Ekonomi Kavramlar:

Scarcity: A situation in which unlimited wants exceed the limited resources available to fulfill those
wants.

Economics: The study of the choices people make to attain their goals, given their scarce resources.

Economic model: A simplified version of reality used to analyze real-world economic situations.

Market: A group of buyers and sellers of a good or service and the institution or arrangement by
which they come together to trade.

Three important economic ideas:

1. People are rational. Economists assume that consumers and firms use all available information as
they act to achieve their goals, weighing the benefits and costs of each action, and choosing an
action only if the benefits outweigh the costs—even if it is not always the “best” decision.

2. People respond to economic incentives. The economic incentive to banks, for instance, is clearer
to economists than to FBI agents: It is less costly to put up with bank robberies than to take
additional security measures.

3. Optimal decisions are made at the margin. Most decisions in life involve doing a little more or a
little less. Economists reason that the optimal decision is to continue any activity up to the point
where the marginal benefit equals the marginal cost—in symbols, where MB = MC.

Marginal analysis: Analysis that involves comparing marginal benefits and marginal costs

Marginal Benefit: The maximum amount of money a consumer is willing to pay for an additional
good or service.

Marginal Cost: The change in cost when an additional unit of a good or service is produced.

Trade-off: The idea that because of scarcity, producing more of one good or service means
producing less of another good or service.

Opportunity cost: The highest-valued alternative that must be given up to engage in an activity.

Trade-offs force society to make choices when answering the following three fundamental questions:

1. What goods and services will be produced? Consumers, firms, and the government face the
problem of scarcity by trading off one good or service for another. Each choice made comes with an
opportunity cost, measured by the value of the best alternative given up.

2. How will the goods and services be produced? Firms choose how to produce the goods and
services they sell, often facing a trade-off between using more workers or using more machines.

3. Who will receive the goods and services produced? In the United States, who receives the goods
and services produced depends largely on how income is distributed. There is disagreement over
whether the current attempts to redistribute income are sufficient or whether there should be more
or less redistribution.
Centrally planned economy: An economy in which the government decides how economic resources
will be allocated

Market economy: An economy in which the decisions of households and firms interacting in markets
allocate economic resources.

Mixed economy: An economy in which most economic decisions result from the interaction of
buyers and sellers in markets but in which the government plays a significant role in the allocation of
resources.

Productive efficiency: A situation in which a good or service is produced at the lowest possible cost.

Allocative efficiency: A state of the economy in which production is in accordance with consumer
preferences; in particular, every good or service is produced up to the point where the last unit
provides a marginal benefit to society equal to the marginal cost of producing it.

Voluntary exchange: A situation that occurs in markets when both the buyer and seller of a product
are made better off by the transaction.

Equity: The fair distribution of economic benefits.

To develop a model, economists generally follow these steps:

1. Decide on the assumptions to use in developing the model.

2. Formulate a testable hypothesis.

3. Use economic data to test the hypothesis.

4. Revise the model if it fails to explain the economic data well.

5. Retain the revised model to help answer similar economic questions in the future.

Economic models make behavioral assumptions about the motives of consumers and firms.

Economic variable: Something measurable that can have different values, such as the incomes of
doctors.

The process of developing models, testing hypotheses, and revising models is often referred to as the
scientific method, which economics applies to the study of the interactions among individuals.

Positive analysis: Analysis concerned with what is.

Normative analysis: Analysis concerned with what ought to be.

Economics is a social science which is about positive analysis, which measures the costs and benefits
of different courses of action.

Microeconomics: The study of how households and firms make choices, how they interact in
markets, and how the government attempts to influence their choices.

Macroeconomics: The study of the economy as a whole, including topics such as inflation,
unemployment, and economic growth.
• Entrepreneur

• Innovation

• Technology

• Firm, company, or business

• Goods

• Services

• Revenue: The income that a firm receives from the sale of a good or service to its customers

• Profit

• Household

• Factors of production or economic resources: Resources people use to produce goods and
services. Economists divide the factors of production into four categories: land, labor,
capital, and entrepreneurship

• Capital: Cash or liquid assets being held or obtained for expenditures. / Sermaye

• Human capital: The economic value of a worker's experience and skills. / İnsan sermayesi

Slope: Eğim

Demand curve: Represents the relationship between the price of a good or service and the
quantity demanded for a given period of time.

In a positive relationship between two economic variables, as one variable increases, the other
variable also increases.

Example: Income and Consumption

The relationship between two variables is linear when it can be represented by a straight line.

Few economic relationships are actually linear. If we carefully plot data on the price of a product
and the quantity demanded at each price, holding constant other variables that affect the
quantity demanded, we will usually find a curved—or nonlinear—relationship.

In practice, it is often useful to approximate a nonlinear relationship with a linear relationship. If

the relationship is reasonably close to being linear, the analysis is not significantly affected.

