Basic Economic Concepts Research Articles

Overview of Concepts Covered Financial Literacy in Education

Financial literacy is a complex structure that includes many attitudes and behaviors, including financial knowledge and skills, as well as access to financial services. There are many definitions of financial literacy in the literature because it contains many knowledge, skills and attitudes and has a complex structure. Financial literacy can be defined as the ability of individuals to have information about key financial concepts such as budgeting, savings, borrowing and investment and to use this information in their decisions. Also, financial literacy is the ability to use basic economic and financial concepts as well as the knowledge and skill to manage financial resources for a lifetime of financial well-being. Two basic elements stand out in financial literacy. The first is that consumers have the knowledge and skills to use financial resources effectively in order to ensure and maintain their financial well-being, and the second is that consumers have the self-confidence and motivation to evaluate this knowledge and skill. From this point of view, this study aims to evaluate the concepts of financial literacy, which has become increasingly important in the education process in recent years, with the support of literature. The reflections of these concepts in the education process were interpreted by the researcher and suggestions were developed regarding the study subject.

Springsteen-omics: contemplative pedagogy and Springsteen in undergraduate economics courses

The authors of this article describe a unique approach to economics education in which contemplative deep listening practices were applied to Bruce Springsteen’s music in order to introduce basic economic concepts to incoming university students. The course Springsteen-omics: Economics through the Songs of Bruce Springsteen shifted the mechanisms by which college students interacted with introductory economic themes, providing them with a positive perception of economics and deepening the way they think about the economy. Using a qualitative analysis of responses to several learning reflection exercises, the authors also explore the impact of this pedagogy on student learning. Their findings indicate that students gained an appreciation for Springsteen’s music and deepened their ability to identify and describe the lyrical intent and economic themes in his songs.

Economic Education and Household Financial Outcomes during the Financial Crisis

Using cross-sectional data from a nation-wide survey of American head-of-households conducted in the spring of 2010, we examined the ameliorating effects of economic literacy on the probability of specific household financial outcomes resulting from the 2008 financial crisis and the associated Great Recession. A series of probit regressions were estimated to capture the impact of economic literacy on the probability that households experienced job loss, delinquent mortgage payments, delinquent credit card payments, delinquent auto loan payments, loss of home, and personal bankruptcy. The head-of-household’s economic literacy was measured by the level of formal education received in economics and by the score achieved on an in-survey quiz of basic economic concepts and principles. The results indicate that realized quiz scores were correlated with the mitigation of job loss, late payment behavior, and personal bankruptcy, ceteris paribus. However, the results for the impact of formal economic coursework in school were mixed.

EKONOMI KOLABORATIF: RELASI EKONOMI DAN HUKUM DI ERA DISRUPTIF

Economic and legal collaboration as a field of life has a strategic role. As technology advances in a disruptive era, the two can influence each other. This article seeks to examine economic and legal relations as a form of collaboration in the era of disruption on several issues; basic concepts of economics and law, implementation of economic and legal collaboration, the influence of economic and legal colobaration. This study produces conclusions with three main theses, namely: first, economic regulation by law is always in two ways between the rights and obligations that are interconnected between the two. Second, the prospect of economic collaboration with the law in a potential disruptive era in terms of efficiency and effectiveness. Third, collaborative economics is in tune with the basic principles of muamalah al-maslahah especially the rules of bringing benefits and avoiding madharat, جلب المصالح ودرء المفاسد (jalb jalb al-masalih wa dar’u al-mafasid).

KONSEP-KONSEP DASAR MATEMATIKA DALAM EKONOMI

The basic concepts of mathematics in economics are important materials in learning economics mathematics. This study aims to examine the basic concepts of mathematics in economics as a support and reference in learning activities. The method used in the study used a literature review study. Based on the studies carried out there are six subjects of basic mathematical concepts in economics, namely: 1) variables, constants, coefficients, and parameters, 2) equations and inequalities, 3) set concepts and theory, 4) real number systems, 5) rules exponents, roots, factoring, and 6) fractions, decimals and percentages.

Public Policies on Economic Education: What Can We Learn from the European Union Best Practices?

