商学导论ppt课件

,IntroductiontoBusinessJeffMadura,3,AssessingEconomicConditions,PartIBusinessEnvironment,42,LearningGoals,Explainhoweconomicgrowthaffectsbusinessperformance.Explainhowinflationaffectsbusinessperformance.Explainhowinterestratesaffectbusinessperformance.Explainhowmarketpricesaredetermined.Explainhowthegovernmentinfluenceseconomicconditions.,43,KeyTerms,aggregateexpenditure总支出cost-pushinflation成本推进式通货膨胀cyclicalunemployment周期性失业demandschedule需求表demand-pullinflation需求拉动式通货膨胀economicgrowth经济增长equilibriumprice平衡价格excisetaxes消费税,44,KeyTerms,federalbudgetdeficit联邦预算赤字federalreservesystem联邦储备系统fiscalpolicy财政政策frictionalunemployment摩擦性失业grossdomesticproduct(GDP)国内生产总值inflation通货膨胀monetarypolicy货币政策moneysupply货币供应量,45,KeyTerms,recession(经济)衰退seasonalunemployment季节性失业shortage短缺structuralunemployment结构性失业supplyschedule供给表surplus过剩,46,EconomicConditions,MacroeconomicconditionsOveralleconomicstateofacountryMicroeconomicconditionsFocusonconditionsinaparticularbusinessorindustry,47,MacroeconomicEffects,Theperformanceofmostfirmsdependsonthreemacroeconomicfactors:Economicgrowth(employmentrate)InflationInterestrates,48,StrongEconomicGrowth,generallevelofeconomicactivityishigherthannormal:Totalincomelevelisrelativelyhigh.highervolumeofspendinghigherrevenues,49,HowtheImpactofaStrongEconomySpreads,410,WeakEconomicGrowth,Weakeconomicgrowthresultsin:lowdemandforproductsandserviceslowerrevenuesRecession:Occurswheneconomicgrowthisnegativefortwoconsecutivequarters,411,HowtheImpactofaWeakEconomySpreads,412,IndicatorsofEconomicGrowth,GrossDomesticProduct(GDP)-thetotalmarketvalueofallfinalproductsandservicesproducedinacountry.-EconomicgrowthisinterpretedasthepercentageofchangeintheGDPAggregateExpenditures-totalamountofexpendituresintheeconomy,413,TrendofGrossDomesticProduct(GDP),Exhibit3.1,414,IndicatorsofEconomicGrowth,Analternativeindicatorisunemploymentlevel.FrictionalUnemploymentpeoplewhoarebetweenjobsSeasonalUnemploymentpeoplewhosejobsarenotneededduringsomeseasons（Forexample,mostroadconstructionprojectstakeplaceinthesummer.Canalsooccurintouristindustriesandresorttowns;thehotelsandothertourist-relatedservicesmaylayoffemployeesduringtheoffseason.）CyclicalUnemploymentpeoplewhoareunemployedbecauseofpooreconomicconditions(bestindicator)StructuralUnemploymentpeoplewhoareunemployedbecausetheydonthaveadequateskills,415,TrendofU.S.Unemployment,416,VariationintheSensitivitytoEconomicGrowth,Whicharemoresensitive?,McDonaldsFood,StarbucksCoffee,NewCars,417,Inflation,Anincreaseinthegenerallevelofpricesofproductsandservicesoveraspecifiedperiodoftime.Estimatedbytheconsumerpriceindex(CPI).CPIisamarketbasketofprices,418,U.S.InflationRatesoverTime,Exhibit4.3,419,ImpactofInflation,Canaffectacompanysoperatingexpenses.Canaffectacompanysrevenues,420,TypesofInflation,Cost-PushInflation-thesituationswhenhigherpriceschargedbyfirmsarecausedbyhighercosts-consumerspayhigherpricesforproductstheyareforcedtoreducespendingonotherproductsdemandforthoseproductsdeclines,421,100块钱能买什么？,422,TypesofInflation,Demand-PullInflation-thesituationswhenpricesofproductsandservicesarepulledupbecauseofstrongconsumerdemand-strongconsumerdemandproductionshortageshigherprices,423,strongeconomicgrowthfewerunemployedpeopleworkersnegotiateforhigherwagesproductioncostsrisehigherpricestorecoverhigherexpenses,424,VariationintheSensitivitytoInflation,Whichfirmsaremoresensitivetothechangesinoilprices?,?,DeliveryServiceFirm,DentalOffice,TravelAgency,RealEstateAgency,425,ImpactofInterestRates,ImpactonaFirmsExpenses-Interestratesdeterminecostofborrowingmoney.