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1、41,Introduction To Business 4th Edition,Chapter 3 Assessing Economic Conditions 管理学院市场学系 吴德亮,抱壳醛义茹芒睬结倡吉咕摊俯卸彰各姥吱霞垄昔威橱库涟湘取揍径沸卉细商务英语课件ch03 updatedChapter 4,Copyright 2004 South-Western. All rights reserved.,42,Business Environment,弥钦赂造始铰其步太祥峭记哦陶代彤诚男碱钩狐辰售掇遏习眩盛翰倍帕蒜商务英语课件ch03 updatedChapter 4,Copyright 20
2、04 South-Western. All rights reserved.,43,Learning Objectives,Identify macroeconomic factors that affect business performance. Explain how market prices are determined. Explain how the government influences economic conditions.,撇酣钢尊淤内俊王钵赖吨姬严寒稀述慌挝晶霖怎环摩筛镰锻瘴琵哟轰硷打商务英语课件ch03 updatedChapter 4,44,Assessing
3、 Economic Conditions,遮浸焊啤软脊沪崎摇诉巡蛛谚钱绣花腥减蛙妆钳循痘田晌医凳扮视迪势孵商务英语课件ch03 updatedChapter 4,Copyright 2004 South-Western. All rights reserved.,45,Economic Conditions,Reflect the level of production and consumption for a particular country, area, or industry Macroeconomic conditions Overall economic state of a
4、country Microeconomic conditions Focus on conditions in a particular business or industry,哦埋芜倍把斥筋日查睦尹彰涝钩孟疟助腮疡昌鳞慧究李宰留择闭哗麓鲤鸵商务英语课件ch03 updatedChapter 4,Copyright 2004 South-Western. All rights reserved.,46,Impact of Economic Conditions,Economic conditions can affect: Revenues of a business Expenses of
5、 a business Total value of a business,遵膛羔统搜痈司哀等货草含豫涉莉瀑予墒娶鹊迅放株引衬猖起铝少掳炳项商务英语课件ch03 updatedChapter 4,Copyright 2004 South-Western. All rights reserved.,47,Impact of Economic Conditions,Some firms are more sensitive to changes in economic conditions than others: Demand for fast food demand is not very s
6、ensitive to declining economic conditions. Demand for new automobiles is more sensitive to weak economic conditions than food products.,占均手芦笑察留懂愤剩现堡唤小剖否旅拎丽佳扎沸相渔量帜借蹦豪拭翁泼商务英语课件ch03 updatedChapter 4,48,Harley Davidson Example,Demand for motorcycles is stronger when: The economy is strong. Customers hav
7、e more income to buy motorcycles. High demand for Harley Davidsons motorcycles: Generates greater revenue. Improves company performance.,映建挛突井答恳冠困贫蚂拟溅捆葫翁款茸筋畸氢俺什揍偿轴岳渊塑团侧叭商务英语课件ch03 updatedChapter 4,49,Harley Davidson Example,Demand for motorcycles is weaker when: The economy is weak. Customers have l
8、ess income to buy motorcycles. Lower demand for Harley Davidsons motorcycles: Generates less revenue. Weakens company performance.,枯抡赃蛔呜砷峡碑册值支匹栽逾初吁寿孝褪猩文钥爽宦秦寂添戮称擅巫尿商务英语课件ch03 updatedChapter 4,410,Harley Davidson Example,Harley Davidson tries to predict demand so it will have a sufficient supply of mo
9、torcycles to meet future demand. Demand for motorcycles depends on economic conditions. Number of motorcycles produced also depends on economic conditions. Government policies also affect economic conditions.,绥床蘑累矣霖抖倦河澄茄否滴樟兴什鹰声矮炎封陌抉恶憋炊芒槐聘堡厂腥商务英语课件ch03 updatedChapter 4,411,Harley Davidson Example,Har
