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MINISTRY OF EDUCATION AND SCIENCE OF UKRAINE
SIMON KUZNETS KHARKIV NATIONAL UNIVERSITY OF ECONOMICS
THE FUNDAMENTALS OF ECONOMICS
Textbook
for self-study
Under the general editorship of DSc in Economics,
Professor M. Mashchenko
Kharkiv
S. Kuznets KhNUE
2021
UDC 330.1(075.034)
T43
Authors: Doctor of Sciences in Economics, Professor L. Ukrainska – section 5,
subsections 8.1, 8.2; Doctor of Sciences in Economics, Associate Professor M. Mashchenko –
sections 9, 10; PhD in Economics, Associate Professor I. Lisna – subsections 4.3, 4.4,
4.5; PhD in Economics, Associate Professor I. Pyvavar – section 3, subsection 8.3;
PhD in Economics, Associate Professor I. Pypenko – section 6, subsections 4.1, 4.2;
PhD in Economics, Associate Professor O. Ponomarenko – section 7, subsection 8.4;
PhD in Economics, Associate Professor N. Stepanenko – sections 1, 2.
Рецензенти: завідувач кафедри економіки та управління виробничим і комер-
ційним бізнесом Українського державного університету залізничного транспорту,
д-р екон. наук, професор В. Л. Дикань; професор кафедри економічної теорії Націо-
нального юридичного університету імені Ярослава Мудрого, д-р екон. наук, професор
О. С. Марченко.
Рекомендовано до видання рішенням ученої ради Харківського
національного економічного університету імені Семена Кузнеця.
Протокол № 8 від 29.12.2020 р.
Самостійне електронне текстове мережеве видання
The Fundamentals of Economics [Electronic resource] : textbook
T43 for self-study / L. Ukrainska, M. Mashchenko, I. Lisna et al. ; under the
general editorship of DSc in Economics, Professor M. Mashchenko. –
Kharkiv : S. Kuznets KhNUE, 2021. – 164 p. (English)
ISBN 978-966-676-823-3
The key theoretical statements of the fundamentals of economics have been
covered; the main economic laws and mechanisms of the use of these laws in economic
activity have been considered; the general theoretical principles of socioeconomic life
of society and the current state of functioning and prospects of development of economic
systems have been analyzed.
For independent work of students of the preparatory department.
UDC 330.1(075.034)
© L. Ukrainska, M. Mashchenko,
I. Lisna et al., 2021
© Under the general editorship
of DSc in Economics, Professor
M. Mashchenko, 2021
© Simon Kuznets Kharkiv National
ISBN 978-966-676-823-3 University of Economics, 2021
Contents
Introduction ................................................................................................... 5
1. Economics in public life. Introduction .................................................... 7
1.1. The origin of economic views and the formation of economic
science. The methods of economic research. Economic theory ...................... 7
1.2. The connection of economic theory with economic practice .......... 10
1.3. Microeconomics. Macroeconomics. Positive economics.
Normative economics ................................................................................... 11
Glossary .............................................................................................. 13
Tasks for self-assessment ................................................................... 13
2. The fundamental problems of the economy ......................................... 19
2.1. The economic needs of society. The unlimited needs.
Economic interests: the essence, the subjects, the classification.
The law of increasing needs ......................................................................... 19
2.2. Production of tangible goods and services.
Economic resources: land, labor, capital, entrepreneurial ability ................... 21
2.3. The economic problem: scarcity and choice.
The production possibilities curve ................................................................. 24
Glossary .............................................................................................. 26
Tasks for self-assessment ................................................................... 27
3. The main types of economic systems ................................................... 33
3.1. The economic system: the essence and structure ........................ 33
3.2. Classification of economic systems ............................................... 37
Glossary .............................................................................................. 41
Tasks for self-assessment ................................................................... 42
4. Market. Supply and demand in the market ........................................... 47
4.1. Market economy ........................................................................... 47
4.2. The basic subjects of the market economy ................................... 51
4.3. Supply and demand ...................................................................... 54
4.4. Market equilibrium......................................................................... 57
4.5. Classification of markets ............................................................... 58
Glossary .............................................................................................. 60
Tasks for self-assessment ................................................................... 60
5. Forms of income in a market economy. Money ................................... 65
5.1. Salary: the essence, the forms and systems ................................. 65
5.2. Profit and loan interest as forms of income ................................... 66
5.3. Rent as a payment for the use of land resources .......................... 68
3
5.4. Money in a market economy ......................................................... 69
Glossary .............................................................................................. 73
Tasks for self-assessment ................................................................... 74
6. Consumer behavior in market conditions ............................................. 79
6.1. A consumer in the market economy .............................................. 79
6.2. Consumer behavior ....................................................................... 80
Glossary .............................................................................................. 86
Tasks for self-assessment ................................................................... 86
7. The national economy and the results of its operation ....................... 91
7.1. Economy as a whole organism ..................................................... 91
7.2. The macroeconomic indicator "gross domestic product" (GDP)
and calculation of GDP. GDP and living standards in different countries ...... 94
7.3. The efficiency of the national economy ......................................... 96
Glossary .............................................................................................. 99
Tasks for self-assessment ................................................................... 99
8. Economic growth and cyclical fluctuations ........................................ 103
8.1. Economic growth and development ............................................ 103
8.2. Cyclical market economy. The economic cycle and its phases ... 106
8.3. Employment and unemployment ................................................. 112
8.4. Inflation as a macroeconomic phenomenon ................................ 117
Glossary ............................................................................................ 125
Tasks for self-assessment ................................................................. 127
9. The state budget and the tax system .................................................. 137
9.1. The state budget: revenues and expenditures ............................ 137
9.2. The tax system ........................................................................... 142
Glossary ............................................................................................ 144
Tasks for self-assessment ................................................................. 145
10. The regulatory role of the state in a market economy ..................... 149
10.1. State regulation of the economy: the essence and functions .... 149
10.2. The mechanism of state regulation: the essence
and structure ............................................................................................... 151
10.3. Socioeconomic policy of the state ............................................. 153
Glossary ............................................................................................ 156
Tasks for self-assessment ................................................................. 157
References ................................................................................................ 162
Main ................................................................................................... 162
Information resources ........................................................................ 163
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