Parcial 2 - Economía I UFM

Precio real

Los bienes que una persona pueda obtener a cambio de lo que produce.

Precio nominal

La cantidad equivalente de dinero de un producto

Funciones coordinadoras del sistema de precios

Comunicar información pertinenteEfectuar cálculo económico para asignar recursosAyudar al racionamiento

Estructura de precios

Todos los precios juntos

Teoría de precios

Explicación de cómo se llegan a establecer los precios de las cosas y de los servicios.

Valor

La estima que la persona le atribuye a las satisfacciones, bienes o servicios que desea.

Precio

Cantidad de dinero que en el mercado hay que pagar para comprar una cosa. Resulta de la interacción de los muchos que participan intercambiando en el mercado.

Escala de valores

El hombre ordena sus preferencias para poder hacer comparaciones y atribuir nivel de satisfacción a cada cosa

Ceteris paribus

Other things constant

Marginal

A la orilla, al extremo, lo que ha quedado excluido

¿Las personas escogen en abstracto?

No. Siempre tienen que escoger entre A y B, sino entre una cantidad de A vs una cantidad de B.

¿Cuál es la diferencia entre demandar y desear?

Los deseos no tienen límite, mientras que lo que se puede demandar está limitado.

Elasticidad

Efecto en la cantidad demandada causado por un cambio de precio. Qué tan sensibles son los consumidores a los cambios en el precio.

Demanda elástica

Mayor a 1. Muy susceptible a cambio en el precio.

Demanda unitaria

Igual a uno.

Demanda inelástica.

Menor a uno. Un cambio en el precio no afecta la cantidad demandada.

Utilidad marginal

Lo que me cuesta adquirir una unidad más. A marginal benefit or cost is an additional benefit or cost.

Arbitraje

Comprar barato y vender caro

Empresario

Descubre y ve valor donde otros no lo ven. Introduce novedad en el sistema. Ocupa nichos de conocimiento. Es el reclamante residual.

Rol de las ganancias y pérdidas

Mecanismo que permite a la sociedad distinguir entre aquello que es fructífero de o que no lo es. Ganancia: votos a favor por parte del mercado.Pérdida: votos en contra.

Capital

Los recursos que tengo disponibles.

Demand

A concept that relates amounts people want to obtain to the sacrifices they must make to obtain these amounts.

Consume

A person tries to acquire and use a specific amount of a good for a variety of different purposes.

Quantity demanded

The amount that consumers plan to purchase at a given price.

Demand curve

Illustrates the amount of a good that consumers plan to purchase at any given price.

What is the difference between demand and quantity demanded?

Demand is a curve. Changes to it affect the placement of the curve, it can shift.Quantity demanded is a specific amount that consumers plan to buy at a specific price. Changes to it causes us to move along the curve.

When faced with higher prices, people tend to…

To conserve. To seek out substitutes. They make marginal adjustments in their trade-offs.

Law of demand

Negative relationship between price and quantity demanded, other things being constant. If a price increases, the quantity demanded will decrease, and viceversa.

Factors that affect demand

A change in… The number of consumersConsumer tastes and preferencesIncomePrice of a substitute goodPrice of a complementary goodThe expected price of a good

Inflation

In increase in the average money price of goods. It muddies the price signals.

Curva de Engel

Gráfica de la relación entre el cambio en el ingreso con el cambio en la demada.

Bien superior

0

Bien normal

Em\>1, Aumenta el ingreso y aumenta la demanda. Aumento % en q es mayor que aumento porcentual en M.

Bien inferior

Em

Complementary good

A product or service that is used together with another product or service, such that the demand for one is directly linked to the demand for the other.

Substitute good

A product or service that can be used as a replacement for another product or service, as it provides a similar function or satisfies a similar need.

Price elasticity

The percentage change in quantity demanded divided by the percentage change in price.

Elasticity is influenced by three factors

Time: the longer the period people have to adjust to price changes, the more elastic demand will become.The availability and closeness of known substitutes: the more substitutes, the greater the elasticity of demand.The proportion of one's budget spent on a good: the smaller the proportion of one's budget spent on a good, the less sensitive consumers will be to price changes.