The main objective of this article is to analyse the public policies in the area of economic education in the European Union, with the aim to identify the best practices that exist in different countries, to point out the major phases in the development of public policy in this domain and the main factors that contribute to the positive results. The core assumption is that the wealth of countries is often associated with the individual level of economic education of their citizens, as individuals that possess basic economic knowledge contribute positively to the increase of their household wealth, which further has a positive impact on a nation-wide level in general. Furthermore, we analyse the evolution of public policy in the field of economic education with a focus on the wealthiest countries in the European Union in terms of the gross domestic product (GDP) per capita. The institutional framework of economic education provides the basis for individuals to acquire basic economic knowledge in a well-defined setup with the involvement of actors belonging mainly to the public sector. We will also investigate whether the design of public policies in the range of economic education should also take into account actors from the private sector or whether their involvement should only be considered at a later stage, as an additional tool to the basic economic concepts taught in schools.

BEHAVIOURAL ECONOMICS AND PUBLIC POLICIES: SOME INTRODUCTORY ISSUES

The paper aims to inform the domestic public about the basic concepts of behavioural economics, its historical development and intellectual basis, the application of its findings in policymaking, and its effectiveness in current practical application. In the first part of the paper, the author presents the basic concepts of behavioural economics: the nudge, the choice architecture, the libertarian paternalism, cognitive biases, and others. The second part of the paper provides a concise overview of the critiques directed at behavioural economics and libertarian paternalism (Posner's critique, Mitchell's critique), and a review of the empirical validity of certain behavioural economics phenomena. The third part presents the use of behavioural findings to inform the design of public policy in different domains (the behavioural public policy), along with numerous examples, mostly from the practice of the Behavioural Insights Team in the United Kingdom.

The role of mathematics in teaching elementary students basic economic concepts

In this article, we focus on informing young school-age children about some of the economic terms found in math textbooks. In this regard, in the next school year in the primary grades will be introduced “National curricula” that will not overload children on the basis of advanced foreign experience, instead of state educational standards. In addition to imparting mathematical knowledge to elementary school students in mathematics lessons, the teacher is also tasked with developing the necessary skills and abilities to solve problems related to the practical application of this knowledge in people’s daily lives.

MARKET ASPECTS OF EFFECTIVE SALE FOR AGRARIAN ENTERPRISES

Introduction. The formation of a full-fledged market of agri-food products provides a comprehensive justification of the theoretical and methodological foundations of its operation, ensuring adequate to the task of expanded reproduction of economic efficiency level in the main activities of its subjects. Such justification should be based on the generalization, clarification and systematization of basic economic categories and concepts that reveal the essence that occurs in the formation and functioning of the market in socio-economic processes, the genesis of relations with participants. At the same time, the deepening of the functional disconnection of the latter against the background of the need to intensify exchange processes in the economy become the main reason for market development. The issues of identifying the economic essence of the market and determining the principles of its development are considered in detail in the works of classic and contemporary economists, but the study of the agricultural market remains relevant, particularly in the context of improving sales of its subjects. The purpose of the article is to identify the essential characteristics of the agri-food market, determine its functions and principles of development, as well as their impact on the effective implementation of marketing activities at agricultural enterprises. Results. In the research, the generalized functional load of the agrarian market and its influence on economic behavior of the enterprises – commodity producers is offered. The functional structure of the products market in agricultural enterprises is determined. It is established that the target product markets of agricultural enterprises can be classified by competitive structure as markets of oligopsony and monopsony at the level of the enterprise-producer. The economic prerequisites and structural tendencies for competitive development of target object markets of agricultural enterprises products were identified. Conclusions. In order to implement rational competitive behavior, each agricultural enterprise must identify the target market as a system, assess the factors of competitiveness, as well as timely mobilize the levers to manage the competitiveness of their products at different stages of the reproduction process. Key words: agrarian market, market functions, competitive market structure, sale of agrarian enterprises.

Teoria kapitału ludzkiego a minimalne wynagrodzenia w wybranych krajach Trójmorza

The aim of the paper is to present a method for estimating the percentage compliance of statutory minimum wages in selected Trisea countries with minimum wages established on the basis of human capital theory. The first part of the study deals with the essence of capital, human capital and fair wage. Thermodynamic theory enables a deeper understanding of the nature of capital and perception the complementarity of capital and labor, from which follows a set of basic economic concepts. From this basis are developed the Human Capital Measurement Model and the Fair Pay Model. The models used to measure the value of human capital presented in the article help determine the minimal fair wages in Poland and selected Trisea countries. These models are based on fundamental laws of reality: the first and second laws of thermodynamics and the principle of minimal action. Especially the second law of thermodynamics in its basic formulation is indispensable in economic considerations, because the human body has the features of a heat engine and experiences spontaneous, random dispersions of energy. Fair wage means that the earnings of two working parents allow the two descendants to reach the level of human capital they achieve, i.e. this wage guarantees the preservation of human capital. The article ends with a comparison of the percentage compliance of statutory minimum wages in selected Trisea countries with minimum wages set on the basis of human capital theory. This percentage shows the similarities and differences between the economies of the countries surveyed in terms of costs of living and indicates the possibility of creating their own economic union.

