Hi guys, Welcome to our Victoria 3 Beginner Guide Wiki, In This Victoria 3 Beginner Guide Wiki, You will learn about new Releases game Victoria 3. This Victoria 3 Beginner Guide Wiki touches upon all aspects of the Vic3 economy I was able to analyze with the Dev Diaries, AARs, and Dev Streams. Certain details I was unable to sus out exactly, but I think I got the vast majority, and the remaining mysteries will be lifted upon release. The post will consist of a break down of most ordinary aspects of the game.
Victoria 3 Beginner Guide Wiki 2022
Breakdown of Economics
Basics
This section consists of three aspects, those being the Introduction to Vic3 Economics as in how Prices are formed, how the Market works and the economic cycle while also talking about Pops. To start the economics work as an open market circular system without storage of goods. One market tick seems to be once per week. In economics an open model generally refers to a model with foreign trade, however in this case it’s literally open in that in every step of the economy capital/cash leave and enters the economy from the outside of the model. I call it the Black Box of the Market.
Prices
Vic3 works the following way when it comes to prices. Each good has a base price, upon which the market price is anchored while the market price itself is determined by the ratio of Buy Orders to Sell Orders. The price itself is limited to a range of 25% to 175% of the base price. Upon reaching 175%/+75% of the market price, a market enters shortage. More to that later.
Market
Fundamentally both sides of the market, sellers and buyers receive the market price times the number of Sell/Buy Orders each market tick. This means if there are 140 Buy Orders and 100 Sell Orders in a market, the Buyers must pay for 140 Buy Orders, while the Sellers receive 100 Sell Orders worth of revenue. This means for above Base Price Goods each tick capital/wealth is lost during the market phase of the game. There is the aspect of Market Access to consider. In essence any state in which infrastructure is lower than infrastructure utilisation will not have 100% Market Access. This means a mean between Market Price and Local Price will be determined and only the appropriate portion of Sell and Buy Orders will be sent to the Market in the first place. In this post, we generally assume a 100% Market Access.
Economic Cycle
The Economic Cycle is how Vic3 economics functions. There are two phases within any economic tick. There is the production phase within buildings and the trade phase for the market. These phases occur concurrently each economic tick. The Trade Phase was already explained with Prices going below Base Price siphoning off capital from the market economy, while the reverse is true for prices below Base Price. Meanwhile the Production Phase is all about buildings and their production processes. Fundamentally each building consists of one or more Production Methods, which decide what pop types work in the building, what input goods are required and what/how many output goods there are. Like with the Trade Phase the Production Phase either creates or destroys capital. Generally, this equation can be determined by the output goods x price – input goods x price. Wages and Dividends are simply transfers. Wages are always paid, while Dividends require a surplus of profit.
Pops
All Pops have needs determined by their Wealth, which at the same time states their Standard of Living. Pops always buy enough goods to satisfy a need, regardless of expenses incurred. If a Pop manages to save up enough cash to fill their wealth bar, they ascend to the next wealth and SoL level. The same happens if Pop needs to expend more money that they earn. A Need like Simple Food can be filled by several different goods, for example a combination of Grain, Fish or Meat. Goods can have different values for a Need, for example Grain is worth 1 unit, while Meat is worth 1.5. Pops substitute between these goods as they try to minimise their expenditures.
Cultures can have Obsessions and Taboos, which affect their propensity to consumer certain goods. For example every culture that starts out as majority Muslim will have a taboo against consuming alcohol. Taboos cannot be removed or added by any means during the game. Obsessions meanwhile can develop and be removed dynamically and Pops will prefer to consume the good for a need even if it is more expensive, meaning they could achieve a lower SoL if you don’t take care of providing the good.
Advanced Economics
This section deals with a number of more advanced economic topics of Vic3. These include Minting, Wages, Standard of Living, and Foreign Trade.
Minting
Just a joke, Minting is the simplest way to earn money seemingly dependent on the population and economic size of the country in question, which adds to the budget but will generally not suffice to cover most expenditure budgets. It’s however not a measure to neglect.
Wages
Wages are determined by the competition of firms between one another. Generally they are higher than the income produced by Subsistence Farmers, however right now I have no data to determine how wages are calculated.
Dividends
Paid out when a building has a surplus of profit.
Dependent Wages
These wages are a means to earn income of Dependent Pops, i.e. population that is barred from normal employment through different means, be it laws barring women or children from working or invalids or old people.
They earn by far less wage than normal working Pops, so it may make sense to get women into the workforce to increase Standard of Living. Not every type of pop may even be able to work dependent jobs, like an Aristocrat woman will not staff any job.
Subsistence Income
A special type of income that only affects peasants. It basically provides the money to purchase goods in a peasant economy.
Standard of Living
It is relevant in the sense of Standard of Living determining how many goods and services a Pop requires. SoL is often substituted with talking about Wealth, which makes sense as Wealth is used to determine the SoL. A Pop with 34 Wealth will require Goods for SoL Level 34. This is not flexible, and any Pop of a certain Wealth level will always desire a certain, fixed Goods basket. This means if a Pop’s expenditures are low enough to not deplete income said income will be accumulated until the next wealth level is reached, upon which higher goods demand occurs. The reverse occurs for Pops running a deficit.
Foreign Trade
One of the most interesting aspects of the Vic3 economy is foreign trade. It functions as such. Any Trade Actions between markets will result in the creation of a Trade Center within the initiating nation, regardless of if that nation imports or exports goods to another nation. The larger the trade movement, the larger the Trade Center
Trade functions as such. In the exporting Market Buy Orders are generated by the amount exported, while in the importing Market Sell Orders are created by the amount imported. This changes the market price in both markets. However, Trade Centers have a special property to them. A Trade Center only pays the price average of before and after the Buy Orders of the Trade Center and only receives the before and after price average for the Sell Orders in the importing market.
To give an easy example, if the exporting market of a good had the price of 10 before and the price of 20 after an export and the importing market has the price of 30 before and the price of 20 after an import the Trade Center responsible gains a profit of 10 per good, with the Export price being 15, while the Import price is 25.
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