{"id":22107,"date":"2022-09-09T21:36:57","date_gmt":"2022-09-10T01:36:57","guid":{"rendered":"https:\/\/challenge-action.com\/the-basic-principles-of-economics\/"},"modified":"2026-11-01T14:37:23","modified_gmt":"2026-11-01T18:37:23","slug":"the-basic-principles-of-economics","status":"publish","type":"post","link":"https:\/\/challenge-action.com\/en\/the-basic-principles-of-economics\/","title":{"rendered":"The basic principles of economics"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">With the tariff war, the world economy is in turmoil, and it is hard to understand what is happening without knowing the basic principles of economics. I will try to describe them as simply as possible, along with a short economic glossary. A better understanding also helps you make the best decisions for your assets.<\/p>\n\n<h2 class=\"wp-block-heading\"> Principles of economics: the mechanisms<\/h2>\n\n<ul class=\"wp-block-list\">\n<li>The <a href=\"https:\/\/blog.nalo.fr\/lexique\/loi-de-loffre-et-de-la-demande\/\" target=\"_blank\" rel=\"noreferrer noopener\">law of supply and demand <\/a>: the higher the demand for a product or service, the higher the price. The price will be set at the point of equilibrium between supply and demand.<\/li>\n\n\n\n<li>Rarity: everything that&#8217;s rare is expensive.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.canada.ca\/fr\/agence-consommation-matiere-financiere\/services\/taux-interet-augmente.html\" target=\"_blank\" rel=\"noreferrer noopener\">Interest rate <\/a>: the interest rate is influenced by the central bank, which sets the key rate at which other banks can borrow from it. The higher the rate, the less consumers borrow to buy, and the more prices fall. When inflation is too high, the central bank raises the rate. Conversely, when growth is weak or nil, the central bank lowers its interest rate to make borrowing, and therefore buying, easier, and thus revive the economy.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.economie.gouv.fr\/facileco\/comptes-publics\/budget-etat\" target=\"_blank\" rel=\"noreferrer noopener\">Government budget <\/a>: it is a tool that complements the interest rate for controlling the economy. A deficit budget distributes money to consumers, who buy and therefore revive the economy, but with the risk of pushing prices up. Money spent is not lost: it goes into someone else\u2019s pocket. A government budget deficit is financed by debt or by printing money. A conservative policy prefers a balanced budget or a surplus, as a family would, so as not to push debt into the future. Others, on the contrary, believe that a state can run a deficit and that economic growth will reduce the relative weight of the debt from that deficit in the future.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.economie.gouv.fr\/cedef\/dette-publique\" target=\"_blank\" rel=\"noreferrer noopener\">Public debt<\/a> is the result of deficits. One school of thought advocates paying off debt as quickly as possible to avoid paying interest and mortgaging the future. The other school advocates paying it off as late as possible, because despite the interest rate, the economy will grow faster than the debt, and the latter will see its relative weight diminish over the years.<\/li>\n\n\n\n<li>The trade balance is the difference between imports and exports of goods. A large trade surplus lets a country build up large currency reserves, but it can also contribute to domestic inflation, since most of the production is consumed abroad.<\/li>\n\n\n\n<li>The balance of payments is an accounting statement, always balanced, that represents all exchanges of goods and services with other countries.<\/li>\n\n\n\n<li>Currency reserves are linked to a country\u2019s trade surplus. Large currency reserves indicate a country that exports a lot of goods or raw materials; they can also point to a country that, like Russia in September 2022, has difficulty buying what it wants abroad because of economic sanctions.<\/li>\n\n\n\n<li>Treasury bonds are issued by governments to finance government borrowing, and therefore the debt if there is one. They are fixed-rate, long-term securities of 2, 5 or even 10 years. The investment is safer than stocks, because they are guaranteed by the government. Their interest rate is low when everyone wants them, and high to stimulate demand when there are more sellers than buyers.<\/li>\n\n\n\n<li>The April 2025 stock market crisis in the United States was linked to the tariffs imposed by Donald Trump. One of the hypotheses put forward by economists involves Treasury bond interest rates. U.S. Treasury bonds were sold off on the market for three reasons: the Chinese wanted to punish the Americans, investors wanted to recover their stock market losses by selling gold and Treasury bonds, and the market lost confidence in the U.S. economy and got rid of its securities. To finance its borrowing and the debt, the U.S. Treasury therefore had to raise its interest rates to make its bonds attractive. But the rate increase considerably increased the debt, and Donald Trump had to back down in the face of the danger of uncontrolled debt growth.