ЕКОНОМІЧНІ АСПЕКТИ УПРАВЛІНСЬКОГО ПРОЦЕСУ У СІЛЬСЬКОГОСПОДАРСЬКОМУ ВИРОБНИЦТВІ

Introduction. The article discusses the most pressing scientific issues, basic economic laws and concepts that affect the process of management and motivation of hired personnel, based on the position of increasing the efficiency of agricultural enterprises functioning. Results. In modern conditions, interests between the actual owners of enterprises and operating personnel have sharpened. The first strive to maximize profits. To do this, they use official, and mainly shadow income. In the second category, they apply simple management methods (dismissal from work, violation of labor laws, payment of salaries in envelopes, etc.). In this situation, it is necessary to clearly monitor the actions of the owners. It is advisable to assign this function to the personnel of the enterprise and trade union bodies. Conclusions. The relationship process of the concepts of expanded market production, distribution by labor and the cost of agricultural products, as well as labor prices is considered. The article proves that the interconnection of the concepts of value and labor regulation is reduced to free pricing and acceleration of the cash flow rate. Effective organization of the personnel management process reduces the cost of production and products sales and, automatically, increases the income of the owner. Therefore, it becomes possible to form motivation funds and accrue dividends. In the article, the authors substantiate the opinion that the interaction level of the concept of distribution according to work and the law of value is due to their essence and manifestation form in specific economic reality. The distribution process can be based on a specific or abstract work, as well as their combination. There is no consensus among economists on this issue. Key words: economic laws, concepts, industrial enterprises, factors, interconnection, material motivation, employees, employees, management.

The Effects of Economic Education Activities based on the integrated Approach on young children's economic concept: Focusing on Market Play

본 연구는 시장놀이를 중심으로 한 통합적 경제교육활동이 유아의 경제개념 형성에 미치는 효과를 알아보고자 만 5세 유아 96명(실험집단 44명과 비교집단 44명)을 대상으로 총 14회기의 프로그램을 적용하였다. 본 연구를 위하여 실험집단에게는 시장놀이 중심의 경제교육활동을 전개하였고, 비교집단에게는 생활주제 중심 누리과정에 기반하여 일반적 활동을 전개하였다. 실험 전ㆍ후 유아의 경제기본개념을 알아보기 위하여 수집된 자료는 SPSS 23.0 프로그램을 이용해서 집단별 사전검사 점수를 공변인으로 하여 공변량 분석(ANCOVA)을 실시하였다. 연구결과, 시장놀이 중심의 경제교육활동을 경험한 실험집단이 비교집단보다 경제기본개념의 하위요소 7개-희소성과 선택ㆍ기회비용, 소비, 상품과 서비스, 화폐, 직업과 일, 가격과 교환, 시장-개념 획득에 있어 모두 긍정적인 영향을 미치는 것으로 나타났다. 이와 같은 결과는 유아교육현장에서 적용이 가능한 유아경제교육활동을 제시하였다는 점에서 의미가 있다.The purpose of this study was to investigate the effect of integrated economic education activities on children’s economic concept formation. The subjects of this study were 96 children (44 children for experimental group, 44 children for comparison group) in the 5-year-old young children. For this study, economic education activities centered on market play were developed for the experimental group, and general activities were developed for the comparative group based on Nuri-curriculum. The data were collected by SPSS 23.0 program and analyzed by covariance analysis ANCOVA) using covariance test. As a result of the study, experimental groups that experienced economic education activities centered on market play all had a positive effect on promoting basic economic concept(scarcity, choice, opportunity cost, consumption, goods and services, currency, occupation and work, price and exchange, market) than comparative group. This result is significant in that it presents the activities of early childhood economic education which can be applied in the field of early childhood education.

