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Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,CHAPTER 1 TEN PRINCIPLES OF ECONOMICS,*,2008 South-Western,a part of Cengage Learning,all rights reserved,N.G,R,E,G,O,R,Y M,A,N,K,I,W,Premium PowerPoint,Slides by Ron Cronovich,2008 update,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,0,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,*,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,*,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,*,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,*,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,*,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,*,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,*,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,*,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,*,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,Li Li,Tang,Office number:2402,Consultation time:12:30 1:00 pm,Tues.&Wed.,平时成绩,:20%(,课堂测验,平时作业,出勤率,课堂表现,),期末考试,:80%,出勤,:,如有特殊情况不能上课,需向老师请假并说明理由,否则当旷课处理。一学期旷课,3,次及以上者，平时成绩为零。,课堂测验：不定时。,Li Li Tang,1,P R I N C I P L E S O F,F,O,U,R,T,H E,D,I,T,I,O,N,Ten Principles of Economics,1P R I N C I P L E S O FF O,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,In this chapter,look for the answers to these questions:,What kinds of questions does economics address?,What are the principles of how people make decisions?,What are the principles of how people interact?,What are the principles of how the economy as a whole works?,CHAPTER 1 TEN PRINCIPLES OF,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,What Economics Is All About,Scarcity,:the limited nature of societys resources.,Economics,:the study of how society manages its scarce resources,e.g.,how people decide what to buy,how much to work,save,and spend,how firms decide how much to produce,how many workers to hire,how society decides how to divide its resources between national defense,consumer goods,protecting the environment,and other needs,0,CHAPTER 1 TEN PRINCIPLES OF,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,.The word,economy,comes from a Greek word for“one who manages a household.”,Economy.,CHAPTER 1 TEN PRINCIPLES OF,A society,Like a household,a society faces many decisions.,A society must decide what jobs will be done and who will do them.It needs some people to grow food,other people to make clothing,and still others to design computer software.,A societyLike a household,a s,A society,Once society has allocated people(as well as land,buildings,and machines)to various jobs,it must also allocate the output of goods and services that they produce.,It must decide who will eat caviar and who will eat potatoes.It must decide who will drive a Porsche and who will take the bus.,A societyOnce society has,0,The principles of,HOW PEOPLE MAKE DECISIONS,0The principles of HOW PEOPLE,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,HOW PEOPLE MAKE DECISIONS,All decisions involve tradeoffs.Examples:,Going to a party the night before your midterm leaves less time for studying.,Having more money to buy stuff requires working longer hours,which leaves less time for leisure.,Protecting the environment requires resources that could otherwise be used to produce consumer goods.,Principle#1:People Face Tradeoffs,0,CHAPTER 1 TEN PRINCIPLES OF,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,“There is no such thing as a free lunch!”,Principle#1:People Face Trade-offs.,CHAPTER 1 TEN PRINCIPLES OF,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,Making decisions requires trading off one goal against another.,Principle#1:People Face Trade-offs.,To get one thing,we usually have to give up another thing.,Guns v.butter,Food v.clothing,Leisure time v.work,Efficiency v.equity,CHAPTER 1 TEN PRINCIPLES OF,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,HOW PEOPLE MAKE DECISIONS,Society faces an important tradeoff:,efficiency vs.equity,efficiency,:getting the most out of scarce resources,equity,:distributing prosperity fairly among societys members,Tradeoff:To increase equity,could redistribute income from wealthy to poor.But this reduces incentive to work and produce,shrinks the size of the economic“pie.”,Principle#1:People Face Tradeoffs,0,CHAPTER 1 TEN PRINCIPLES OF,CHAPTER 1,TEN PRINCIPLES OF ECONOMICS,HOW PEOPLE MAKE DECISIONS,Making decisions requires comparing the costs and benefits of alternative c
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