<\/li>\n\n\n\n<li>The stock market rises in times of certainty and falls in times of uncertainty. Many neophytes are surprised to see it fall following the announcement of good news, the reason being that the markets have anticipated this news and some fund holders are starting to sell when they believe the market is at its peak.<\/li>\n\n\n\n<li>Gold is a safe-haven asset that generally rises when the stock market falls, and vice versa.<\/li>\n\n\n\n<li>Free trade, or the free movement of goods, was theorized by David Ricardo in the 18th century. It is considered the best economic system for the economies of all the countries that practise it. However, in the event of war, a country may find itself strategically dependent for certain goods and services. Most countries therefore make a few tariff exceptions to protect their strategic sectors, but this has a cost.<\/li>\n\n\n\n<li>Protectionism is the opposite of free trade and consists of imposing customs duties on imported goods. Several countries have successfully used protectionism to develop their economy, sheltered from competition, for a set period. However, it creates inflation, and their economies later developed thanks to free trade. Protectionism requires a minimum of self-sufficiency, which can lead to wars. Outside periods of industrial protection or international tension, protectionism is generally defended by unions and the left to protect workers, while the right and businesses tend to prefer economic liberalism, which is more profitable.<\/li>\n\n\n\n<li>Self-sufficiency (autarky) is a country\u2019s ability to provide for itself without depending on other countries. Self-sufficiency is only truly relevant in a war without allies, that is, against all other countries. It often requires an imperialist policy of seizing territory by force in order to obtain the resources needed for total independence.<\/li>\n\n\n\n<li>Import barriers take several forms: import duties, export taxes, import or export quotas, standards and red tape.<\/li>\n\n\n\n<li>Full employment is considered reached with an irreducible unemployment rate of 3 to 5%. Full employment is good because it maximizes production capacity, but if unemployment is too low, growth is limited by the labour shortage.<\/li>\n\n\n\n<li>Fiscalists believe that the state must intervene in the economy and that the most effective way to do so is through budget spending, which controls the money supply in circulation. This view currently corresponds to a left-wing policy; its theorist is the English economist John Maynard Keynes.<\/li>\n\n\n\n<li>Monetarists prefer to limit state intervention to controlling interest rates in order to slow down or boost growth. This is the school of the American economist Milton Friedman.<\/li>\n\n\n\n<li>The modern market economy rejects theories of state control of the economy and prefers the fiscalists\u2019 view.<\/li>\n\n\n\n<li>Reaganomics describes Ronald Reagan\u2019s economic policy and is considered a textbook case of economic success. According to Milton Friedman, Reaganomics rests on four pillars: less government spending, lower taxes, less inflation and less regulation.<\/li>\n\n\n\n<li>Crises are inevitable and cyclical. If you want to be well protected, you shouldn&#8217;t put all your eggs in one basket: equities for the good times, gold for protection, real estate, because in the long term it always goes up, and cash to take advantage of buying opportunities during the crisis. The secret? All the specialists will tell you: buy when it&#8217;s cheap and sell when it&#8217;s expensive!  <\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\">Structural solutions for the economy<\/h2>\n\n<p class=\"wp-block-paragraph\">A state can, of course, play on the various monetary and budgetary mechanisms described above, but the safest course is to build a solid economy by optimizing business efficiency.<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Les strat\u00e9gies de domination de march\u00e9 sont divis\u00e9es en trois\n<ul class=\"wp-block-list\">\n<li>China&#8217;s current strategy is cost domination, which enables it to offer very low, competitive prices, thanks to a very cheap labor force and virtually no social protection.<\/li>\n\n\n\n<li>Quality dominance through quality improvement and <a href=\"\/formations\/resolution-de-probleme\/\">problem-solving<\/a> programs, as in Germany and Japan in the automotive and electronics sectors.<\/li>\n\n\n\n<li>Dominance through <a href=\"\/formations\/planification-strategique-et-marketing-web\/\">marketing<\/a>, as the Americans know so well how to do throughout the world<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>There are many ways of implementing these strategies, but it&#8217;s all down to people, their skills and their training. Countries like Germany, Japan and the United States invest heavily in <a href=\"\/en\/#courses\">employee training<\/a> to make a difference.<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\">Dictionnaire \u00e9conomique<\/h2>\n\n<ul class=\"wp-block-list\">\n<li>Actions\n<ul class=\"wp-block-list\">\n<li>Securities representing a portion of a company&#8217;s capital that can be bought or sold, and which entitle the holder to a vote at a shareholders&#8217; meeting. Owning shares allows you to earn a share of the company&#8217;s profits, but also to pay for any losses.