商务英语原文fundamentalsofeconomicscoreissuesineconomicsWord下载.docx
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商务英语原文fundamentalsofeconomicscoreissuesineconomicsWord下载.docx
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Thestudyofeconomicsisaimedatfindingthenaturallawgoverninganeconomyanditsscopeistofindtheidealprinciplesfortheworkingofaneconomybasedonthosefindings.
ThereisnosuchThingasFreeLunch:
Itisthemostfundamentallawofnaturethateverythinghaseithermonetaryornon-monetaryvalue.Thoughgenerallythingshavebothmonetaryandnon-monetaryaspects,neverthelessforthepurposeofsimplicityandunderstandingweonlyconsidermonetaryaspectofthingsineconomics.
INVISBILEHAND
Thisisthemostvitalaswellasanextremelydifficultideatologicallyexplain,andhoweverabsolutelyimpossibletomathematicallyproveit.Perhapsinordertounderstanditoneneedstothinkbeyondlogicandonemaycomprehenditafterone'
sownpeculiarexperiences.Howtheinvisiblehandplaysitroleinmakingfinancialshiftsamongindividuals,groupsandevenamongnationscanbeunderstoodbystudyingnaturalphenomenonviz.,theanimalworld,theplantworld,therotationofthesolarsystem,therain,diseases,wars,naturaldisastersetc.Moreoverthementalstateofanindividualchangescontinuouslyandmysteriouslywhichaffectsone'
sdecisionmakingandotherfacultiesthatresultsinchangesinone'
seconomic/financialconditions.Uncontrollableandunpredictableinvisiblefactorsbeyondhumancontrolbroughtfinancialchanges.
DefiningEconomics:
Economicsdealswiththeefficientmanagement(bytheindividuals&
entrepreneurs)ofscarceresourcestosatisfyunlimitedhumanwantsbyapplyingscience&
technologyinthemarket.
*Efficiencycanbedefinedasdoingthingsinabestpossiblemanner.
BasicEconomicProblem:
ScarcityofResources,UnlimitedWants&
Choice:
Itisaknownfactthatourresources(time,rawmaterials,land,humanresources,machines,moneyetc.)arelimitedwhileourwantsareunlimitedandrecurringthereforewehavetomakesomechoiceamongavailablealternativestosatisfyourwants.
EconomicResources:
Economicresourcescanbebroadlydividedintofollowingfourcategories:
oLand&
RawMaterials:
Thesearefreegiftsofnature.Allthingsderivedfromnatureareincludedinthiscategory.
oLabor:
Itconsistsofthecontributionofhumanbeings.
oCapital:
Itconsistsofplant&
Equipment.
oMind/EntrepreneurialAbility:
Entrepreneurialabilityreferstotheabilitytoorganizeproductionandbearrisks.Somepeoplearemoreintelligentandhavethegiftofmanagingthingsbetterthanothers.Itisduetotheircontributionthatsocietiesdevelop.Duetothisreasonwecategorizethisresourceseparatelyfromlabor.
MotivatingForce-SelfInterest:
Itistheself-interestthatmakesusact.Hereitisalsoveryimportanttomentionthateconomicscannotbeseparatedfromotherfieldsofstudy.Allknowledgeisinterrelated.AdamSmith,whohassignificantinfluenceinformulatingmodernwesterneconomicthought,wasaprofessorofmoralphilosophy,whichdealswithfindingtheidealkindoflife.Itisafactthateveryindividualtriestogainbestfromhis/heravailableresourcestomakeonehappy.Itisassumedthatindividualswillfollowhis/herinteresttomakechoiceamongdifferentalternatives.Itisalsoimportanttomentionherethatself-interestisentirelydifferentfromselfishness.Asageneralruleoflife:
"
EnlightenedSelfInterestisthebestinterest"
.
*Selfishnessisashorttermwhileenlightenedself-interestisalong-termphenomenon.
Logic&
LogicalFallacies:
Allinterpersonalcommunicationisbasedonlogic.Likewiseallhumanknowledge,thatisexperiencesandviewsofallhumanbeingssinceinception,isalsocommunicatedonthebaseoflogic.Thoughlogicfailsatveryminuteaswellasveryhugelevels,stillbecauseofhumanlimitationinourinterpersonalcommunicationwearedependantonlogic.Logiccanbedefinedasascienceofcorrectreasoning.
oLogicalErrors/Mistakes:
Herewewillmentionthetwomainfallaciesoflogicthatmakeshumanknowledgeerroneous.Theyare:
¡
ì
posthoc,ergopropterhocfallacy(associationascausation)
Itoccurswhenoneincorrectlyassumesthatoneeventisthecauseofanotherbecauseitprecedesother.
Fallacyofcomposition
Itoccurswhenitisincorrectlyassumedthatwhatistrueforeachindividualinisolationisalsotrueforanentiregroup.
