Lecture Teacher: Tsventukh Yu.I. TOPIC: "Market of one product". The concept of "market" is multifaceted, and with the development of society and material production, it has repeatedly changed. Initially, the market was considered as a bazaar, that is, a place for market trade, a market square. This is explained by the fact that the market appeared during the period of the decomposition of primitive communal society, when the exchange between communities becomes more or less regular and takes place in a certain place and at a certain time.

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"Lecture. Economy. Theme "Market of one product"»

Lecture

Teacher: Tsventukh Yu.I.

TOPIC: "Market of one product".

The concept of "market" is multifaceted, and with the development of society and material production, it has repeatedly changed.

Initially, the market was considered as a bazaar, that is, a place for market trade, a market square. This is explained by the fact that the market appeared during the period of the decomposition of primitive communal society, when the exchange between communities becomes more or less regular and takes place in a certain place and at a certain time.

The modern definition of the market. The market is a set of all relations, as well as forms and organizations of cooperation between people with each other, related to the sale and purchase of goods and services.

Market Conditions:

Ø social division of labor;

Ø economic isolation of producers;

Ø Independence of production.

Market features:

Ø unregulated offers;

Ø unregulated demand;

Ø unregulated price.

Market functions:

Ø intermediary - connection of producers of goods and their consumers;

Ø pricing - the establishment of an equilibrium price for a particular product - the price at which the demand for the product is equal to the offer goods;

Ø informational - providing information on the size of a particular production and meeting consumer demand for specific goods;

Ø regulatory - "flow" of capital from less profitable industries with lower prices to more profitable industries with higher prices;

Ø sanitizing (improving) - "liberation" of the economy from inefficient economic activity.

Market types.

Ø According to the current legislation:

legal (lawful)

Illegal (shadow).

Ø According to the object of sale:

goods and services,

factors of production

housing and other structures.

Ø On a spatial basis:

world,

· National,

regional,

local.

Ø By type of competition:

· perfect competition,

monopolistic competition,

oligopoly,

monopolies.

Ø Geographically:

internal,

external.

Ø By the nature of sales:

· wholesale,

Retail.

Ø By saturation level:

balanced,

surplus,

· in short supply.

Ø According to the degree of adjustability:

adjustable,

unregulated.

Lecture: “Demand and supply. Market equilibrium.

Ø using the data received, make an oral report on the topic “The influence of supply and demand on the state of the market”,

Ø write out the highlighted terms

Market equilibrium is such a state of the market when the interests of producers and consumers coincide, when supply and demand are equal. This means there is no surplus of production and no shortage of products, what is produced is what is sold. This situation is called market equilibrium, it is characterized by equilibrium price and equilibrium volume.

The equilibrium price is the market price that satisfies both the buyer and the seller at the same time.

If the price rises above the equilibrium price, then the seller wants to sell more goods, but the consumer will be less willing to buy. As a result, there is an excess of goods. Under the influence of the competition of sellers, the price begins to decrease and buyers will have a desire to buy more, and sellers will begin to sell less. As a result, the market will return to a state of rest.

If the price falls below the equilibrium price, then demand will more offer, there will be a shortage of goods. Under the influence of buyers' competition, the price will begin to increase until supply equals demand, i.e., until equilibrium is reached

The market is a system of interaction between the seller and the buyer.

Commodity - a product of labor, manufactured for exchange by buying and selling on the market.
Goods properties: 1) cost - the sum of costs for the production of goods (abstract human labor); 2) use value- usefulness of the product.
In commodity production, the product of a private producer is the product social labor. But the expenditure of social labor cannot be expressed in labor time. These costs are expressed in terms of value through exchange. Labor costs take a special form - the form of value. Under these conditions, producers of goods are forced to exchange the products of their labor in accordance with their value. This objective necessity of commodity production is expressed in the law of value.
The law of value is an objective economic law, according to which the exchange of goods takes place depending on the amount of abstract socially necessary labor embodied in them. This is the economic law of commodity production, the law of equivalent exchange.
The main parameters regulating the behavior of market participants are: demand, supply, price.
Demand is the amount of goods of a certain type that the buyer is willing and able to buy at a certain (one or another) price level.
Distinguish 1) individual demand (demand of one person), 2) market demand for this market and 3) aggregate demand (demand in all markets for a given good or for all produced and sold goods).
Demand is the quantity of a good that buyers are willing to buy at a given price in a given period.
What determines the volume and structure of demand?
Demand depends on both the price of the product and other non-price factors such as fashion, consumer income, and the price of other products, including substitutes and related related products. Non-price factors of demand: 1) prices for related goods; 2) consumer preferences; 3) the number of buyers; 4) expectations of price changes; 5) income.

