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End-of-term , Deadline : 02.03.

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Reading II.
What should you do?
1) read the chapter
2) take notes as much as Possible
3) be ready for essay writing.

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Reading I.

What should you do?
1) read the chapter
2) take notes as much as Possible
3) be ready for essay writing.

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What should you do?
1) read the chapter
2) take notes as much as Possible
3) be ready for essay writing

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week 5_consumer behavior (February 25, 2019)

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week 5_consumer behavior (February 25, 2019)

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1) This chapter needs more effort to make more study. take notes as much as possible

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The Circular Flow Model of a Market Economy

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Dear all!
This is reading chapter for next week (February 18-19, 2019).
1) Read the chapter
2) Take notes as much as possible. Draw graphs, train your hands.
3) Answer for review quiz.
4) Be Able to write focus essay.

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video #2

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How much does quantity demanded change when price changes? By a lot or by a little? Elasticity can help us understand this question. This video covers determinants of elasticity such as availability of substitutes, time horizon, classification of goods, nature of goods (is it a necessity or a luxury?), and the size of the purchase relative to the consumer's budget.

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video #1

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Price elasticity of demand is an economic measure of the change in the quantity demanded or purchased of a product in relation to its price change. Expressed mathematically, it is:
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price
Price elasticity is used by economists to understand how supply or demand changes given changes in price to understand the workings of the real economy. For instance, some goods are very inelastic, that is, their prices do not change very much given changes in supply or demand, for example people need to buy gasoline to get to work or travel around the world, and so if oil prices rise, people will likely still buy just the same amount of gas. On the other hand, certain goods are very elastic, their price moves cause substantial changes in its demand or its supply. Here, we will look just at how the demand side of the equation is impacted by fluctuations in price by considering the price elasticity of demand - which you can contrast with price elasticity of supply.

If the quantity demanded of a product exhibits a large change in response to changes in its price, it is termed "elastic," that is, quantity stretched far from its prior point. If the quantity purchased has a small change in response to its price, it is termed "inelastic"; or quantity didn't stretch much from its prior point.

The more easily a shopper can substitute one product with a rising price for another, the more the price will fall - be "elastic." In other words, in a world where people equally like coffee and tea, if the price of coffee goes up, people will have no problem switching to tea, and so the demand for coffee will fall. This is because coffee and tea are considered good substitutes to each other.

The more discretionary a purchase is, the more its quantity will fall in response to price rises, that is, the higher the elasticity. So, if you are considering buying a new washing machine but the current one still works (it's just old and outdated), and if the prices of new washing machines goes up, you're likely to forgo that immediate purchase and wait either until prices go down or until the current machine breaks down.

On the other hand, the less discretionary a good is, the less its quantity demanded will fall. Inelastic examples include luxury items where shoppers "pay for the privilege" of buying a brand name, addictive products, and required add-on products. Addictive products may include tobacco and alcohol. Sin taxes on these types of products are possible to introduce because the lost tax revenue from fewer units sold is exceeded by the higher taxes on units still sold. Examples of add-on products are ink-jet printer cartridges or college textbooks. These items are usually more necessary (as opposed to discretionary) and lack good substitutes (only HP ink will work in HP printers).

Time also matters. Demand response to price fluctuations is different for a one-day sale than for a price change over a season or year. Clarity in time sensitivity is vital to understanding the price elasticity of demand and for comparing it across different products.

Generally as rules of thumb, if the quantity of a good demanded or purchased changes more than the price change, the product is termed elastic. (The price changes by +5%, but the demand falls by -10%). If the change in quantity purchased is the same as the price change (say, 10%/10% = 1), the product is said to have unit (or unitary) price elasticity. Finally, if the quantity purchased changes less than the price (say, -5% demanded for a +10% change in price), then the product is termed inelastic.

To calculate the elasticity of demand, let's take a very simple example: Suppose that the price of apples falls by 6% from $1.99 a bushel to $1.87 a bushel. In response, grocery shoppers increase their apple purchases by 20%. The elasticity of apples would thus be: 0.20/0.06 = 3.33 - indicating that apples are quite elastic in terms of their demand.