Value in the second period  Value in the first period

Percentage change   100
Value in the first period

Percentage change: The change in some economic variable, usually from one period to the next,
expressed as a percentage.
Production possibilities frontier (PPF): A curve showing the maximum attainable combinations
of two products that may be produced with available resources and current technology.
Economic growth: The ability of the economy to increase the production of goods and
services.

Increasing Marginal Opportunity Costs

A’dan B’ye 50 tank yerine 200

otomobil üretilebiliyorken B’den C’ye 150
tank yerine 200 otomobil üretilebiliyor.

The more resources already devoted to

an activity, the smaller the payoff to
devoting additional resources to that
activity.

Ticaretin faydaları: Her iki

tarafta alışverişten kazançlı bir
şekilde ayrıldı.
Absolute advantage: The ability of an individual, a firm, or a country to produce more of a good or
service than competitors, using the same amount of resources.

Comparative advantage: The ability of an individual, a firm, or a country to produce a good or service
at a lower opportunity cost than competitors.

The basis for trade is comparative advantage, not absolute advantage.

Individuals, firms, and countries are better off if they specialize in producing goods and services for
which they have a comparative advantage and obtain the other goods and services they need by
trading.

Görüldüğü gibi, Kanada akçaağaç

şurubu üretiminde bal üretimine
kıyasla karşılaştırmalı avantaja
sahip. Amerika da bu durumun
tam tersini yaşıyor.

Her iki ülke kendi avantajlı olduğu

alana yoğunlaşıp eksiklerini
ticaret yoluyla giderirse avantajlı
bir durum oluşur.

(Fiyatların iki ülkede aynı olduğu

düşünülerek kazanç analizi
yapılmıştır.)

Market: A group of buyers and sellers of a good or service and the institution or arrangement by
which they come together to trade.

Product market: A market for goods—such as computers—or services—such as medical treatment.

Factor market: A market for the factors of production, such as labor, capital, natural resources, and
entrepreneurial ability.

Factors of production: The inputs used to make goods and services.

• Labor includes all types of work, from the part-time labor of teenagers working at
McDonald’s to the work of senior managers in large corporations.

• Capital refers to physical capital, such as computers and machine tools that is used to
produce other goods.

• Natural resources include land, water, oil, iron ore, and other raw materials (or “gifts of
nature”) that are used in producing goods.

An entrepreneur is someone who operates a business. Entrepreneurial ability is the ability to bring
together the other factors of production to successfully produce and sell goods and services
Two key groups participate in markets:

A household consists of all the individuals in a home.

Firms are suppliers of goods and services.

Circular-flow diagram: A model that illustrates how participants in markets are linked.

.The red arrows show the flow of goods and

services from firms to households.

.The blue arrows show the flow of the

factors of production.

. The green arrows show the flow of funds.

The Legal Basis of a Successful Market System

Protection of Private Property

Property rights: The rights individuals or firms have to the exclusive use of their property, including
the right to buy or sell it.

Patents and copyrights protect intellectual property rights for inventors of ideas for new products or
production methods and for creators of books, films, and software.

Enforcement of Contracts and Property Rights: If property rights are not well enforced, fewer goods
and services will be produced. This reduces economic efficiency, leaving the economy inside its
production possibilities frontier.

Perfectly competitive market: A market that meets the conditions of (1) many buyers and sellers, (2)
all firms selling identical products, and (3) no barriers to new firms entering the market.

Demand schedule: A table that shows the relationship between the price of a product and the
quantity of the product demanded.

Quantity demanded: The amount of a good or service that a consumer is willing and able to
purchase at a given price.

Demand curve: A curve that shows the relationship between the price of a product and the quantity
of the product demanded.

Market demand: The demand by all the consumers of a given good or service.
 Law of demand: The rule that, holding
everything else constant, when the price of a
product falls, the quantity demanded of the
product will increase, and when the price of a
product rises, the quantity demanded of the
product will decrease.

What Explains the Law of Demand?

Substitution effect: The change in the

quantity demanded of a good that results
from a change in price, making the good
more or less expensive relative to other
goods that are substitutes.

Income effect: The change in the quantity

demanded of a good that results from the
effect of a change in the good’s price on
consumers’ purchasing power.

Ceteris paribus (“all else equal”) condition: The requirement that when analyzing the relationship
between two variables—such as price and quantity demanded—other variables must be held
constant.

Many variables other than price can influence market demand. We will discuss the five most
important:

Income

Normal good: A good for which the demand increases as income rises and decreases as income falls.
Example: Luxury Goods

Inferior good: A good for which the demand increases as income falls and decreases as income rises.
Example: Wheat, Rice etc.
Prices of Related Goods

Substitutes: Goods and services that can be used for the same purpose.

Complements: Goods and services that are used together.