The Effects of Economic Education Activities based on the integrated Approach on young children's economic concept: Focusing on Market Play

본 연구는 시장놀이를 중심으로 한 통합적 경제교육활동이 유아의 경제개념 형성에 미치는 효과를 알아보고자 만 5세 유아 96명(실험집단 44명과 비교집단 44명)을 대상으로 총 14회기의 프로그램을 적용하였다. 본 연구를 위하여 실험집단에게는 시장놀이 중심의 경제교육활동을 전개하였고, 비교집단에게는 생활주제 중심 누리과정에 기반하여 일반적 활동을 전개하였다. 실험 전ㆍ후 유아의 경제기본개념을 알아보기 위하여 수집된 자료는 SPSS 23.0 프로그램을 이용해서 집단별 사전검사 점수를 공변인으로 하여 공변량 분석(ANCOVA)을 실시하였다. 연구결과, 시장놀이 중심의 경제교육활동을 경험한 실험집단이 비교집단보다 경제기본개념의 하위요소 7개-희소성과 선택ㆍ기회비용, 소비, 상품과 서비스, 화폐, 직업과 일, 가격과 교환, 시장-개념 획득에 있어 모두 긍정적인 영향을 미치는 것으로 나타났다. 이와 같은 결과는 유아교육현장에서 적용이 가능한 유아경제교육활동을 제시하였다는 점에서 의미가 있다.The purpose of this study was to investigate the effect of integrated economic education activities on children’s economic concept formation. The subjects of this study were 96 children (44 children for experimental group, 44 children for comparison group) in the 5-year-old young children. For this study, economic education activities centered on market play were developed for the experimental group, and general activities were developed for the comparative group based on Nuri-curriculum. The data were collected by SPSS 23.0 program and analyzed by covariance analysis ANCOVA) using covariance test. As a result of the study, experimental groups that experienced economic education activities centered on market play all had a positive effect on promoting basic economic concept(scarcity, choice, opportunity cost, consumption, goods and services, currency, occupation and work, price and exchange, market) than comparative group. This result is significant in that it presents the activities of early childhood economic education which can be applied in the field of early childhood education.

Understanding investment culture: ideologies of financialization and Hong Kong young people’s lay theories of investment

ABSTRACT Echoing calls for research on the complex ways various factors intersect with the formation of financial subjectivities in specific places (Lai, K. P. Y. 2013. “The Lehman Minibonds Crisis and Financialisation of Investor Subjects in Singapore: The Lehman Minibonds Crisis.” Area 45 (3): 273–282), this study examines how young people in the highly financialized Hong Kong society negotiate with the ideologies of financialization and develop lay theories of investment. Analyses of focus group discussions show that young people consider financial investment as important. They hold an image of the ideal investor but tend to distance themselves from it. The result is a preference for “low risk” investment. When further articulated with other cultural beliefs, many of them see domestic properties as the most preferable investment option despite the skyrocketing prices. Beyond Hong Kong, the analysis shows how local responses to financialization and, more generally, aspects of a society’s investment culture can be understood as the result of people selectively articulating the ideologies of financialization with basic economic concepts and existing cultural beliefs.

PNS238 DEVELOPMENT OF A PATIENT-FRIENDLY TRAINING ON HEALTH ECONOMICS AND VALUE ASSESSMENT

As value frameworks have evolved so too has the willingness of value assessment (VA) bodies to engage patients. Patient groups are eager to participate, however, since health economics and value assessment are very new to the patient community, a lack of familiarity, knowledge, and tools can be a barrier to meaningful engagement in VA. To assist the patient community as they seek to become more involved in VA, the National Health Council sought to increase capacity to engage by developing introductory training on VA/health economics specific to a patient-advocacy group audience. An Advisory Committee (AC) comprising representatives from patient groups (n=11), VA bodies (n=1), and academic/research organizations (n=4) was formed and guided all curriculum development and delivery. Needs assessment interviews were conducted (patient groups, community organizations, and VAs) to identify training needs and delivery mode. New materials and modules were developed in collaboration with content experts from an academic institution. In 2018, pre-recorded, online modules were developed on the following topics: An Overview of the Current Health Care Environment; the Role of Health Economics; an Introduction to Basic Terms; Cost-effectiveness and why is it used; the Quality-adjusted Life Year; Budget Impact Analysis; an Overview of US Value Frameworks; and the Role of Patients and Patient Advocates in Value Assessment. Additional modules are currently under development and will be released in 2019. This patient-friendly training on health economics and VA, specific to US patient audiences, will help patient groups expand their knowledge and skills related to VA. The training provides patient group staff with an introduction to basic economic and value assessment concepts. Through better understanding of concepts, we anticipate that patient group staff will feel more confident contributing to VA and engaging with VA bodies.

