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©2013 Cengage Learning. All Rights Reserved. r po a ub cly a e b e ebs e i © 2 0 1 3 oC e n g s t e d Lteoa r n p n g .l i A l l R icgch tsss iR el s e w v e d .i t M , y n n ©2013 Cengage Learning. All Rights Reserved. May n age i r a posted to a publicly accessible website, in whole or posted to a publicly accessible website, in whole or

May not be scanned, copied or duplicated, w i t o th o lee socra n n ep a r c . p i e d o r d u p l i c a t e d , o r ot be scanned, copied or duplicated, or b n d, o in part. in part.

Economics
The Framework for Business

2

LO1 What is economics?

LO2 How does fiscal and monetary policy impact the economy?
LO3 What is the free market system and the supply and demand relationship? LO4 What are planned market systems? LO5 What are mixed market systems? LO6 What tools are used to evaluate economic performance?

2
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Global Economic Crisis: How did this happen?
In late 2008:


The banking system hovered on the edge of collapse


√ √

Property values plummeted
Home foreclosures soared

Layoffs put more than a million Americans out of work
The stock market lost more than 1/3 its value
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Source: TABLE B–1.—Gross domestic product, 1959–2008, Economic Report of the President: 2009 Spreadsheet Tables, updated January 14, 2009, Government Printing Office website, http://www.gpoaccess.gov/eop/tables09.html, accessed January 20, 2009 ©2013 Cengage Learning. All Rights Reserved. May not posted to a publicly accessible website, in whole or in

Economics

Macroeconomics Country’s Overall Economy

Microeconomics Consumers Families Businesses
4
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Housing Prices Peaked, and then Plummeted

5
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Unprecedented Action by the Federal Government
• The Federal Reserve (FED) intervened with financial institutions
• The FED bailed out insurance giant AIG • Congress passed the Troubled Assets Relief Program (TARP) • The Treasury Department spent money on an auto industry bailout • The American Recovery and Reinvestment Act was signed by Congress to turn around the economy

• These fiscal and monetary actions slowly began to improve the economy 6
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A Trillion Dollars?
• If you had started spending a million dollars – every day, without fail – at the start of the Roman Empire, you still wouldn’t have spent a trillion dollars by 2010. • One trillion dollars laid end-to-end would stretch farther than the distance from the earth to the sun.
• You could wrap your chain of bills more than 12,000 times around the earth’s equator. • If you flew a jet at the speed of sound, spooling out a roll of dollar bills behind you, it would take you more than fourteen years to release a trillion dollars.
Source: One Trillion Dollars by Micheal Grunwald, January 26, 2009, Time, p. 27-31

7
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Federal Reserve
• Conduct Monetary Policy:
 Changes in the Discount Rate  Changes in Reserve Requirement  Open Market Operations

• Check Clearing Process

©trekandshoot/ Shutterstock.com

• Banking Services for Government and other banks
8

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Managing the Economy Through Fiscal and Monetary Policy
Fiscal Policy – government efforts to influence the economy:  Taxation  Government Spending  Controlled by Congress/Budget Process Monetary Policy – Federal Reserve actions to shape the economy:  Supply and Demand of Money
 Cost of Credit

 Controlled by the Federal Reserve (FED)
 Seven Member Board  Chairman

9
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© The Studio Dog/Photodisc/Getty Images

Fiscal Policy
The federal government budget outlines revenue and expenses • When revenue is higher than spending, there is a budget surplus

• When spending is higher than revenue, the government incurs a budget deficit
• The sum of all the money borrowed is the federal debt

© CHIP EAST/Reuters /Landov
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10 or The Money Supply
M1 Money Supply – all currency—paper bills and metal coins—plus checking accounts and traveler’s checks
M2 Money Supply – all M1 plus most savings accounts, money market accounts, and certificates of deposit

© iStockphoto.com/Ufuk Zivana

11
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Federal Government Revenue and Expenses

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How Much Money Would Make You Happy?
• People with a household income of $75,000 or more have positive belief about life
• A third of U.S. households were above $75,000 in 2008
© Elnur /Shutterstock.com

• The amount allows households to do more things they enjoy
Source: Do We Need $75,000 a Year to Be Happy? By Beliknda Luscombe, Time magazine website, September 27, 2010, http://www.time.com/time/business/article/0,8599,2016291,00.html
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13 or Open Market Operations
• Buying and selling government securities
 Treasury

bonds, notes, bills

• When the economy is weak
 The

FED circulates money by buying government securities

• Operations are managed by Federal Open Market Committee
 Seven

member board of governors
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Looking to multiply your money? Look no further than your local bank
You deposit $5,000
The bank must hold 10% of your deposit based on Federal Reserve Requirements.