Can a completely inelastic curve exist?

No. Most purchasers will respond at least a little to changes in the cost to them, and all purchasers will respond to a sufficiently large change.A completely inelastic demand curve would graph as a vertical line, suggesting there are no substitutes for the good in question.

Elasticidad de punto

Elasticidad de arco

Elasticidad cruzada

Do things have costs?

Only actions have costs. All costs are costs to someone who places value on forgone opportunities.

Sunk cost

What you pay for something that didn't end up being worth the cost. You can’t get that cost back, so they are irrelevant to economic decisions.

Mantra on costs

Only actions have costs, all costs are costs to someone, all costs lie in the future.

Marginal opportunity cost

Any cost relevant in decision making. Opportunity costs are opportunities forgone by actions, while marginal costs are changes in the existing situation that the action entails.

Producer’s opportunity costs

There are substitutes for everything in production as well as in consumption. This asserts that the amount of money a producer must pay for any resource will depend on what the owner of that resource can obtain from someone else.Because these resources have other opportunities for employment, the manufacturers must pay a price that matches the best opportunity value.

What does the supply curve represent?

The upward-sloping line illustrates the supply curve. Each bar represents the marginal cost of producing.The total area underneath the supply curve represents the total costs of production.Supply curves are the marginal opportunity cost.

Factors that affect supply

A rise or fall in the price of a factor of production.Technological changes increase overall supply.A change in the relative price of an alternative product.A change in the expected price of the producer's output.A change in the overall number of suppliers.Taxes and subsidies.

What’s the difference between marginal and average costs?

Marginal costs drive choices, average costs don't.Marginal costs are consequences of an action. The anticipated cost of any decision are really marginal costs.Averages can be looked at afterwards to see how well or poorly things went.

Equilibrium price

When the forces of supply and demand have worked themselves out. The buyers and producers are fully coordinated.

What’s another name for the equilibrium price?

Market-clearing price

Surplus

When the quantity supplied is greater than the quantity demanded. Frustrates sellers, so they cut prices to sell more.

Shortage

When the quantity demanded is greater than the quantity supplied. Frustrates buyers, so they bid higher prices.

Scarcity

When people cannot obtain as much of it as they would like without being required to sacrifice something else of value.

Rarity vs scarcity

Rarity means that it is available in a small quantity, while scarcity depends on desirability.

What’s the problem with a socialist economy?

No price signals.

How does money lower transaction costs?

In an economic system limited to barter, people would have to spend a tremendous amount of time searching for others with whom they could make a trade.

Interest

Paid for borrowing money. The difference in value between present and future goods.

How does time preference affect decisions?

Current resources are generally more valuable than future resources because having them usually expands one’s opportunities.

Real interest rate

Nominal - rate of inflation

Explain how freemarkets work during chaos (such as a natural disaster)

Looting and other violent activities are not a failure of the market exchange process, they represent instead a spontaneous disregard for the prevailing rules of the game.Markets don’t coordinate plans perfectly, nor does government enforce property rights perfectly. This type of social disorder represents governmental imperfection: its inability to effectively monitor and enforce private and public property.Example: basic needs increase prices during a storm, not because sellers want to profit, but because demand rises.

Price gouging

The practice of increasing the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair to a noneconomist.

Price ceilings

A legally maximum price intended to help consumers.

What happens due to a price ceiling?

Sellers respond by cutting back output so they don't go out of business. Consumers can't satisfy their planned purchases, there will be shortage.

Explain what happened during the 1920s Prohibition

The market moved underground. Production was geared toward the stronger drinks.

Price floor

Legally mandated minimum price, established to help suppliers

How do price floors affect the market?

Consumers would plan to purchase less, as the higher price sets off a decrease in quantity demanded. Sellers would be stuck with unsold goods, so there would be surplus.

Give an example of the effect of price floors

Minimum wage

What determines prices?

Demand and costs. A high demand allows for higher prices. Good sellers try to charge what others charge and try to ensure that their costs don't exceed that price.