Содержание
- 2. 1 INTRODUCTION
- 3. 1 Ten Principles of Economics
- 4. Economy. . . . . . The word economy comes from a Greek word for “one
- 5. TEN PRINCIPLES OF ECONOMICS A household and an economy face many decisions: Who will work? What
- 6. TEN PRINCIPLES OF ECONOMICS Society and Scarce Resources: The management of society’s resources is important because
- 7. TEN PRINCIPLES OF ECONOMICS Economics is the study of how society manages its scarce resources.
- 8. TEN PRINCIPLES OF ECONOMICS How people make decisions. People face tradeoffs. The cost of something is
- 9. TEN PRINCIPLES OF ECONOMICS How people interact with each other. Trade can make everyone better off.
- 10. TEN PRINCIPLES OF ECONOMICS The forces and trends that affect how the economy as a whole
- 11. Principle #1: People Face Tradeoffs. “There is no such thing as a free lunch!”
- 12. Making decisions requires trading off one goal against another. Principle #1: People Face Tradeoffs. To get
- 13. Principle #1: People Face Tradeoffs Efficiency v. Equity Efficiency means society gets the most that it
- 14. Principle #2: The Cost of Something Is What You Give Up to Get It. Decisions require
- 15. People make decisions by comparing costs and benefits at the margin. Principle #3: Rational People Think
- 16. Principle #4: People Respond to Incentives. Marginal changes in costs or benefits motivate people to respond.
- 17. Principle #5: Trade Can Make Everyone Better Off. People gain from their ability to trade with
- 18. Principle #6: Markets Are Usually a Good Way to Organize Economic Activity. A market economy is
- 19. Principle #6: Markets Are Usually a Good Way to Organize Economic Activity. Adam Smith made the
- 20. Principle #7: Governments Can Sometimes Improve Market Outcomes. Market failure occurs when the market fails to
- 21. Principle #7: Governments Can Sometimes Improve Market Outcomes. Market failure may be caused by an externality,
- 22. Principle #8: The Standard of Living Depends on a Country’s Production. Standard of living may be
- 23. Principle #8: The Standard of Living Depends on a Country’s Production. Almost all variations in living
- 24. Principle #8: The Standard of Living Depends on a Country’s Production. Standard of living may be
- 25. Principle #9: Prices Rise When the Government Prints Too Much Money. Inflation is an increase in
- 26. Principle #10: Society Faces a Short-run Tradeoff Between Inflation and Unemployment. The Phillips Curve illustrates the
- 27. Summary When individuals make decisions, they face tradeoffs among alternative goals. The cost of any action
- 28. Summary Trade can be mutually beneficial. Markets are usually a good way of coordinating trade among
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