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Amortization\n<ul class=\"wp-block-list\">\n<li>Assessment of the loss in value of an asset over a period of time.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Self-financing\n<ul class=\"wp-block-list\">\n<li>Self-financing for an individual, a company or an association, without having to ask for money from a bank or outside parties. Self-financing means not depending on other entities<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Comparative advantage\n<ul class=\"wp-block-list\">\n<li>Each country has its own advantages when it comes to producing certain products, demonstrating that international trade is good for everyone.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Competitive advantage\n<ul class=\"wp-block-list\">\n<li>It&#8217;s the difference that enables companies to increase their sales thanks to the advantages they offer over the competition.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Balance of trade\n<ul class=\"wp-block-list\">\n<li>C\u2019est la diff\u00e9rence entre les importations et les exportations. Quand on exporte plus qu\u2019on importe, la balance est exc\u00e9dentaire, d\u00e9ficitaire dans le cas contraire. Si la balance est largement exc\u00e9dentaire sur plusieurs ann\u00e9es les pays vont se constituer des r\u00e9serves mon\u00e9taires, dans le cas contraire le pays va s\u2019endetter.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Balance of payments\n<ul class=\"wp-block-list\">\n<li>Est un document comptable qui repr\u00e9sente tous les flux de produits, services et financiers avec l\u2019\u00e9tranger<a>.<\/a><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Bank\n<ul class=\"wp-block-list\">\n<li>Entreprise qui fait le commerce de l\u2019argent et qui est contr\u00f4l\u00e9e par la banque centrale et une l\u00e9gislation permettant d\u2019\u00e9viter que les clients ne se fassent pas l\u00e9ser comme cela a \u00e9t\u00e9 le cas par le pass\u00e9<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Central bank\n<ul class=\"wp-block-list\">\n<li>The state bank controls the other banks, organizes refinancing between banks and sets interest rates.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Profit\n<ul class=\"wp-block-list\">\n<li>It&#8217;s the money a company earns after deducting expenses, otherwise it&#8217;s a loss.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Bons du Tr\u00e9sor\n<ul class=\"wp-block-list\">\n<li>Sont des titres \u00e0 taux fixe et \u00e0 long terme \u00e9mis par les gouvernements pour financer les emprunts de l\u2019\u00e9tat et donc la dette s\u2019il y en a une. Plus leur taux d\u2019int\u00e9r\u00eat est important, plus l\u2019\u00e9tat va voir sa dette augmenter<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Stock exchange\n<ul class=\"wp-block-list\">\n<li>The place where buyers and sellers exchange goods, shares and services. Supply and demand determine the price.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Budget\n<ul class=\"wp-block-list\">\n<li>A country&#8217;s budget is the sum total of its expenditure and revenue. When revenue exceeds expenditure, the country has a surplus; when it doesn&#8217;t, it has a deficit.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Speculative bubble\n<ul class=\"wp-block-list\">\n<li>Sharp rise in the price of shares or certain goods and services linked to strong demand and not to the real value of these goods. There&#8217;s a limit to everything: when the rise stops, some start selling, others follow, the bubble bursts and prices collapse.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Unemployment\n<ul class=\"wp-block-list\">\n<li>The unemployment rate is the percentage of the working population not in employment. Unemployment that&#8217;s too high (above 7%) is bad, because part of the population is working to pay the unemployment benefits of others. Unemployment that&#8217;s too low is also bad, because companies find it hard to hire. The incompressible unemployment rate is 3 or 4%, due to illness and job changes.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Cartel\n<ul class=\"wp-block-list\">\n<li>A limited number of companies agree to artificially raise prices. Most countries ban them.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Sales figures\n<ul class=\"wp-block-list\">\n<li>A company&#8217;s sales are its total sales of goods and services, less taxes. A company generally tries to increase its sales and thus its profits.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Competition\n<ul class=\"wp-block-list\">\n<li>In a market economy, companies compete to sell their goods and services, which helps to improve quality and lower prices. This is the opposite of monopolies or trusts, where a few companies collude to artificially raise prices. Liberal economies fight against trusts and monopolies that are unfavorable to consumers.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Pure and perfect competition\n<ul class=\"wp-block-list\">\n<li>Pure and perfect competition only occurs when products are absolutely identical and sold under the same conditions. This is rare, but it can happen with raw materials such as oil, minerals and certain food products.