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Price elasticity of demand is an economic measure of the change in the quantity demanded or purchased of a product in relation to its price change. Expressed mathematically, it is: Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price Price elasticity is used by economists to understand how supply or demand changes given changes in price to understand the workings of the real economy.

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Week 3 Reading chapter (February 11-12, 2019)

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Week 3 Reading chapter (February 11-12, 2019)

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Dear all!
This is reading chapter for next week (February 11-12, 2019).
1) Read the chapter
2) Take notes as much as possible. Draw graphs, train your hands.
3) Answer for review quiz.
4) Be Able to write focus essay
5) We are going to have a quiz based on two weeks materials.

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Week 3_4th topic for practice session- Elasticity

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Week 2 (February 5, 2019_ for practice session)

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Week 2 (February 5, 2019_ for practice session)

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1) Read chapter
2) take notice as much as possible
3) write answers for 'Review quiz'.

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Ch 3 week 2_demand and supply for Practical class

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#5 (positive economics examples Kazakhstan)

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Kazakh government plans to launch 298 projects in 2018

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Kazakh government plans to launch 298 projects in 2018. Kazakh Deputy Minister of Investments and Development reported that the total amount of investments will make up $6.5 billion in 2018. In general, according to vice minister Arystan Kabikenov, in January-February 2018, fixed capital investments grew almost 54.5% and made up 1 trillion 200 billion tenge. Investments grew in mining and manufacturing industries and construction sector. Foreign investments totaled 361 billion tenge, growing by 160 billion tenge. There is a growth of foreign investments in Atyrau, Karaganda regions and Almaty city.
ARYSTAN KABIKENOV, KAZAKH VICE MINISTER OF INVESTMENTS AND DEVELOPMENT: - We began launching plants in the first quarter of 2018. The first facilities that we launched are a waste management plant in Almaty, a flour mill and a commercial concrete plant in Atyrau region and polypropylene bags production and retail facilities.
Last year, Kazakhstan became an associate member of the OECD Investment Committee which shows that Kazakhstan's investment climate meets high requirements. To fulfill the OECD recommendations, Kazakh government has canceled entry visas to a number of countries, and loosened visa requirements for others. This year, the number of countries whose citizens do not require a Kazakh entry visa has reached 61 countries. By the end of 2018, Chinese citizens transiting through the airports of Astana and Almaty will be able to stay on the territory of Kazakhstan for 72 hours without visas. The similar visa requirement is planned to be introduced for the citizens of India.
ARYSTAN KABIKENOV, KAZAKH VICE MINISTER OF INVESTMENTS AND DEVELOPMENT: - We have improved the procedure of international agreements conclusion on promotion and reciprocal protection of investments. According to the results of President Nursultan Nazarbayev's visit to the UAE, the governments of the two countries signed an agreement on promotion and reciprocal protection of investments. Currently, there are about twenty such agreements under review.
Vice Minister Kabikenov also noted that a package of legislative initiatives on further improvement of the investment climate will also be formed this year.

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Kazakh government plans to launch 298 projects in 2018

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Kazakh government plans to launch 298 projects in 2018. Kazakh Deputy Minister of Investments and Development reported that the total amount of investments will make up $6.5 billion in 2018. In general, according to vice minister Arystan Kabikenov, in January-February 2018, fixed capital investments grew almost 54.5% and made up 1 trillion 200 billion tenge.

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#4 (positive and normative economics)

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No other advanced country even comes close to the United States in annual spending on health care, but plenty of those other countries see much better outcomes in their citizens' actual health overall.

A new Commonwealth Fund report released Thursday underscored that point - yet again - with an analysis that ranks 13 high-income nations on their overall health spending, use of medical services, prices and health outcomes.

The study data, which is from 2013, predates the full implementation of Obamacare, which took place in 2014. Obamacare is designed to increase health coverage for Americans and stem the rise in health-care costs.