When analyzing the factors affecting demand, price and income are decisive.

Supply is the amount of goods that the seller is willing to offer to the buyer at a particular place and at a particular time.
The quantity supplied is the amount of a product that will be offered for sale at a given price in a given period of time.

The offer of each commodity producer depends mainly on the price.
Non-price supply factors: 1) resource prices; 2) taxes and subsidies; 3) prices for other goods; 4) production technology; 5) the number of sellers in the market; 6) expectations of price changes.
3) Two prices are formed on the market: the demand price (the maximum price at which the buyer agrees to buy the product) and the offer price (the minimum price at which the manufacturer is willing to sell the product).

The equilibrium price (the price at which quantity demanded is exactly equal to quantity supplied) cannot fall below the bid price and rise above the bid price.

Main market structures: perfect and imperfect competition.

1) the market of perfect (pure) competition; 1) there are many competing firms in the market; 2) to meet the same need, these firms offer identical goods; 3) firms do not have the ability to influence the price at which they sell their goods; 4) existing firms cannot block the entry of new competitors into the market;
2) monopolistic competition: 1) there are many competing firms in the market; 2) to meet the same need, these firms offer different between themselves goods; 3) each firm has some ability to influence the price at which it sells its goods; 4) existing firms cannot block the entry of new competitors into the market;
3) oligopoly (from the Greek oligos - a few, poleo - sell): 1) the production of the same or similar goods by a small number of large firms competing with each other; 2) each firm can have a significant impact on the prices at which its goods are sold.
Oligopoly usually arises in those industries where technology itself dictates the preference for creating large-scale industries.

3. Determine to which chapters of the Constitution the above provisions correspond.

A. Organs executive power subjects Russian Federation in agreement with federal authorities executive power may delegate to them the exercise of part of their powers.

Lesson type: combined

Know: the essence of the market, the essence of market demand, supply and formation of market prices, the essence price elasticity supply and demand relationship of supply and demand, the main features market economy,

Be able to: lead a discussion and defend one's own opinion, master the basics of dialogue, understand some problems modern society, analyze the main features of a market economy and their impact on the development of mankind, explain the laws of a market economy.

Methods: verbal, visual, practical

Conceptual apparatus Keywords: exchange, market, price, price equalization, monopoly, scarcity, competition.

Lesson plan:

1. Checking homework. Students answer questions on the past topic for the studied paragraph.
2. Introductory-motivational stage
   2.1. Frontal work with students. Explanation of new material. Organization of the discussion.
3. Working on new material educational activity)
   3.1. Frontal work with students. Formation of new concepts.
   3.2. Independent work students.
   3.3. Frontal work with students. Development of new concepts.
4. 4.1. Working on new material. Specifics of the development of a market economy in Russia.
   4.2. Frontal work with students. Organization of educational discussion.
5. Conclusion

During the classes

2. 1. Frontal work with students.Explanation of new material

If not with the help of a plan drawn up by the wisest of the wisest, then how else can the efforts of people be coordinated, to ensure that they spend their forces and the resources of nature on the production of exactly what society needs?

This problem was one of the main ones for Adam Smith, who thought a lot about the mechanisms for coordinating economic life. Smith came to the conclusion that such coordination of the activities of millions of people becomes possible due to the desire of a person for profit and his propensity to exchange. These traits of human nature underlie the economic mechanism of our civilization. It is this mechanism that makes people act in the way society as a whole needs. Smith wrote about this:

“Each person thinks only about his own benefit, but the invisible hand that guides him, as in many other things, will lead him to a result that he himself did not even think about”

What is this “invisible hand”?

Since the time of Adam Smith, economists have called this mysterious term the mechanism of market relations between people, or, in short, the mechanism of the market. There is no country in which it would be impossible to find certain elements of market relations.

Market- this is the whole set of forms and organizations of cooperation of people with each other, designed to bring together in commercial purposes sellers and buyers and enable the former to sell and the latter to buy goods.

Market- indirect, indirect relationship between producers and consumers of products in the form of the sale of goods, the scope of the implementation of commodity-money relations, as well as the entire set of means, methods, tools, organizational and legal norms, structures, etc., ensuring the functioning of such relations .