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Consumption\n<ul class=\"wp-block-list\">\n<li>Consumption of goods and services by households and businesses is the engine of growth. This consumption is linked to confidence in the future, which is often measured by consumer and business surveys.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Economic crisis\n<ul class=\"wp-block-list\">\n<li>An economic crisis can be seen in a number of ways, all of which can be combined: halted growth, inflation, lack of confidence in the future, halted investment, rising interest rates.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Growth\n<ul class=\"wp-block-list\">\n<li>A country&#8217;s growth is measured by the increase in the Gross Domestic Product of goods and services. Growth is driven by increased consumption, investment in production assets and modernization.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Budget deficit\n<ul class=\"wp-block-list\">\n<li>A budget deficit occurs when the state spends more than it earns. The deficit is financed by borrowing to create new money.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Deflation\n<ul class=\"wp-block-list\">\n<li>Prices are falling because demand is falling, which is a short-term benefit for consumers, but the incomes of producers and retailers are also falling, which is negative and causes consumers to lose confidence.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Sustainable development\n<ul class=\"wp-block-list\">\n<li>Development that respects resources and people, present and future generations. But the notion is limited: what is sustainable?<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Request\n<ul class=\"wp-block-list\">\n<li>Corresponds to overall demand for products and services. Confronted with supply, it will give the equilibrium price.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Public debt\n<ul class=\"wp-block-list\">\n<li>All state debt<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Dow Jones\n<ul class=\"wp-block-list\">\n<li>Index of the thirty largest stocks on the New York Stock Exchange. We prefer the S&amp;P 500 (top 500 companies)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Market economy\n<ul class=\"wp-block-list\">\n<li>An economy based on the laws of exchange both within the country and internationally, as opposed to the now outmoded communist economy.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Savings\n<ul class=\"wp-block-list\">\n<li>The part of income not used for consumption. A minimum cushion of savings is necessary to get through the ups and downs of life, but saving too much without consuming is not good for the economy.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Welfare state\n<ul class=\"wp-block-list\">\n<li>Is a state that collects taxes to pay out to citizens in the form of social aid, unemployment insurance and a minimum income for all. A state that redistributes nothing doesn&#8217;t help individuals in times of hardship, but a state that redistributes too much to everyone doesn&#8217;t encourage people to work.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Export\n<ul class=\"wp-block-list\">\n<li>Sont les ventes de produits et de services \u00e0 l\u2019ext\u00e9rieur du pays. Elles montrent l\u2019attractivit\u00e9 des produits du pays \u00e0 l\u2019ext\u00e9rieur. Il y a 3 fa\u00e7ons de s\u2019imposer\u00a0pour augmenter les ventes \u00e0 l\u2019\u00e9tranger: les prix (ex\u00a0: Chine), la qualit\u00e9 (ex\u00a0: Allemagne) le marketing (ex\u00a0: \u00c9.-U.). Mais il faut surtout que le directeur export soit parfaitement <a href=\"https:\/\/challenge-action.com\/formations\/formation-exportation\/\">form\u00e9 aux techniques de vente \u00e0 l\u2019exportation<\/a>.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>G\u00e9opolitique\n<ul class=\"wp-block-list\">\n<li>M\u00e9thode d&#8217;\u00e9tude des effets de la g\u00e9ographie sur la politique internationale afin de comprendre ou de pr\u00e9dire le comportement des pays. La g\u00e9opolitique inclut les donn\u00e9es d\u00e9mographiques, topographiques, ressources naturelles, climatiques pouvant amener certains pays \u00e0 d\u00e9sirer s&#8217;emparer d&#8217;un territoire. Au niveau \u00e9conomique la g\u00e9opolitique doit \u00eatre prise en compte par les pays qui d\u00e9sirent r\u00e9aliser une politique isolationniste ou vivre en autarcie, c&#8217;est \u00e0 dire se suffire \u00e0 eux-m\u00eames sans avoir besoin d&#8217;autres pays.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Human Development Index (HDI)\n<ul class=\"wp-block-list\">\n<li>Created by the United Nations to provide a finer measure of people&#8217;s well-being, it incorporates not only GDP, but also life expectancy and literacy rates.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Inflation\n<ul class=\"wp-block-list\">\n<li>This is the rate of price increase, calculated using an index covering a number of consumer goods.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Investment\n<ul class=\"wp-block-list\">\n<li>The money we spend to create the means that will provide us with income: means of production, apartments, land, etc. Investment drives growth.