Jason Butcher | Getty Images

The findings indicate that despite spending well in excess of the rate of any other of those countries in 2013, the United States achieved worse outcomes when it comes to rates of chronic conditions, obesity and infant mortality.

One rare bright spot for the U.S., however, is that its mortality rate for cancer is among the lowest out of the 13 countries, and that cancer rates fell faster between 1995 and 2007 than in other countries.

"Time and again, we see evidence that the amount of money we spend on health care in this country is not gaining us comparable health benefits," said Dr. David Blumenthal, president of the Commonwealth Fund. "We have to look at the root causes of this disconnect and invest our health-care dollars in ways that will allow us to live longer while enjoying better health and greater productivity."

The U.S. spent an average of $9,086 per person on health care in 2013, which translated to more than 17 percent of gross domestic product, the fund noted.

That level of health spending relative to GDP is about 50 percent more than any of the countries studied for the report, which are Australia, Canada, Denmark, France, Germany, Japan, the Netherlands, New Zealand, Norway, Sweden, Switzerland and the United Kingdom.

The Commonwealth Fund said that in the U.S., the life expectancy in 2013 was an average of 78.8 years. By contrast, in Switzerland, which had the second-highest health spending per capita at $6,325, life expectancy was more than four years higher, at 82.9 years.

U.S. spending on government-sponsored health care was also significantly higher per capita than the other countries, "despite being the only country in the study without universal health coverage," the Commonwealth Fund said.

The U.S. government spent $4,197 per person in 2013 on health care, primarily for Medicare and Medicaid benefits. That's in contrast to the U.K., where all residents are covered by the National Health Service, and where the government's health-care spend was just $2,802 per person.

The report also noted that "despite spending more on health care, Americans have fewer hospital and physician visits" than most of the other countries. But, "Americans appear to be greater consumers of medical technology," which includes diagnostic imaging like MRIs and CT scans as well as pharmaceuticals.

The average number of prescription drugs taken by adults in the U.S. was 2.2 medications. New Zealand, where adults took the same average number of drugs as the U.S., was the only other country to exceed two medications per adult.

The Commonwealth Fund report said that pharmaceuticals as well health services were more expensive in the United States than in other countries.

Heart bypass in the U.S. cost $75,345 on average, compared to $42,130 in Australia, the second-highest amount among the other countries. An appendectomy in the U.S. cost an average of $13,910, compared to $9,845 in Switzerland, which had the second-highest average.

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patient protection and affordable care act

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US health care: Spending a lot, getting the least

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No other advanced country even comes close to the United States in annual spending on health care, but plenty of those other countries see much better outcomes in their citizens' actual health overall.

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#3

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What is the reason for price increase of meat in Kazakhstan?

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what is the reason for price increase of meat in kazakhstan? - kazakh culture and traditions

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What is the reason for price increase of meat in Kazakhstan?

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What is the reason for price increase of meat in Kazakhstan?

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#2

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Food Prices set to rise in 2019 | Watch News Videos Online

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Watch Food Prices set to rise in 2019 Video Online, on GlobalNews.ca

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#1

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Food Prices set to rise in 2019 | Watch News Videos Online

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Watch Food Prices set to rise in 2019 Video Online, on GlobalNews.ca

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Topics

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Theme 1 Basics of Economic theory. What is Economics? The economic problem. (4 h.)Theme 2 Methods and techniques of microeconomics (1 h)

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Theme 1 Basics of Economic theory. What is Economics? The economic problem. (4 h.)Theme 2 Methods and techniques of microeconomics (1 h)

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Reading Material for practice session. Week 1 and 2.

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Ch 1 for practice sessions_What is Economics

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Theme 1 Basics of Economic theory. What is Economics? The economic problem. (4 h.)Theme 2 Methods and techniques of microeconomics (1 h)

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Theme 1 Basics of Economic theory. What is Economics? The economic problem. (4 h.)Theme 2 Methods and techniques of microeconomics (1 h)

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Reading Materials for practice sessions. Week 1 and 2