Market- this is the only system of purchase and sale relations, the structural elements of which are the markets for goods, capitals, work force, valuable papers, ideas, information, etc.

Market is the basis of a market economy.

Market is a tool or mechanism that brings together buyers (demanders) and sellers (suppliers) of certain goods and services.

From time immemorial, places have been known where some sold and others bought: auctions, markets, etc. The better the economy developed, the more markets became. Specialized markets appeared where they sold goods of one type (wool, cattle, grain, etc.).

In the era of capitalism, and now especially, economic ties between regions and enterprises of the country, as well as between countries, have become so close that each state (and even the whole world) represents, as it were, one gigantic market, consisting of many smaller markets, stock exchanges, shops. , shops, etc.

Thus, we see that the concept of "market" includes food markets, and clothing "flea markets", and expensive department stores, and all kinds of exchanges, fairs, banks, transport organizations etc. In other words, all organizations that help the manufacturer and the buyer find each other, and all legal documents that regulate their relationship, are all elements of the market. The structure of the market economy of any country can be depicted as shown in Fig.

So, the essence of the market is not only that it makes it possible to offer your product and buy the right one; the market becomes, as it were, the main economic mechanism and regulator, which shows with the help of prices which goods are in excess and which are not enough. As you can see, the word "market" has many meanings.

3.1. Frontal work with students.Formation of new concepts.

A) Now "market" means a place where people buy and sell goods.

Depending on the the nature of the object commodity exchange distinguish the following markets:

1. consumer goods;
2. industrial products and means of production;
3. services;
4. capitals.

Markets by state:

1. buyer – market condition in which supply exceeds demand.
   The difference in this market:
   • a wide range of products offered;
   • stable volumes and scales of production of these goods;
   • enterprises clearly respond to changes in customer demand;
   High level of competition.
2. seller– a market condition in which demand significantly exceeds supply.
   Characteristics of such a market:

• poor assortment of goods;
• volumes and scales of production;
• complete lack of competition.

Market economy – it's a free enterprise economy.

Market economy – is a system of economic relations about purchase and sale goods and services, carried out with the help of money in the conditions of pluralism of all forms of ownership, free competition and pricing, ensuring the effectiveness of solving socio-economic problems.

Market classification:

1. by application objects: goods market, service market, construction market, technology market, information market, credit market, stock market, labor market;
2. spatially: local, regional, national, regional by integration group, world market;
3. according to the mechanism of functioning; free, monopolized, state-regulated and planned-regulated markets;
4. by saturation level; equilibrium (by volume and structure), scarce and surplus markets.

In the process of regulation social production the market does the following features:

1. information, those. Spread various information necessary for a person in a wound;
2. intermediary. Under conditions of a developed division of labor, economically isolated producers can exchange the results of their labor;
3. stimulation of effective management, rational use organic resources by man and society.
   Using the equilibrium price mechanism:
   a) as much as possible (structural proportions and production volume are optimally formed;
   b) the rational distribution of organic production resources is ensured;
   c) the most technological methods of production are developed and cost minimization is achieved with high quality products;
4. distribution and exchange(distribution and exchange between groups of society is ensured);
5. proportionality(the market contributes to the establishment of a correspondence between production and the consumer);
6. sanitation(through the mechanism of competition, the market is cleared of non-competitive enterprises)

B) The state of the market is determined by the ratio of supply and demand.

Supply and demand - interdependent elements of the market mechanism, where demand determined by the solvent needs of buyers (consumers), sentence- a set of goods offered by sellers (manufacturers); the ratio between them develops into an inversely proportional relationship, determining the corresponding changes in the level of prices for goods.

Sentence– This is the quantity of a product that the manufacturer considers profitable to offer on the market at a certain price level.

Demand is depicted as a graph showing the amount of a product that consumers are willing to buy and able to buy at a certain price from the prices available over a certain period of time. Demand gives rise to a number of alternative opportunities that can be presented in the form of a table. It shows the quantity of the product for which (with other equal conditions) will be demanded at different prices. Demand indicates the quantity of a product that consumers will buy at different possible prices.

Ask price – The maximum price at which a consumer is willing to buy a product.

Demand quantities must have a certain value and refer to a certain period of time. The fundamental property of demand is as follows: with all other parameters unchanged, a decrease in price leads to a corresponding increase in the quantity demanded. There are cases when, in practice, the data contradict the law of demand, but this does not mean its violation, but only a violation of the assumption, all other things being equal.