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>John Maynard Keynes\n<ul class=\"wp-block-list\">\n<li>\u00c9conomiste anglais qui pr\u00e9conise l\u2019intervention de l\u2019\u00e9tat dans l\u2019\u00e9conomie par le budget. C\u2019est une \u00e9cole tr\u00e8s contest\u00e9e par les partisans du lib\u00e9ralisme \u00e9conomique et les mon\u00e9taristes de Milton Friedman.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Economic liberalism\n<ul class=\"wp-block-list\">\n<li>An economy based on the laws of the market, with as little interference as possible from the state. The state often has laudable objectives in intervening, but in the long term this only makes things worse. For example, the state invests in the creation of social housing, but that&#8217;s not its role and a company would do it better. The state must therefore play a minimum economic role, looking after the police, the army and providing a minimum social safety net.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Free trade\n<ul class=\"wp-block-list\">\n<li>March\u00e9 sans barri\u00e8re douani\u00e8re ou r\u00e9glementaire entre les pays permettant une libre concurrence. Il se cr\u00e9e g\u00e9n\u00e9ralement des zones de libre-\u00e9change, c\u2019est pr\u00e9f\u00e9rable au d\u00e9veloppement global de l\u2019\u00e9conomie de la zone, mais ne permettent pas \u00e0 certains pays de prot\u00e9ger certains secteurs \u00e9conomiques,\u00a0 sauf s\u2019il y a des exceptions tarifaires pour prot\u00e9ger certaines industries momentan\u00e9ment.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Money supply\n<ul class=\"wp-block-list\">\n<li>This is the mass of money in circulation in its various guises: currency, banknotes, deposits, accounts and foreign exchange.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Households\n<ul class=\"wp-block-list\">\n<li>The number of people per family is currently declining, but the number of households is increasing in most countries. The household unit is ideal for economic studies.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Milton Friedman\n<ul class=\"wp-block-list\">\n<li>\u00c9conomiste am\u00e9ricain pr\u00e9conisant de minimiser le contr\u00f4le de l\u2019\u00e9tat par le gouvernement et limiter l\u2019intervention \u00e0 la d\u00e9finition des taux d\u2019int\u00e9r\u00eat, c\u2019est ce que l\u2019on voit aujourd\u2019hui appliqu\u00e9 dans les \u00e9conomies lib\u00e9rales.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Capital loss\n<ul class=\"wp-block-list\">\n<li>This is when there&#8217;s a negative difference between the purchase price and the selling price, so you&#8217;ve sold at a loss.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Globalization\n<ul class=\"wp-block-list\">\n<li>Most goods are now traded internationally, whereas in the past they were limited to a single village or country. In Roman and Greek times, international trade already existed, but now it&#8217;s much easier thanks to new means of communication.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Monopoly\n<ul class=\"wp-block-list\">\n<li>When an organization is the only one selling a product or service. This is the opposite of a competitive situation, and contributes to higher prices for the consumer.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Tax niche\n<ul class=\"wp-block-list\">\n<li>A limited economic sector in which there has been an oversight in the law that allows an individual or company to reduce or not pay taxes at all.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Obligation\n<ul class=\"wp-block-list\">\n<li>This is a loan, usually medium- or long-term, whose value does not fluctuate positively or negatively like equities.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Offer\n<ul class=\"wp-block-list\">\n<li>All the products and services offered in a country. When demand is lower, prices tend to fall; when demand is higher, prices rise.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Oligopole\n<ul class=\"wp-block-list\">\n<li>Few companies sell identical products to the general public. There is no cartel, but the lack of competition contributes to higher prices.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Plein emploi\n<ul class=\"wp-block-list\">\n<li>Au d\u00e9but on consid\u00e9rait qu\u2019il \u00e9tait atteint avec 0% de taux de ch\u00f4mage, maintenant on estime qu\u2019il existe un taux incompressible de 3 \u00e0 5% de personnes non employ\u00e9es \u00e0 cause de plusieurs raisons\u00a0: maladie, changement professionnel, etc.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Added value\n<ul class=\"wp-block-list\">\n<li>This is the positive difference between the purchase price and the selling price. The capital gain is only realized after the sale, otherwise it is potential.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Workforce\n<ul class=\"wp-block-list\">\n<li>Population working or of working age, between 15 and 64<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Productivity\n<ul class=\"wp-block-list\">\n<li>Production efficiency is measured by comparing the value of goods produced with the value of the means of production.