-Interestratesinfluenceafirmsprofit.(Exhibit3.3)Firmsmaypostponeexpansionifinterestratesarehigh.ImpactonaFirmsRevenue-Highinterestratesleadtoreduceddemandforproductspurchasedwithcredit,withresultsinlowersales.,426,2012年6月首次降息,427,428,Whicharemoresensitive?,VariationinSensitivitytoInterestRates,TravelAgencies,ConstructionFirms,CarManufacturers,429,MarketPriceDetermination,Marketpriceofaproductisinfluencedby:ThetotaldemandforthatproductbyallcustomersSupplyofthatproductproducedbyfirmsTheinteractionbetweendemandandsupplydeterminesthemarketpriceThe“InvisibleHand”AdamSmith,430,HowtheEquilibriumPriceisDeterminedbySupplyandDemand,Ademandscheduleindicatesthequantityofaproductdemandedateachpossibleprice.Asupplyscheduleindicatesthequantityofaproductsupplied(produced)ateachpossibleprice.Equilibriumprice-isthepriceatwhichthequantitysuppliedequalsthequantitydemanded;-isthepriceatwhichfirmsattempttosellproducts.,431,HowtheEquilibriumPriceisDeterminedbySupplyandDemand,Exhibit3.4,432,InteractionofDemandandSupply,Atanypriceabovetheequilibriumprice,firmsareunabletosellalltheproducts,resultinginasurplus.Pricesshouldbereducedtoeliminatethesurplus.Atanypricebelowtheequilibriumprice,thefirmswillnotproduceasufficientquantitytosatisfyallthedemand,resultinginashortage.Pricescanberaisedtocorrecttheshortage.,433,EffectofaChangeinDemandSchedule,Assumingthesupplyscheduleremainsunchanged,ifdemandcurveshiftsoutward,theequilibriumpricewillrise.SimpleLogic:demandincreasesshortagefirmscansellatahigherpricetheequilibriumpricerises,434,EffectofaChangeinDemandSchedule,Assumingthesupplyscheduleremainsunchanged,ifdemandcurveshiftsoutward,theequilibriumpricewillrise.SimpleLogic:demandincreasesshortagefirmscansellatahigherpricetheequilibriumpricerises,435,EffectofaChangeinSupplySchedule,Assumingthedemandscheduleremainsunchanged,ifsupplycurveshiftsoutward,theequilibriumpricewillfall.SimpleLogic:supplyincreasessurplusfirmsshouldlowerthepricetheequilibriumpricefalls,436,FactorsInfluencingMarketPrices,ConsumerIncomehigherconsumerincomedemandcurveshiftsouthigherpricesConsumerPreferencesaproductbecomeslesspopulardemanddeclineslowerpricesProductionExpenseslowerproductionexpenseshighersupplysurpluslowerprices,437,GovernmentInfluenceonEconomicConditions,438,MonetaryPolicyImpactsEconomicConditions,MonetarypolicyMadebytheFederalReserveSystem“Fed”isthecentralbankoftheU.S.(Greenspan)DecisionsbyFedaboutthemoneysupply:Impactinterestrates(expenseandproductdemand),439,FedsImpactonInterestRates,HowtheFedsReducesInterestRatesAssumingthatdemandforloanablefundsremainsunchanged,increasedmoneysupplywilldecreaseinterestratesandstimulateeconomicgrowth.HowtheFedsIncreasesInterestRatesAssumingthatdemandforloanablefundsremainsunchanged,decreasedmoneysupplywillincreaseinterestratesanddiscourageconsumersandfirmsfromborrowing.Reducedspendingleadstolowerprofitforfirms.,440,FiscalPolicy,Howthefederalgovernmentsetstaxratesandspendsmoney:PersonalincometaxratesCorporatetaxesExcisetaxes,441,FiscalPolicy,RevisionofPersonalIncomeTaxRateslowerpersonalincometaxeshigherafter-taxincomeshigheraggregatedemandRevisionofCorporateTaxeslowercorporatetaxeshigherafter-taxearningsRevisioninExciseTax