The bank loans Anne $4,500

Anne buys a car from Jake for $4,500
Jake deposits the $4,500 Although you still have $5,000, the money supply has increased to $9,500
15
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Federal Deposit Insurance Corporation (FDIC)
• The FDIC insures deposits in banks and thrift institutions up to $100,000

• The amount was increased to $250,000 at the end of 2008
© Keith Brofsky/Photodisc/Getty Images

• Since 1934, no depositor has lost a single cent of insured funds because of bank failure
Source: Who is the FDIC?, FDIC website, October 27, 2008, http://www.fdic.gov/about/learn/symbol/index.html, accessed January 22, 2009

16
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More FED Functions
• Discount Rate Changes
 Banks borrow money from the FED
 The discount rate is the interest rate the FED charges

banks  The rate impacts how much businesses and individuals will borrow

• Reserve Requirements Changes
 FED requires bank hold funds called reserves  Impacts bank availability of funds to loan
17
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Capitalism: The Free Market System
Businesses offer Value to: • Customers • Employees • Suppliers

The Free Market: • Private Ownership • Economic Freedom • Fair Competition • Innovation and Hard Work
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18 be scanned, part. copied or duplicated, or

The Fundamental Rights of Capitalism
1. The right to own a business and keep after-tax profits 2. The right to private property
3. The right to free choice 4. The right to fair competition
19
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1

Four Degrees of Competition
• Pure Competition

• Monopolistic Competition • Oligopoly
• Monopoly
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Green Guilt
• Most Americans claim to be sympathetic to the environmental movement • Behavior is hard to change, but the government can use taxes as a tool • Washington D.C. imposed a tax on disposable bag usage • Consumers had to ask for bags and the peerpressure impacted greener behavior
Source: The Secret to Turning Consumers Green by Stephanie Simon, The Wall Street Journal website, October 18, 2010, http://online.wsj.com/article/SB10001424052748704575304575296243891721972.html, accessed January 27, 2011 ©2013 Cengage Learning. All Rights Reserved. May not posted to a publicly accessible website, in whole or in be scanned, part. copied or duplicated,

21 or Supply and Demand: Fundamental Principles of a Free Market
The Foundation of the Free Market
  

How much can we make/sell? How much will consumers buy? At what price?

Interaction of buyers & sellers
 

Impact prices Competition
22
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Supply and Demand: Fundamental Principles of a Free Market
• Supply: the relationship between the price of a good and the quantity sellers are willing/able to offer Sellers tend to supply a greater quantity as the price rises.
• Supply curve: a graph of the supply relationship The supply curve slopes upward to the right showing that quantity supplied increases as price rises.
23
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Supply and Demand: Fundamental Principles of a Free Market
• Demand: the relationship between the price of a good and the quantity buyers are willing and can afford to buy When price falls, consumers tend to buy more. • Demand curve: a graph of the demand relationship The demand curve slopes downward showing that quantity demanded increases as price falls.
24
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Supply and Demand: Fundamental Principles of a Free Market
• Forces of supply and demand drive equilibrium price • The point where supply and demand intersect • Market price adjusts to the equilibrium price

25
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Planned Economies: Socialism and Communism
Free Market
Capitalism

Planned Economies
Socialism Communism

Mixed Economies

26
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Planned Economies: Socialism and Communism
Communism
 Public Ownership of Enterprise  Strong Central Government

Socialism
 Government Control Key Enterprises
 Higher Taxes

27
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Mixed Economies: The Story of the Future
Market and Planned Economies don’t meet all needs




Neither planned nor market economies meet all needs Planned Economies will not create enough value

As a market dominant economy, the U.S. government still owns/supports enterprises
• • •



Postal Service Universities Parks Libraries
28

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Evaluating Economic Performance: What’s Working?
Gross Domestic Product

Unemployment Rate

Consumer Price Index

Producer Price Index

Productivity
29
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The Business Cycle

30
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Inflation
The rate of price changes across the economy is an economic measure • Inflation means that prices are rising • Hyperinflation is when average prices increase more than 50% per month • Disinflation is when prices increases slow down • Deflation is when average prices actually decrease. The government measures prices using the Consumer Price Index (CPI) and the Producer Price Index (PPI)
31
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Productivity
The relationship between inputs and outputs is productivity A high level of productivity correlates with healthy GDP. The U.S. has experienced strong productivity growth due to technology.

32
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Is Productivity Keeping Unemployment High?
• Regardless of high unemployment, the private sector is very strong

• Business output is up 6.3% since 2009
• Labor productivity has risen 7.8%

• The goal of management is efficiency
• Are productivity gains a cause of continued unemployment? • How has technology contributed to this dilemma?
Source: Barron’s Online, http://online.barrons.com/article/SB50001424052702303475804576474404197874380.html?mod=BOL_twm_fs, accessed August 1, 2011 ©2013 Cengage Learning. All Rights Reserved. May not posted to a publicly accessible website, in whole or in be scanned, part. copied or duplicated,

33 or Looking Back
• What is economics?
• What is driving the current global economic crisis? • How does fiscal and monetary policy impact the economy?

2

• What is the free market system and the supply and demand relationship?
• What are planned market systems? • What are mixed market systems? • What tools are used to evaluate economic performance?

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