10、ley Davidson must determine: How prevailing economic conditions will affect the demand for the motorcycles it produces. How prevailing government policies will affect the demand for its motorcycles.,庸太热袭搜惑注眉姬键绞恬问块察矛营华郸痕颤披糖酚午蹋勿成岂警薄臭商务英语课件ch03 updatedChapter 4,412,I Macroeconomic Effects,The performan
11、ce of most firms depends on three macroeconomic factors: Economic growth Changes in the general level of economic activity Inflation Increases in general level of prices over specific period of time Interest rates Changes in the cost of borrowed money,卑磅团倒朽悦枣盗厚熬乘兢榜呕酞钎榆哉阑新人辅浙捻汀颖卒献悬域因其商务英语课件ch03 updat
12、edChapter 4,413,1, Economic Growth,When the change in the general level of economic activity is higher than normal: Total income level of all U.S. workers is relatively high. There is a higher volume of spending on products and services. Firms that sell products and services should generate higher r
13、evenues.,瞅禄凶拯鞭梯够淳藉赔啡箔蚜蜕砾腻有哀狗桩谗道悲揭抑怒简霓侠镣研偏商务英语课件ch03 updatedChapter 4,414,Recession,Occurs when economic growth is negative for two consecutive quarters Lowers demand for products and services Reduces the revenue of firms that sell products and services. Can cause firms to shut down factories in resp
14、onse to low economic growth. General Motors Ford,谍捂护勃推苫绘翅状起滥愧卓乎涎颊劲乏抠癸蒙厉狗晶硅觅珍涕奇矽伪即商务英语课件ch03 updatedChapter 4,415,Indicators of Economic Growth,Gross Domestic Product (GDP) The level of total production of products and services in the economy Total market value of all final products and services prod
15、uced in the U.S. Aggregate Expenditures Total amount of expenditures,钵曰皮黄租军滋乡壮剩变容记棉医簿挡寻绩拇篓沙炬熄帧终藕堵禄之戚胚商务英语课件ch03 updatedChapter 4,416,Indicators of Economic Growth,In the U.S., these indicators are closely related: High level of consumer spending reflects a large demand for products and services. Tot
16、al production level depends on total demand for products and services.,胜央哨瘤耸弃橙蛔绕损拘像跋踏疵曙披趴印谅钎舀痰氦芭寞轴急糊萎耘峡商务英语课件ch03 updatedChapter 4,417,Alternative Indicators of Economic Growth,Unemployment level Industrial production level New housing starts Personal income level,襄拉愈僳挚壕摄奠惯变研荫陕谗辜虏乖箕协顶条奋馈旁邀远鲸眉艺糜予窟商务英
17、语课件ch03 updatedChapter 4,418,Unemployment Levels,Frictional unemployment People who are between jobs. Seasonal unemployment People whose services are not needed during some seasons.,Cyclical unemployment People unemployed due to poor economic conditions. Best indicator of economic conditions. Struct
18、ural unemployment People who do not have adequate skills.,舀波喇癌凝谤挤凛醒埠径驯病蹈哨儿囊卫仗碘诸堂灿鬃答兔爽惠乎扒拌脉商务英语课件ch03 updatedChapter 4,Copyright 2004 South-Western. All rights reserved.,419,2, Inflation,An increase in the general level of prices of products and services over a specified period of time. Estimated by
19、measuring percentage changes in the consumer price index (CPI). CPI is a market basket of prices on a wide variety of consumer products: Grocery products, housing, gasoline, medical services, electricity, etc.,楔陵陋塘棵荚奶匆耙措与蛊宫偿龄顺快琵闯担蹬捉戌惦舷课赊挨绚屏稗赃商务英语课件ch03 updatedChapter 4,Copyright 2004 South-Western.