Demand&
supply:
Inanyeconomypricesofgoodsaredeterminedbytheinteractionofdemandandsupply.Allstudyofeconomicsrevolvesaroundthesetwofundamentalconcepts.
oDemand:
Demandisarelationshipbetweenprice&
quantitydemandedofagoodinagivenperiodoftimewhilekeepingotherfactorsliketastes,preferences,statusetc.constant.,consideringonlypriceasadeterminingfactor.
oSupply:
Supplyisrelationshipbetweenpriceandquantitysuppliedofagoodinagivenperiodoftimewhilekeepingotherthingsconstant.,consideringonlypriceasadeterminingfactor.
COREISSUESINECNOMICS:
RoleofGovernment:
Theproperroleofgovernmentshouldbeasminimalaspossible.Forefficientmanagement,civilsocietyismuchmoreimportantandefficientthanpoliticalsociety.
Themarket,bytheinteractionofdemandandsupply,notthestate,shouldsetwagesandprices.Similarlymonetarypolicyshouldalsobesetbyinteractionofmarketforces.Taxesleviedbythegovernmentshouldbeminimal.Lowertaxeswouldprovidethefundamentalincentivefortheentrepreneursandindividualstoworkhardandtoreinvestforgreaterprofitsthatwouldconsequentlyraiseeconomicactivity.Theroleofgovernmentshouldbeasminimalaspossiblesogovernmentshoulddoonlythosethingsprivatecitizenscan'
tdoforthemselves.Thecorruptionlevelisextremelyhighinpublicenterprisesandalsotheefficiencyofpublicenterprisesismuchlowerthanthatofprivateenterprises.
Governmentshouldcontrolitsexpenditureanditshouldmatchexpenseswithrevenue.Biggergovernmentisthebiggestproblem.Thereforedecentralizationandonlytakingthosetasksthatprivateenterprisecannotperform;
arehighlydesirableforefficientmanagement.
Rulesandregulationsshouldbeformulatedwithaviewformaintainingjusticeamongmembersofthesocietyandlawshouldbeequalforall.
Tariffsandotherbarrierstotradeshouldbecompletelyabolished,gradually.Freetradecangreatlyandrapidlyimprovethegeneraleconomicconditionandconsequentlysocialconditionofthesociety.Inshort,governmentgovernsbestwhichgovernsleast.
Entrepreneur&
Entrepreneurship:
Entrepreneurshipisavitalaspectforeconomicgrowthanddevelopment.Becauseofitsimportancethisshouldbestudiedindepth.Entrepreneursaregiftedindividualswhohavethegiftofmanagingresourcesandhavekeenforesighttovisualizethingsmuchbetterthanordinarypeople.Highgrowingeconomiesprovideviableenvironmentandfreedomfortheentrepreneurshiptogrowthateventuallyledtothedevelopmentandgrowthofeconomies.
EconomicGrowth:
Animportantelementandfieldofstudyineconomicsiseconomicgrowth.Essentiallythemotivebehindalleconomicactivityisinraisingthestandardofliving.Westudythathowstandardoflivingisraised.Educationplaysapivotalroleinraisinggeneralstandardoflivinginthelongrun.Capitalformationresultsfromprudentlymanagingresourcesandbyfindingnewwaystoimprovethepresentmeansofproductionbyusingnewtechnology;
thatisaconsequenceofknowledgegainedbyacquiringeducation.Thereforecapitalformationisthekeyfactorforeconomicgrowth.
Trade:
Exchange,monetaryornonmonetary,isanintegralpartofanyhumanactivity.Humanexchangeviews/goods/servicesetcbecausetheyfeelthattheywillgainbyexchanging.However,ineconomicsweareonlyconcernedwithmonetaryexchangeofviews/goods/servicesetc.Itiswronglyassumedthatourworldisazero-sumworldwheregainbysomeislossofother.Factuallyandfortunatelywearelivinginapositivesumworld.Ifthishadbeenthecasethenprogressinourworldwouldhaveneverbeenpossible.Neverthelessitdoesnotentailthatinallmonetaryexchangesbothpartieswillequallygain.Moreoverthevaluegainedinanexchangebetweentwoindividualsorgroupscanneverbeevaluatedpreciselybythethirdpartybecausethevalueofanexchangeisverydifferentfordifferentindividuals.
Freeandgreatertrade,freefromforceandcoercion,wouldresultincomparativelymorefairdealsandconsequentlythechancesofgreatergainsbybothpartiesaremorerealizable.
Factuallyaccurateinformationisnotfullyknownthatresultsingreaterimbalancesfromtrade.Asahypotheticalrulewecanveryeasilyinferthatwhereaccurateinformationisknownbothtradingpartiesgain.
Competition:
Theprevalenceofcompetitioninthefiledofeconomicsinworldisuniversal,becauseofscarceresourcesandinnumerousandrecurringwants.Wherecompetitionhasnegativeimplications,ithasalsopositiveimplications.Itistheelementofcompetitionthatdrivesdifferentindividualstoexcelfromothers,whichresultsingreaterdiscoveries,technologicaladvancementsandpursuitforfindingnewwaystoearngreaterprofitsthatconsequentlyraisegeneralprosperitylevelintheworld.Itisunethicalaspectsofcompetitionwheresomeindividualsinitiateforceandfraudthatcausesviolenceinthesociety.Competitioncanneverbeeliminatedfromanysociety;
ratheranyattempttoeliminat
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