Effect of Economic Literacy and Conformity on Student Consumptive Behaviour

This study aims to determine the effect of economic literacy and conformity to consumer behavior. The research method used is a survey. The population in this study were MAN 3 Jakarta students with an affordable population of IIS and MIA 11th grade students totaling 150 students.The research aims to determine the effect of economic literacy and conformity on consumer behaviour. The research method used was a survey. The population in this study were MAN 3 Jakarta students with an affordable population of IIS and MIA 11th grade students totaling 150 students. The sampling technique was the Proportional Random Sampling with 105 respondents. The sampling technique used proportional random sampling. Based on the analysis of the requirements test, the data was normally distributed and had a linear relationship. The regression equation obtained is Ý = 23.908 - 0.430 X1 + 0.648 X2. Based on the test coefficient of determination, economic literacy and conformity have an effect on consumers by 29%. The lack of students’ understanding of basic economic concepts such as the difficulty of students managing their finances because they prioritize their wants rather than needs. Students who often spend time with their friends and easily influenced by their friends and have low economic knowledge and understanding, will tend to be easier to have a high level of consumer behaviour. Conclusion of the research stated there was negative influence of economics literacy to the consumptive behaviour on MAN students, meanwhile the conformity has a significant positive effect on that.

Accounting as a system of information resources generating: task transformation

The article studies the works of scientists in the field of various types of accounting and accounting methodology. The tasks of accounting are grouped according to the areas of their manifestation, the historical stages of the development of society and economic systems, the spheres of social and economic development, the types of management system, the basic economic concept chosen for the development of a particular country. The basic task of accounting is defined, i.e. the formation of qualitative accounting information, which in future will allow satisfy stakeholders. The quality is established to be the basis for evaluating accounting information for the purpose of matching the properties that users demand. The essence of the concept of «quality of accounting information» is determined by the set of information parameters that most accurately reflect the properties of the object of management under certain conditions of the environment of the functioning of economic agents and meet the information requests of participants in social and economic relations.

Economies Based on Reward Sharing: a Case Study in Indonesia�s Tertiary Sector

Reward-sharing activities are well known in the business world, particularly for businesses relying on trust. Today, the basic concepts of Islamic economics are widely used not only in the banking sector but also in other economic sectors. In Indonesia, the concept of profit and loss sharing (PLS), contract sharing and revenue sharing can be seen as an another model to accelerate growth after cyclic downturns. There are at least three reasons why it is important to examine this concept. First, how it affects lower investment inflows, whether domestic or foreign investment. High corruption, high risk and uncertainty are the most common reasons and influencing factors for investors wanting to invest in Indonesia, although Indonesian governments have been working hard to reduce these handicaps. Second, there are difficulties for small enterprises in getting funds from formal financial institutions and this contributes to company bankruptcies. As is commonly known, financial institutions require interest fees for credit but many small businesses cannot meet this requirement because they have not enough assets to quarantine their credit.

Formation of Bounded Consumers' Rationality Based on Micro Segmentation

The relevance of the study is due to the need to optimize the procedures for identifying the target audience online. In this regard, the article is aimed at identifying the benefits of finding the target audience for the subsequent promotion of the product through streaming micro-segmentation of network users. Orientation of the marketing company at the potential consumer significantly increases the cost effectiveness. However, society responds to this by forming a limited rationality in the behavioral aspect. This phenomenon is considered on the one hand from the point of view of the consumer and on the other hand from the position of the supplier of goods and services. Using this method, paternalism on the part of the state is possible, but the question of intervention and control remains more philosophical. The leading method is the method of abstracting that allowed comparing the developments in the methods of market segmentation and adapting them to modern realities. The article compares the basic concepts of classical economics and modern methods of identifying the target audience. The materials of the article are of practical importance for medium and large enterprises actively working in sales and consumer search.

Voting in the aftermath of a pension reform: the role of financial literacy

AbstractThis study documents that the electoral cost of major pension reforms is lower in countries where the level of financial literacy is higher. The evidence from data on legislative elections held between 1990 and 2010 in 21 advanced countries is robust when we control for macroeconomic, demographic, and political conditions. Interestingly, these findings are not robust when we use less specific indicators of human capital as general schooling, supporting the view that knowledge of basic economic and financial concepts has distinctive features that may help reduce the electoral cost of reforms having a relevant impact on the life cycle of individuals.