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Study Guide : Economics of Marketing Study Guide : Economics of Marketing Follow the live links at bit.ly/MisterZ. Shaded boxes: Not required. Extra credit. TERM DEFINITION Fundamentals Of Economics Additional sources: Crash Course Economics, https://www.youtube.com/watch?v=3ez10ADR_gM The economic problem A view of the world that assumes: People have unlimited wants and needs, but limited resources with which to meet them. scarcity The gap between limited resources and unlimitled wants. Scarcity forces individuals (and businesses) to choose which “wants” to invest in. Incentives A monetary o r nonmonetary reward or punishment that encourages a person to behave in a particular way. (Examples: grades, salary bonuses, tax breaks, a “buy one, get one free” offer.) tradeoff(s) A situational decision i n which one option must decrease in order to allow another option to increase. Example: You can either get enough sleep tonight or be fully prepared for tomorrow’s test -- but not both. opportunity cost The value of something that must be given up, in order to acquire or achieve something else. Example: In “tradeoff(s)” above, the opportunity cost of an hour of sleep is an hour of studying. The reverse is also true. market Any place (physical or digital) where willing buyers can meet and exchange with willing sellers. voluntary exchange The willing exchange of goods and services between buyer and seller in some sort of marketplace. 4 factors of production Anything used to produce a good or service. (aka “productive resources”) 1. land Private property or natural resources used in production. Ex: a parking lot; a forest; a mine 2. labor People who provide skills that assist in the production of a good or service. Ex: doctor, mechanic, Uber driver 3. capital Physical, financial, or knowledge resources needed for the production of a good or service. a. Physical capital a: Ex: a computer; a bulldozer; a warehouse. b. human capital b: A cab driver’s knowledge of city streets; a doctor’s knowledge of surgical techniques c: A small-business loan; offering part ownership in exchange for a cash c. financial capital investment 4. entrepreneurship The risk-taking and business management skills to start or grow a business. Study Guide : Economics of Marketing Example: Oprah Winfrey; Thomas Edison; Elon Musk; Shawn Carter. Supply and Demand Additional sources: https://www.thoughtco.com/basic-supply-and-demand-analysis-1147945 https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium surplus Excess of resources compared to the quantity demanded. “Too much.” Calculated as the difference between quantity demanded and supplied. shortage Lack of sufficeint resources compared to quantity demanded. “Not enough.” The difference between quantity supplied and demanded. equilibrium A situation in which economic forces of supply and demand are balanced and, a. equilibrium price in the absence of other influences, producers and consumers can agree on b. equilibrium quantity price. (demanded or supplied) demand Desire for a certain good or service, supported by the ability to purchase it. quantity demanded The specific amount of a resource consumers demand at a particular price at a specific time. law of demand A “rule” stating that demand for a product varies inversely with its price (consumers tend to buy more of a product if it is cheaper.) 6 demand shifters These can shift not just the quantity demanded at a particular price, but t he (non-price determin- entire demand curve. ants of demand) 1. Tastes - S lide 11 2. Other related goods’ prices 3. Expectations 4. Incomes 5. Size of the market 6. Special circumstances (Ex: weather, natural disasters) supply The total amount of a specific good or service that is available to consumers. quantity supplied The quantity of an item that producers are willing to sell at a particular price at a specific time. law of supply A “rule” stating that supply for a product varies proportionately with its price (producers will supply more of a product if it can be priced higher.) 6 supply shifters These can shift not just the quantity supplied at a particular price, but the entire (non-price determin- supply curve. ants of supply) 1. Subsidies and taxes Study Guide : Economics of Marketing - S lide 29 2. Technology 3. Other related goods’ prices 4. Resource costs (the costs of production) 5. Expectations of producers 6. Size of the market normal goods A good whose demand moves t ogether with purchasing power, increasing when buying power i ncreases. Ex: Brand name shampoo. inferior goods A good whose demand moves i nversely (opposite) t o purchasing power, decreasing when buying power i ncreases . E x: Off-brand shampoo. income effect Slide 9 A “rule” stating that as consumer buying power increases, demand increases. This includes the idea that a price decrease will increase demand, because consumers now have relatively more money to spend on that good. substitution effect ( Slide 9 ) A “rule” stating that as the price of a good decreases, consumers will switch from similar products because value is greater. complementary goods Product whose use is related to, or paired with, another. Demand changes for one tend to be mirrored in demand changes for the other. Ex: If demand for cars goes way up, demand for tires probably will too. substitute goods Different goods that, at least partly, satisfy the same needs of the consumers and, therefore, can be used to replace one another. If the price of one increases, so will demand for the other (and same for decreases.) Ex: If Burger King lowers prices a lot, demand for McDonalds should drop. law of diminishing A “rule” stating that the more we consume of a good, the less satisfaction we get marginal utility from each additional unit of it. Ex: In one session, your first Snickers bar is delicious and satisfying, your second is some- what less tasty and satisfying, and your third is just weird and gross. Finance and Accounting Additional sources: Crash Course video, https://www.youtube.com/watch?v=T8-85cZRI9o inflation A general, sustained upward movement of prices for goods and services in an economy. “Too much money chasing too few goods.” inflation rate The rate at which the average price of a “basket” of selected goods and services increases over a period of time. Expressed as a percentage. hyperinflation Inflation rising at unsustainably high rates, such as > 50% / month. disinflation A reduction in the r ate o f inflation. (Ex: If the rate of U.S. i nflation i s 3% from 2019-2020, then 2% from 2020-21, then 1% from 2021-22.) Study Guide : Economics of Marketing deflation A reduction of the general level of prices in an economy. This is represented by an inflation rate that is negative (below 0%.) cost-push inflation A rise in overall prices (inflation) due to increases in the production cost of wages and/or raw materials. demand-pull inflation When the overall demand in an economy strongly outweighs the overall supply, prices go up. nominal wages or prices The value of a good, service, or salary, measured in money . In other words: n ot adjusted for inflation. (Ex: gas in 1977 cost 88 cents / gallon) “ real” (or “i nflation- The value of a good, service, or salary, measured against other things at that adjusted ”) prices or same time period. Adjusting for inflation requires an understanding of wages consumers’ purchasing power, or how expensive other goods and services were/are. (Ex: gas in 1977 cost $2.66 / gallon i n today’s dollars .) purchasing power The value of a currency, expressed in terms of the amount of goods or services that one unit of money can buy. (When wages rise more slowly than inflation, consumers’ purchasing power drops.) time value of money The principle that a certain sum of money today is worth more than that same sum in the future, because that money can be invested t oday and because that sum’s purchasing power is likely to decline due to inflation. Cost of Living Index A measure of how expensive goods and services are at a particular place and/or time. Useful for comparing prices across geography or time periods. Consumer Price Index Total price of a “basket” of goods and services a typical citizen might buy. The CPI is the most common method for measuring inflation. .
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