Tastes

Subjective elements, such as ad campaigns or trends, can enter into a consumer’s decision to buy a
product.

Population and Demographics

Demographics: The characteristics of a population with respect to age, race, and gender.

Expected Future Prices

Consumers choose not only which products to buy but also when to buy them.
 Talep edilen miktarın değişmesi ile talebin
değişmesi aynı şey değildir. Fiyatın
değişmesi ile talep edilen miktar doğal
olarak değişir fakat talep eğrisinin
hareketi başka etmenlere bağlıdır. Örn:
Müşterilerin gelir seviyelerinin yükselmesi
= Income

Quantity supplied: The amount of a good or service that a firm is willing and able to supply at a
given price.

Supply schedule: A table that shows the relationship between the price of a product and the
quantity of the product supplied.

Supply curve: A curve that shows the relationship between the price of a product and the quantity
of the product supplied.

Law of supply: The rule that, holding everything else constant, increases in price cause increases in
the quantity supplied, and decreases in price cause decreases in the quantity supplied.

Görüldüğü üzere, bütün değişkenlerin sabit olduğu bir ortamda talep fiyat ile ters orantılı, arz ise
doğru orantılı hareket eder.

When firms increase the quantity of a

product they want to sell at a given price,
the supply curve shifts to the right.

The shift from S1 to S3 represents an increase

in supply.

When firms decrease the quantity of a

product they want to sell at a given price,
the supply curve shifts to the left.

The shift from S1 to S2 represents a decrease

in supply.
Variables That Shift Market Supply

Prices of Inputs: A change in the price of an input—anything used in the production of a good or
service—is the most likely factor to cause the supply curve for a product to shift.

Prices of Substitutes in Production: Alternative products that a firm could produce are called
substitutes in production.

Number of Firms in the Market: A change in the number of firms in the market will change supply.

Expected Future Prices: If a firm expects that the price of its product will be higher in the future than
it is today, it has an incentive to decrease supply now and increase it in the future.

Arz eğrisinin hareketi ile arz edilen

miktarın değişmesi aynı şeyi ifade
etmez. Arz edilen miktar doğrudan
doğruya fiyata bağlıdır fakat arz
eğrisinin hareketi başka etmenlerle
ilişkilendirilir.
Market Equilibrium

5 milyon tablet ve 500 dolarlık satış fiyatında arz-

talep dengesine ulaşılmış. Bu noktada
tüketicilerin almak istediği tablet miktarı (Talep)
firmaların satmak istediği tablet miktarına(Arz)
eşittir.

Market equilibrium: A situation in which quantity demanded equals quantity supplied.

Competitive market equilibrium: A market equilibrium with many buyers and many sellers.

Surplus: A situation in which the quantity supplied is greater than the quantity demanded.

Shortage: A situation in which the quantity demanded is greater than the quantity supplied.

Piyasa fiyatı arz-talep dengesinin üstünde olursa fazlalık (surplus) oluşur.

Piyasa fiyatı arz-talep dengesinin altında

olura kıtlık (shortage) oluşur.

Örneğin 600 dolar sınırında 6 milyon

tablet arz edilmekte fakat sadece 4 milyon
tablet talep edilmektedir. Bu sebeple 2
milyon tablet fazlalık olur.

Keep in mind that the interaction of demand and supply determines the equilibrium price. Neither
consumers nor firms can dictate what the equilibrium price will be. No firm can sell anything at any
price unless it can find a willing buyer, and no consumer can buy anything at any price without
finding a willing seller.
 If a firm enters a market (supply
increases), as Toshiba entered the
market for tablet computers when it
introduced the Thrive, the equilibrium
price will fall, and the equilibrium
quantity will rise.

Increases in income (Increases demand for normal goods like tablets.) will cause the equilibrium
price and quantity to rise.
When a shift in a demand or supply curve causes a change in equilibrium price, the change in price
does not cause a further shift in demand or supply.

Economic Efficiency, Government Price Setting, and Taxes

Price ceiling: A legally determined maximum price that sellers may charge.

Price floor: A legally determined minimum price that sellers may receive.

When the government imposes a price ceiling or a price floor, the amount of economic surplus in a
market is reduced.

Consumer surplus: The difference between the highest price a consumer is willing to pay for a good
or service and the price the consumer actually pays.

Marginal benefit: The additional benefit to a consumer from consuming one more unit of a good or
service.

6 dolara 1 kişiye, 5 dolara 2 kişiye, 4

dolara 3 kişiye, 3 dolar ve aşağısına ise 4
kişiye çay satılabilir.

Aşağıda bu talep eğrisi ile tüketici rantı

(Consumer surplus) hesaplanmıştır.
 The total amount of consumer surplus
in a market is equal to the area below
the demand curve and above the
market price.

Consumer surplus represents the

benefit to consumers in excess of the
price they paid to purchase the
product.