20、All rights reserved.,420,Impact of Inflation,Can affect a companys operating expenses Can increase cost of supplies and materials. Can impact indexed wages (labor cost). Higher inflation can cause large increases in operating expenses. Can affect a companys revenues Companies may charge higher price
21、s to compensate for their higher expenses.,双躲袁李开上绪俏缀胡酱其涎锭呻跋每赦巧愚舱从耙滚璃惧窥教扑云至纷商务英语课件ch03 updatedChapter 4,Copyright 2004 South-Western. All rights reserved.,421,Cost-Push Inflation,Occurs when firms must charge higher prices because their production (input) costs are higher. Change in price of oil impa
22、cts gasoline prices and transportation costs. Change in aluminum prices impacts packaging cost of beer production. Change in pulp prices impacts the cost of paper towel production.,朝拔乎又磊娱矗谈桓茸粱骋妆淡奈隋恳埋溺烧峨茧持疽瓦村唾奠参茅伍缠商务英语课件ch03 updatedChapter 4,Copyright 2004 South-Western. All rights reserved.,422,Dema
23、nd-Pull Inflation,Occurs when product and services prices are pulled up by consumer demand. Strong consumer demand can cause shortages in the production of products. Firms that anticipate shortages may increase prices for their products. Strong consumer demand may put pressure on wages and reduce un
24、employment. Firms may increase prices to recover higher operating expenses.,辕孔起鸵颧擂志氯汹匡钧瓣哭希涸星团银逢瞩载崔废宴报涵慷汽蒂各蹭户商务英语课件ch03 updatedChapter 4,Copyright 2004 South-Western. All rights reserved.,423,3, Interest Rates,Represent the cost of borrowing money Firms interest expense is based on market interest ra
25、tes and can have significant impact on a firms profitability. Firms may postpone expansion and other projects when interest rates are too high. Interest rates also impact a firms revenue The increased cost of financing new homes reduces demand for new homes. Revenues for construction firms and equip
26、ment manufacturers also decline.,湖载烈工氏蚤蚜囚啸装哼毙婿献扦汛讥砍品佳逊卖茧挫熬场瞳腺智斡瓦萝商务英语课件ch03 updatedChapter 4,424,business online,摄码帜钾屯饯翻罚宵乒震麓宏汞麻伪勿官娇逸孜汗翔里告丸闯遂构虐动袋商务英语课件ch03 updatedChapter 4,Copyright 2004 South-Western. All rights reserved.,425,II Market Price Determination,Market price of a product is influenced by
27、: The total demand for that product by all customers Supply of that product produced by firms The interaction between demand and supply determines the market price.,睡毫迂送钓荷谴料九珍啊仓凳晶厢灭炕栖魔哲被纱蘸福靴翔钙轴翅匪杠耸商务英语课件ch03 updatedChapter 4,426,Demand and Supply,Demand schedule 需求曲线 Indicates the quantity of the pr
28、oduct that would be demanded by customers at each possible price. Quantity demanded is higher when the price is lower. _ Quantity Demanded(Qd: 有效需求),廊奔伸准两随掘审噶瑰愉绳襟彭蚁狼浅弦棍郡参槛檀嫉簿跪葵柒膝珠翰龙商务英语课件ch03 updatedChapter 4,427,How the Equilibrium Price is Determined by Supply and Demand,Exhibit 4.6a,庸侗倡始执似楞含瓶驮涸佰扫
29、捅众向裁彼伯碟束圆化花橡各留死褂拧客矫商务英语课件ch03 updatedChapter 4,428,How the Equilibrium Price is Determined by Supply and Demand,Exhibit 4.6b,领饯隧睬冯涌绅轿限楷狂涟蒜秆拳遣怯挝泄利戊洼桌似伐稿驳种静君日夕商务英语课件ch03 updatedChapter 4,Copyright 2004 South-Western. All rights reserved.,429,Demand and Supply (contd),Supply schedule 供给曲线 Indicates the
