinfluencedoesgovernmenthaveonpeople'swelfare?How
importanttoourwelfareisthesizeofournationaldebt?
Whatarethebenefitsofthecountry'sinternationaltradeandpayments?
ECONOMICS.COURSEOFLECTURES 9
The aim of positive economics is to highlight these issues. From the
questions listed above you can have some idea of the scope of economics.
Positive economics is mainly focused on the study of human behavior.
Economists claim to be able to understand and to predict certain aspects
of human behavior. This introductory discussion is critical to anyone who
wishes to evaluate these claims, because the questions 'What can we
hope to learn?' and 'How can we go about it?' are basic to the whole
subject. These are also questions over which there is some disagreement
among professionals and a vast amount of misunderstanding and even
superstition among the general public.
The success of modern science rests partly on the ability of scientists
to separate their understanding of what does happen in reality from their
personal preferences of what they would like to happen. Examples of
men who did this in the field of astronomy include Galileo Galilei (1564–
1642) and Johannes Kepler (1571–1630).
Distinguishing what is from what we would like – to see the reality
despite our personal preferences, prejudices or biases – depends partly on
knowing the difference between positive and normative statements.
Positivestatements Normativestatements
areaboutwhatis,wasor areaboutwhatoughttobe.Theydependon
willbe;theyassertalleged ourjudgmentsaboutwhatisgoodorbad,and
factsabouttheuniversein theyarethusinextricablyboundupwithour
whichwelive. philosophical,culturalandreligiouspositions.
The bases of positive economy are:
1) development of proposals or theories;
2) testing of these proposals with respect to evidence.
Positive Economics is based on a scientific approach. But just what is
the scientific approach?
The term SCIENCE is derived from the Latin word meaning knowledge.
A science is a sphere of human activity, aimed at the elaboration and
theoretical systematization of objective knowledge of reality. The basis
of this activity is collecting the facts, their constant updating and
systematization.
All these main ways to get new knowledge and methods of solving
problems of any science form a scientific approach.
Some people rebel at the idea that theories are essential if we are to
understand our world. They believe that theories are academic and unreal,
and that hard facts are the stuff of the real world. However, all we ever
actually observe in the world is a sequence of events. Any explanation
10 S.M.GORLOV,N.V.LAZAREVA,S.A.PRISHCHEPCHUK,V.A.FURSOV
whatsoever of how events are linked together must be a theoretical
construct.
Theories impose order on our observations, explaining how the things
we see are linked together.
A theory consists initially of a set of definitions, stating clearly what is
meant by various terms, and a set of assumptions about the way in which
the world behaves. Students often worry about what appears to them to be
the unrealistic assumptions that they encounter in economics. It is
important to remember, however, that all theory is an abstraction from
reality.
To determine whether the theory is useful or not to take the next step
in constructing theories is a logical conclusion to discover that arises
from the theory.
To do this we must take the next step in the construction of theories:
we follow a process of logical deduction to discover what is implied by
the assumptions of the theory.
For example, if we assume that businessmen always try to make as
much profit as possible, and if we make assumptions about how taxes
affect their profits, we can derive implications about how they will behave
when taxes change. These implications are the predictions of our theory.
If these predictions agree with observed behavior, then the theory is
obviously a useful one.
Economics is no exception to the comments just made. On the one
hand, there are many observations for which no satisfactory theory exists.
On the other hand, there are many predictions which no one has yet
satisfactorily tested. Thus you must not expect to find a set of answers to
all possible questions as you progress in your study.
Theory and observations are in continuous interaction with each other.
Definitions and assumptions of the theory are usually formed at the initial
observationabouttheworld,thattheoristwouldliketoexplain.Thetheorist
then deduces by logical analysis everything that is implied by the
assumptions. If the theory conflicts with the facts, it will most likely be
amended to make it consistent with the new facts (and thus make it a
better theory); in extreme cases it will be discarded in place of a superior
alternative. The process then begins again, as the new or amended theory
is subjected first to logical analysis and then to empirical testing.
The purpose of Macroeconomics is the study of aggregate behaviour
in the economy.
So, the focus is on such aggregates as inflation, total unemployment,
total consumption, etc.