 Piyasa fiyatı 2 dolar

Marginal cost: The additional cost to a firm of producing one more unit of a good or service.

Producer surplus: The difference between the lowest price a firm would be willing to accept for a
good or service and the price it actually receives.

The total amount of producer surplus in a market is equal to the area above the market supply curve
and below the market price.

1. Consumer surplus measures the net benefit to consumers from participating in a market rather
than the total benefit.

2. Consumer surplus in a market is equal to the total benefit received by consumers minus the total
amount they must pay to buy the good or service.

3. Similarly, producer surplus measures the net benefit received by producers from participating in a
market.
4. Producer surplus in a market is equal to the total amount firms receive from consumers minus the
cost of producing the good or service.

Equilibrium in a competitive market results in the economically efficient level of output, where
marginal benefit equals marginal cost.

Economic surplus: The sum of consumer surplus and producer surplus.

Economic surplus equals to the sum

of red and blue parts.

Equilibrium in a competitive market

results in the greatest amount of
economic surplus, or total net
benefit to society, from the
production of a good or service.

Economic efficiency: A market outcome in which the marginal benefit to consumers of the last unit
produced is equal to its marginal cost of production and in which the sum of consumer surplus and
producer surplus is at a maximum.

Önemli
Yukarıdaki görselde görüldüğü gibi, arz-talep dengesi yaratan fiyat piyasa fiyatı olarak belirlenmişken
tüketici ve üretici rantı makismum seviyede. Piyasa fiyatı 2 dolar 20 cent e çıkarıldığında ise ekonomik
fazla C ve E bölgeleri kadar azalıyor. Bu bölgelerin alanları toplamı bize dara kaybını (deadweight loss)
veriyor.

Devlet tarafından belirlenen tavan ve taban fiyat değerleri çoğu zaman dara kaybı oluşturur.

When the government imposes price floors or price ceilings, three important results occur:

Some people win, some people lose, there is a loss of economic efficiency.

Devlet ekonomik fazlanın

büyük bir kısmına vergi ile el
koymuş. Sarı ile gösterilen
kısım ise dara kaybı.

Devlet Vergisi arz eğrisinin

yerini değiştirmiş çünkü mal
vergi eklendiğinde belli bir
değere satılmak zorunda
kalıyor.

Devletin vergiden sağladığı

kazanç yeşil dörtgenin alanı
kadar.

Tax incidence: The actual division of the burden of a tax between buyers and sellers in a market.

Vergi ile tüketici galon

başına 10 cent daha fazla
öderken satıcı bir galonu 2
cent daha az fiyata satıyor.

Arz eğrisinin değişmesi ile

piyasa senede 144 milyar
yerine 140 milyar galon
sağlamak üzere
dengelenmiş.
Equilibrium Equation:

Let us suppose that the market demand and supply functions are both linear:

𝑄𝐷(𝑃)=𝑎−𝑏𝑃,𝑄𝑆(𝑃)=𝑐+𝑑𝑃

where 𝑎, 𝑏, 𝑐, 𝑑 are constants. We assume that 𝑏>0 and 𝑑>0, so this is an example of the standard
case in which demand slopes downward, and supply slopes upward. We need 𝑎>0 to ensure that
there is some demand for the good if the price is low enough. We also assume that 𝑎>𝑐. (If 𝑎≤𝑐,
supply exceeds demand at all positive prices. When we stated above that there is ‘at most one’
equilibrium price, we were allowing for cases like this in which no equilibrium price exists.)

The equilibrium price 𝑃∗

is the solution of the equation:

𝑎−𝑏𝑃=𝑐+𝑑𝑃

Solving this equation gives us

𝑃∗=𝑎−𝑐𝑏+𝑑

and the quantity 𝑄∗

demanded and supplied in equilibrium is given by:

𝑄∗=𝑎−𝑏𝑃∗=𝑎𝑑+𝑏𝑐𝑏+𝑑

𝑄∗

is positive if and only if 𝑎𝑑+𝑏𝑐>0

If this condition does not hold, then there is no market equilibrium in which a positive quantity of the
good is traded.

With the equilibrium value at our disposal we can also find the consumer and producer surplus
values.

Externality: A benefit or cost that affects someone who is not directly involved in the production or
consumption of a good or service. Example: Pollution

The Effect of Externalities:

Private cost: The cost borne by the producer of a good or service.

Social cost: The total cost of producing a good or service, including both the private cost and any
external cost.

Private benefit: The benefit received by the consumer of a good or service.

Social benefit: The total benefit from consuming a good or service, including both the private benefit
and any external benefit.
Market failure: A situation in which the market fails to produce the efficient level of output.

Property rights: The rights individuals or businesses have to the exclusive use of their property,
including the right to buy or sell it.

Externalities and market failures result from incomplete property rights or from the difficulty of
enforcing property rights in certain situations.