The existence of the law of demand is confirmed by some facts:

1. Usually people actually buy a given product more at a low price than at a high one. The very fact that firms have "sales" is clear evidence of their belief in the law of demand. Businesses reduce their inventories not by raising prices, but by lowering them.
2. In any given period of time, each purchaser of a product receives less satisfaction or benefit or utility from each successive unit of the product. Since consumption is subject to the principle of diminishing marginal utility- that is, the principle that the subsequent unit of a given product brings less and less satisfaction, consumers buy additional units of the product only on the condition that its price decreases.
3. At a slightly higher level of analysis, the law of demand can be explained by income and substitution effects. income effect indicates that at a lower price, a person can afford to buy more than one product without denying himself the purchase of any alternative products. That is, a decrease in the price of a product increases the purchasing power of the consumer's money income. And so he is able to buy large quantity this product than before. A higher price will have the opposite effect. substitution effect expressed in the fact that at a lower price, a person has an incentive to buy a cheap product instead of similar products that are now relatively more expensive. Consumers tend to replace expensive products with cheaper ones. The effect of income and substitution is combined and leads to the fact that the consumer has the ability and desire to buy more goods at a lower price (see Table No. 1). The inverse relationship between the price of a product and the quantity demanded can be represented as a simple two-dimensional graph showing the quantity demanded on the horizontal axis and the price on the vertical axis. Placing price on the vertical axis and quantity demanded on the horizontal is an economic tradition. A mathematician would place prices on the horizontal axis and quantity demanded on the vertical axis, since price is the independent variable and quantity demanded is the dependent variable.

Tab. No. 1 you can see in Appendix 1.

Each point on the graph represents a specific price and the corresponding amount of product that the consumer has decided to buy at that price. The graph reflects all possible options for the ratio of the magnitude of demand within its limits. The law of demand is reflected in the downward direction of the demand curve. The chart allows you to clearly present a certain relationship between price and demand, as well as manipulate its various combinations.

There are many buyers in any market, so it makes sense to talk about market demand. The transition from the scale of individual demand presented by each consumer at different possible prices. We simply combine the individual demand curves horizontally to derive the overall demand curve (see Table 2).

Tab. No. 2 you can see in Appendix 2.

The intersection of supply and demand curves determines the equilibrium price (or market price) and the equilibrium quantity of production.

An oversupply, or surplus, that occurs at prices above the equilibrium price, will induce competing sellers to lower their prices in order to get rid of excess stock.

Falling prices:

1. tell firms that it is necessary to reduce the resources spent on the production of this product;
2. attract more buyers to the market.

Changes in any of the factors that affect production costs, such as production technology, or in resource prices, in the amount of taxes or subsidies, will lead to certain shifts in the supply curve. The relationship between changes in demand and the resulting changes in equilibrium price and equilibrium quantity is a direct one. An inverse relationship exists between changes in supply and a subsequent change in price. At the same time, the relationship between a change in supply and a subsequent change in the quantity of output is direct.

However, the extent to which consumers respond to price changes can vary greatly from product to product. Moreover, we will find that, as a rule, the reaction of consumers in relation to the same product varies significantly when prices change within different limits. Economists measure the sensitivity, or sensitivity, of consumers to changes in the price of a product using the concept of price elasticity. Demand for some products is characterized by the relative sensitivity of consumers to price changes, small changes in price lead to large changes in the quantity purchased. Demand for such products is called relatively elastic or simply elastic. For other products, consumers are relatively insensitive to price changes, that is, a significant change in price leads to only a small change in the number of purchases. In such cases, demand is relatively inelastic or simply inelastic.

Factors of price elasticity of demand:

1. Replaceability. The more good substitutes for a given product are offered to the consumer, the more elastic the demand for it is. The elasticity of demand for a product depends on how narrowly defined the boundaries of this product are.
2. Specific gravity consumer income. The more space a product occupies in the consumer's budget, under other conditions, the higher the elasticity of demand for it.
3. Luxury goods and necessities. The demand for necessities is usually inelastic, the demand for luxuries is usually elastic.
4. Time factor. Demand for a product is more elastic than longer decision times. It depends on the habits of the consumer, the durability of the product.

Price is the monetary value of a product. Previously, a system of stable settlement prices dominated. Prices made it possible to have comparability of indicators over the years. They didn't respond publicly necessary costs labor. In 1991 prices went up. This was justified, because. bringing prices in line with costs led to an increase in production.