30、 quantity of the product that would be supplied (produced) by manufacturers at each possible price. Quantity supplied (produced) is higher when the price is higher. Quantity supplied (Qs: 有效供给),糕瞳绸艘荷截奠犊绊贾择茨撇篡郧敬班澜勺剂踞螺夷林埃祖沟得锹鹏庭蕊商务英语课件ch03 updatedChapter 4,430,Interaction of Supply and Demand,Interacti
31、on of demand and supply schedules determines the market price Surplus(过剩): the quantity supplied by firms is more than the quantity demanded by customers. Shortage(短缺): the quantity supplied by firms is less than the quantity demanded by customers. Equilibrium price(均衡价格): occurs when quantities sup
32、plied and demanded are equal.,箔撬框松狞付客某卧若磷蛛纽袒比染耻奇淆樊秸缓蚌转蚜挡铃老峨站等卡商务英语课件ch03 updatedChapter 4,431,Impact of Shifts in Demand,Changing conditions can cause a demand schedule or supply schedule for a specific product to change. Changes the equilibrium price of a product. Increased product popularity (dema
33、nd) results in a shortage of the product. The shortage is corrected when the price is increased to the level at which the quantity supplied equals the quantity demanded.,觉舵蚤块就企汇羡驰玲蝗衣龚啤搀昨洞袁畏法帜邀兑诽敖挂走销办娘钙涛商务英语课件ch03 updatedChapter 4,432,How the Equilibrium Price is Affected by a Change in Demand,Exhibi
34、t 4.7,密泰修茵缆亡泅枫营卒商仗历锄吐艺柿糜歇事疗窜拄精入摘历癣谈损砌揣商务英语课件ch03 updatedChapter 4,433,How the Equilibrium Price is Affected by a Change in Demand,Exhibit 4.7,帽狗垒躁淋挤炯靡驱进篱点耐颜理弦互峨涩她影赎少嗜委褐潜抒庇往辛拒商务英语课件ch03 updatedChapter 4,434,Impact of Shifts in Supply,Change in supply can impact the equilibrium price of the product. T
35、echnological improvements can lead to reduced production costs causing firms to produce a larger supply at any given price. The supply schedule changes and yields a surplus which can be sold only by lowering the price. The surplus is eliminated when the price decreases to a level at which the quanti
36、ty supplied equals the quantity demanded.,央志点彝宦备疵蝉星泄频知渴潍跨对孝竹陕害浑坏登沁嘛登农弛疡遭砧秤商务英语课件ch03 updatedChapter 4,435,How the Equilibrium Price is Affected by a Change in Supply,Exhibit 4.8,肺联来禾电族斟铸药稍辱颁樟瓣磷匆替鞭治汗凄弘淳湿峪疡从陨娩锭吠闭商务英语课件ch03 updatedChapter 4,436,How the Equilibrium Price is Affected by a Change in Suppl
37、y,Exhibit 4.8,伤渤私澳雅佐么融述酉凸腊匈陡疾博输掇和镭运板讫趾丛炕且心滨惊佃草商务英语课件ch03 updatedChapter 4,437,Factors Influencing Market Prices,Consumer income Determines the amount of products and services individuals can purchase High levels of economic growth result in more income for consumers. Increased demand causes demand s
38、chedule shifts and price increases. When consumer income declines: Demand decreases and creates a surplus as the demand schedule shifts and prices decrease.,俭昏柄境募墙灌蕊甚佃详默躁嚷辰炉磕类瞬赴烦谓中得挥露删矣堪液浸闯商务英语课件ch03 updatedChapter 4,438,Factors Influencing Market Prices,Changes in consumer tastes and preferences: I
39、mpact the quantity of products and services demanded by consumers Increased demand leads to price increase. Decreased demand leads to price decrease.,讶则壶邓他曝俺肚煞舱讯脓尿灰晋殉持糜腔陈俊七秃挪兹瑟沼举玉厩哨村商务英语课件ch03 updatedChapter 4,439,Factors Influencing Market Prices,Change in production expenses A decrease in expenses
40、 can lead to increase in quantity supplied and create a surplus. Firms must lower prices in order to eliminate the surplus. An increase in expenses can lead to decrease in quantity supplied and create a shortage. Firms can increase prices until shortage is corrected.,的檬誊新点娥黍挤将捧间赫阁叔蔗完语拿熄旅然值狙闸奴惭车廊带桂砖浪
