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698140
Transport Economics
Descripción
A-Level A2 Microeconomics Mapa Mental sobre Transport Economics, creado por alexandra_fryday el 31/03/2014.
Sin etiquetas
a2 microeconomics
a2 microeconomics
a-level
Mapa Mental por
alexandra_fryday
, actualizado hace más de 1 año
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hace más de 10 años
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Resumen del Recurso
Transport Economics
The nature of transport
Transport infrastructure
The physical and immovable transport routes
e.g. roads, railways, airports, sea ports, canals etc
Generally provided by government due to the problems arising from public goods and the externalities caused
Mode/ type of transport
e.g. walking, cars, trains, bike, plane, boat etc
Derived demand
"When a good is demanded as a result of demand for another product"
Factors affecting demand for transport
Physical characteristics of the good being transported
Low quantities of high cost goods - air
High quantities of low cost goods - rail/ ship
Price of transport
Relative prices of different modes of transport
Passenger income
Quality of service
Consumer choice
Ownership and organisation of transport
Public ownership
Government owns the means of production and takes responsibility for it
Private ownership
Ownership of resources rests with the private sector
Direct government provision
Government strategically provides goods and services on a non-commercial basis
e.g. new motorways and roads funded either by central or local government through tax revenues
Public-Private partnerships (PPP)
Private enterprise joins the public sector in sharing some of the financial and operational risk of running the service
e.g. Tube Lines (private company) responsible for maintenance and upgrade of London's underground, commissioned by Transport for London (public body)
State-owned company
Operates commercially, profits returned to public ownership for re-investment into the capital and infrastructure of the service itself
e.g. Network Rail
Private ownership
Economic value generated remains in private hands
Either fully self-funding or rely on subsidies from the government
e.g. UK port authorities/ train operation
Forecasting road transport demand
The National Transport Model (NTM)
Three drivers of road use demand: 1) Gross Domestic Product 2) Fuel Efficiency and fuel prices 3) Population growth
Costs and Revenues
Types of firm
Sole proprietor
Owned and often run by one person who makes all the decisions and bears all the risks.
Have unlimited liability - can lose all they own in the event of bankrupcy.
Partnerships
2 to 20 people jointly bearing decision making and risks
Have unlimited liability
Joint stock companies - issue shares
Private limited companies (Ltd.)
Split into shares giving shareholders partial ownership and a right to a share in profits
Shares sold in private exchanges with specific contact between buyer and seller not on stock market
Generally smaller than PLCs
Public limited companies (PLC)
Sell (at least a proportion) of shares on the stock exchange.
Anyone can buy shares
Owned by shareholders, run by directors who are elected by shareholders
Limited liability- can only lose what you invested
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