The price reflects:

1. Cost dynamics.
2. Indicators of labor results.
3. inflation rates.
4. The ratio of supply and demand.
5. Degree of monopolization of the market.

The correct definition of the price determines:

1. Profitability of production.
2. Firm competitiveness.
3. The stability of the firm in the market.

Price adjustment required:

1. When developing a new product.
2. When using new distribution channels.
3. When entering a new market with a product.
4. When production costs change.

The main component of the price is s/s. s/s structure:

1. Raw materials.
2. Fuel and energy technological goals(energy costs).
3. Salary (up to 50% in developed countries).
4. Social security contribution.
5. Equipment maintenance and operation costs:
   • depreciation costs;
   • costs for Maintenance;
   • maintenance costs
6. Shop expenses:
   • costs for current repairs and maintenance of buildings and structures;
   • depreciation of buildings;
   • maintenance of shop personnel.
7. General factory expenses (for administration - managerial staff)
8. Non-manufacturing expenses:
   • standardization,
   • technical propaganda.

Before developing a pricing strategy, a firm must analyze all external factors that influence decisions. The firm sets the initial price and then adjusts it with the participation of various factors operating in the environment.

Consider the following approaches to the pricing system: setting prices for new product, product line pricing, geographic pricing, discount and offset pricing, promotional pricing and discriminatory pricing.

3.2. Independent work of students.

Students are invited to consider schemes of the essence of a market economy (see above).

The guys should explain what the features of the market society are expressed by, inscribing its characteristic features into the diagram, and the students should independently highlight the positive and negative aspects of the market economy.

3.3. Frontal work with students.Development of new concepts.

A) It is proposed to students to determine the criteria by which the main elements of a market system are identified, and the nature of competition in a market economy. (Annex 4)

B) it is proposed to determine the main subjects of the market and the features of the formation of demand.(Annex 5)

4.1. Specifics of the development of a market economy in Russia.Lecture explanation of new material.

Macroeconomic stabilization took longer, but, nevertheless, in 1996, the annual inflation rate (22%) approached that of Poland (19%) and Hungary (20%). The ruble exchange rate has almost stabilized within a sloping "currency band".

The mass privatization program made it possible to privatize 70% of the former state enterprises. According to official statistics, in 1997 there was finally a return to economic growth. (1%).

Economic stability is also threatened by unfavorable phenomena in the monetary sphere.

The mutual indebtedness of the enterprises extremely quickly reached enormous proportions. The debt in the field of paying taxes to the budget is growing. The imperfection of the Russian tax system complicates the situation with the budget, as tax rates are inflated, complex and arbitrary. Only 17% of enterprises pay taxes in full and regularly; tax revenues are only 9% of GDP. In parallel, since 1994, mutual settlements and barter have become widespread in the Russian economy.

Results on the question: “The reforms laid the foundations for the development of capitalism in Russia.” The first condition for this is "the formation of a system that is different from the administrative-command". The second condition is the liberalization, if not complete, of prices, internal and foreign trade, relative stabilization of the budgetary and tax spheres and the convertibility of the ruble.

The economy and society quickly "adapted" to the new proto-market economic system: non-payments, outstanding debts in the context of inflation, restrictive monetary policy testify to this. But, nevertheless, Russia is becoming "a country with a commodity economy, operating according to the general laws of a market economy, although not yet sufficiently developed."

4.2. Frontal work with students.Organization of educational discussion.

Questions can be asked in a variety of ways. For example, "The problem of privatization in the country, its essence and results." "The current state of the economy, the problems of the crisis", etc.

5. Conclusion

All studied material is summarized and a training task is given. Separate groups of students are invited to select material from the media about the development of market relations in the country.

6. Security questions:

1. What is a market system and a market economy?
2. Give general characteristics market, listing its main features?
3. What elements make up market mechanism?
4. What are the main reasons for the emergence of the market?
5. What are the main tasks of the market?
6. What problems cannot be solved by the market?
7. Formulate the concept of market demand, demand function and demand curve?
8. What price and non-price factors most strongly influence demand in modern Russia?
9. Formulate a concept market supply, the supply function and the supply curve?
10. How does price change affect supply and demand curves?
11. explain economic sense market equilibrium?
12. Is there a market equilibrium in all cases?
13. How are the subjects of a market economy classified?
14. What is the peculiarity of the simplified economic circulation?
15. Is government intervention in the process of market pricing appropriate?
16. Why does the involvement of the state in economic processes lead to new losses in the system (taxes) and new investments (subsidies and government spending)?
17. What explains the fact that deposits generate loans?
18. Why is the opposition between the market and the state incorrect?
19. What role does competition play in a market economy?
20. Why does competition drive prices down?
21. What is the role of price and non-price competition in different market structures?
22. How are market structures different from each other?
23. Why free market access is necessary condition perfect competition?
24. Why is a monopolist not interested in producing at the limit of its production possibilities?
25. Under what conditions does an oligopoly maximize profits?