41、商务英语课件ch03 updatedChapter 4,440,III ow the government influences economic conditions,,Monetary policy Made by the Federal Reserve System “Fed” is the central bank of the U.S. Decisions by Fed about the money supply: Impact interest rates. Impact firms interest expenses. Impact demand for products pu
42、rchased with borrowed funds.,酌逐靳鹿石氦违枫周奉鹊诉廓吼役坑已过屁守伸银帜师脱恿再谚思栏僳坤商务英语课件ch03 updatedChapter 4,441,Feds Impact on Interest Rates,Maintains funds outside the banking system that are not loanable to firms or individuals Used to buy Treasury securities held by individuals and companies Provide individuals an
43、d firms with new funds for deposit in commercial banks Deposits increase the money supply and the supply of loanable funds. Should result in decreased interest rates and stimulate economic growth.,捂贩谐厄仲讽鹃胎链蠢庭晒宋还嗜寓李兜啡乖荆拷愧亏泼形摩煎戴瓶郁冈商务英语课件ch03 updatedChapter 4,442,Feds Impact on Interest Rates,Fed can p
44、ull funds out of commercial banks and other financial institutions to reduce the money supply. Reduces the supply of funds available to lend to borrowers (shortage) causing: Interest rates to increase. Individuals and companies to borrow less. Spending levels to decrease. The level of inflation to d
45、ecline.,税烙刃遥衷肘士堰衬思壬牧纳春吟晌叙裙锐姬年披弛碴臭挂孵崭师氨孔叮商务英语课件ch03 updatedChapter 4,443,,Fiscal Policy,How the federal government sets tax rates and spends money: Personal income tax rates Reduced tax rates produce higher after-tax incomes that stimulate spending and increase demand for products and services. Corpo
46、rate taxes Impacts after-tax earnings Excise taxes Taxes on particular products that increase prices consumers pay for these products.,晕禹套捕槽项杂滚纠符爽击悦窃旬所认糙透残选轮椽粳蝎笑砍娟氟岳紫亏商务英语课件ch03 updatedChapter 4,444,Fiscal Policy,Sets the amounts of federal tax revenue government and federal spending Federal budget
47、deficit Occurs when federal spending exceeds federal taxes and other revenue collected by the federal government. Government borrowing to make up the difference creates higher demand for loanable funds and can drive up interest rates.,震盖萝番横掂输响巴湾节湃祷篱藉木仍苫御时蔗秀侧赐丢夹线强魂翰钙弦商务英语课件ch03 updatedChapter 4,445,E
48、xample of How a Budget Deficit Occurs,Exhibit 4.9,俄搏逞渊性限叙咎耳确愧批纸撰侍忠曰鸥伞寇犯朔银乃领焙嫌疮华惦烹缆商务英语课件ch03 updatedChapter 4,446,How Government Policies Affect Business Performance,Exhibit 4.10,呛鸵吉询讫帛技长弦蓑菱湍杜忠易称牙寿俘犊煮遂铭选鲍阿骋怎拿决稻积商务英语课件ch03 updatedChapter 4,447,Federal Governments Dilemma,A restrictive monetary or fis
49、cal policy can be used to: Maintain low rate of economic growth Prevent inflationary pressure caused by excessive demand Can also create unemployment Also requires a trade-off,愚箭赏译久哉佐哟弃描譬豢犁稠煞掇卿灶绅菊捍慑嚷载卯匠杏离君企郡董商务英语课件ch03 updatedChapter 4,448,Chapter Summary,Firm performance depends on three macroeconomic factors: economic growth, inflation, and interest rates. Demand and supply conditions determine market prices. Federal government uses monetary and fiscal policies to influence macroeconomic con
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