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Gross domestic product (GDP)\n<ul class=\"wp-block-list\">\n<li>Le PIB (GDP en anglais) repr\u00e9sente toute la cr\u00e9ation de richesse dans le pays. Il est \u00e9gal au montant de toutes les valeurs de biens et services produits par les entreprises nationales, \u00e9trang\u00e8res, et administrations, situ\u00e9es dans le pays. Il ne prend pas en compte le bien-\u00eatre de la population, le travail le travail au noir, les trafics interdits. Le PIB permet de mesurer la croissance interne de l\u2019\u00e9conomie.  <\/li>\n\n\n\n<li>GDP = Final consumption expenditure + Gross capital formation + Exports \u2212 Imports<\/li>\n\n\n\n<li>Example: in the first quarter of 2025, U.S. GDP fell by 0.3%, not because domestic production had dropped, but because fear of Donald Trump\u2019s import tariffs led businesses to buy massively abroad before the duties came into force; these unusual imports therefore contributed to the drop in GDP.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Produit National Brut (PNB)\n<ul class=\"wp-block-list\">\n<li>PNB = PIB + revenus des entreprises en provenance de l&#8217;ext\u00e9rieur \u2212 paiements vers\u00e9s \u00e0 l&#8217;ext\u00e9rieur.<\/li>\n\n\n\n<li>It is widely used by the United States, which has many subsidiaries abroad. It is very relevant, because the subsidiaries contribute to the wealth of the United States. <\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Profit\n<ul class=\"wp-block-list\">\n<li>C\u2019est l\u2019\u00e9cart positif entre les revenus d\u2019une entreprise et toutes ses charges et imp\u00f4ts. Le b\u00e9n\u00e9fice sert \u00e0 r\u00e9mun\u00e9rer le capital. Les entreprises ont trois moyens pour augmenter leurs profits: diminuer les co\u00fbts, augmenter les prix, d\u00e9velopper leurs ventes. La <a href=\"https:\/\/challenge-action.com\/en\/negotiation-stages\/\" target=\"_blank\" rel=\"noreferrer noopener\">n\u00e9gociation<\/a> fait aussi partie des comp\u00e9tences cl\u00e9s pour augmenter le profit dans une organisation.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Protectionism\n<ul class=\"wp-block-list\">\n<li>A state&#8217;s policy of protecting its industries through tariff and regulatory barriers.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Recession\n<ul class=\"wp-block-list\">\n<li>It&#8217;s the opposite of growth: the economy is shrinking. Recession is measured by GDP.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Stagflation\n<ul class=\"wp-block-list\">\n<li>Combinaison de d\u00e9croissance ou stagnation du produit national brut et d\u2019inflation.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Savings rate\n<ul class=\"wp-block-list\">\n<li>This is the ratio of total household savings to the country&#8217;s total income.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Inflation rate\n<ul class=\"wp-block-list\">\n<li>An increase in the price of goods and services over a given period, it is calculated on the basis of an index covering a number of basic countries. There are often discussions about which products and services should be included.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Interest rates\n<ul class=\"wp-block-list\">\n<li>Measures the cost of borrowed capital, and therefore remunerates the capital lent. The higher it is, the more expensive it will be to borrow, and the greater the drag on growth.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Growth rates.\n<ul class=\"wp-block-list\">\n<li>It measures the growth of a country&#8217;s economy by means of GDP, which is evaluated in volume terms to exclude inflation.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Added value\n<ul class=\"wp-block-list\">\n<li>This is value creation, calculated as the difference between the total value of a company&#8217;s production minus the value of the intermediate products required for this production.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">Note that these definitions can vary from one economist to another, over time and depending on the economic situation of the moment.<\/p>\n\n<p class=\"wp-block-paragraph\">Jean-Pierre Mercier<\/p>\n\n<p class=\"wp-block-paragraph\">To learn more, you can take our <a href=\"\/en\/courses\/sales-course\/\">online sales course<\/a>.<\/p>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/challenge-action.com\/en\/courses\/sales-course\/\">Our online sales course<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the tariff war, the world economy is in turmoil, and it is hard to understand what is happening without knowing the basic principles of economics. I will try to describe them as simply as possible, along with a short economic glossary. A better understanding also helps you make the best decisions for your assets. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":44355,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-22107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Basic principles of economics: mechanisms and glossary<\/title>\n<meta name=\"description\" content=\"The basic principles of economics explained simply: supply and demand, interest rates, budget, debt, trade, plus a glossary of key economic terms.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/challenge-action.com\/en\/the-basic-principles-of-economics\/\" \/>\n<meta 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