Literature: Lukyanchikova N.P., Arshansky S.B. Introduction to economic theory: Tutorial. - Irkutsk: IGEA, 2001.

The functions of the market are determined by the tasks facing it. The market mechanism is designed to find answers to three key questions: what, how and for whom to produce? To do this, the market performs a number of functions:

regulatory function. It is connected with the influence of the market on all spheres of economic activity, primarily on production. Constant fluctuations in prices not only inform about the state of affairs, but also regulate economic activity. The price rises - a signal to expand production; the price falls - a signal to reduce it. Information provided by the market forces manufacturers to reduce costs and improve product quality.

At the same time, being the regulator of economic life, the market has repeatedly demonstrated that not all processes of macroeconomic regulation are subject to it. This is manifested in periodic recessions, inflation, unemployment.

Information function. The price that develops in each of the markets contains rich information necessary for all participants in economic (economic) activities. Constantly changing prices for products and resources provide objective information about the required quantity, assortment, quality of goods supplied to the markets. High prices indicate insufficient supply, low prices indicate an excess of goods compared to effective demand.

Spontaneously flowing operations turn the market into a giant computer that collects and processes colossal volumes of point information, providing generalized data for the entire economic space that it covers. Information concentrated by the market allows each participant in economic activity to compare his own position with market conditions, adapting his calculations and actions to market demands.

pricing function. As a result of the interaction of producers and consumers, supply and demand for goods and services, the price is formed in the market. It reflects the usefulness of the product and the cost of its production.

Unlike the administrative-command system in a market economy, this assessment occurs not before the exchange, but during it. The market price is a total of its role, the balance of comparing the costs of producers and the utility (value) of this good for consumers. Thus, in the process of market exchange, the price is set by comparing the costs (costs) and the utility of the exchanged goods.

intermediary function. The market acts as an intermediary between producers and consumers, allowing them to find the most profitable option for buying and selling. In a developed market economy, the consumer has the opportunity to choose the best supplier. The seller, from his position, seeks to find and conclude a deal with the most suitable buyer.

sanitizing function. The market mechanism is a fairly rigid, to a certain extent cruel system. He constantly conducts "natural selection" among the participants in economic activity. Using the instrument of competition, the market clears the economy of inefficient enterprises. And vice versa, it gives the green light to more enterprising and active people. As a result of the selection work of the market, the average level of efficiency rises, the stability of the national economy as a whole rises.

Market- the totality of all relations, as well as forms and organizations of cooperation between people with each other, related to the sale of goods and services.

Market Conditions:
- social division of labor;
- economic isolation of producers;
- Independence of the manufacturer.

The market and its features

Market Functions

Market system:

Conditions necessary for the development of a market economy:

Competition- competition, competition between manufacturers (sellers) of goods for the best results, in the general case - between any economic entities, the struggle for markets, goods in order to obtain higher incomes.

production costs- this is the cost of the producer (owner of the firm) for the acquisition and use of factors of production.
economic costs - expenses paid by the firm necessary resources(labor, material, energy, etc.). Economic costs are divided into:
- internal (or implicit) - cost own resource; they are equal to the monetary payments that could be received for a self-used resource if its owner invested it in someone else's business:
- external (explicit, accounting) - the amount of cash payments that the company makes to pay for the necessary resources.
fixed costs- a part of the total costs that does not depend on the volume of products produced (the firm's rent for the premises, the costs of maintaining the building, the costs of training and retraining personnel, wage management personnel, expenses for public Utilities, depreciation).
variable costs- part of the total costs, the value of which for a given period of time is directly dependent on the volume of production and sales of products (purchase of raw materials, wages, energy, fuel, transport services, costs for tare and packaging, etc.).
economic profit is the difference between the firm's total revenue and economic costs.
Accounting profit is the difference between total revenue and accounting costs.
Money- this is a special commodity that performs the role of a universal equivalent in the exchange of goods.