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ALecturePresentationinPowerPointtoAccompany,PrinciplesofEconomicsSecondEditionbyN.GregoryMankiw,PreparedbyMarkP.Karscig,DepartmentofEconomics&Finance,CentralMissouriStateUniversity.,TenPrinciplesofEconomics,Chapter1,Copyright2001byHarcourt,Inc.Allrightsreserved.Requestsforpermissiontomakecopiesofanypartoftheworkshouldbemailedto:PermissionsDepartment,HarcourtCollegePublishers,6277SeaHarborDrive,Orlando,Florida32887-6777.,Economy.,.ThewordeconomycomesfromaGreekwordfor“onewhomanagesahousehold.”,Ahouseholdandaneconomyfacemanydecisions:,Whowillwork?Whatgoodsandhowmanyofthemshouldbeproduced?Whatresourcesshouldbeusedinproduction?Atwhatpriceshouldthegoodsbesold?,SocietyandScarceResources:,Themanagementofsocietysresourcesisimportantbecauseresourcesarescarce.,Scarcity.,.meansthatsocietyhaslimitedresourcesandthereforecannotproduceallthegoodsandservicespeoplewishtohave.,Economics,Economicsisthestudyofhowsocietymanagesitsscarceresources.,Economistsstudy.,Howpeoplemakedecisions.Howpeopleinteractwitheachother.Theforcesandtrendsthataffecttheeconomyasawhole.,TenPrinciplesofEconomics,1.Peoplefacetradeoffs.2.Thecostofsomethingiswhatyougiveuptogetit.3.Rationalpeoplethinkatthemargin.4.Peoplerespondtoincentives.,HowPeopleMakeDecisions,TenPrinciplesofEconomics,5.Tradecanmakeeveryonebetteroff.6.Marketsareusuallyagoodwaytoorganizeeconomicactivity.7.Governmentscansometimesimproveeconomicoutcomes.,HowPeopleInteract,TenPrinciplesofEconomics,8.Thestandardoflivingdependsonacountrysproduction.9.Pricesrisewhenthegovernmentprintstoomuchmoney.10.Societyfacesashort-runtradeoffbetweeninflationandunemployment.,HowtheEconomyasaWholeWorks,1.Peoplefacetradeoffs.,“Thereisnosuchthingasafreelunch!”,1.Peoplefacetradeoffs.,Togetonething,weusuallyhavetogiveupanotherthing.Gunsv.butterFoodv.clothingLeisuretimev.workEfficiencyv.equity,Makingdecisionsrequirestradingoffonegoalagainstanother.,1.Peoplefacetradeoffs.,Efficiencymeanssocietygetsthemostthatitcanfromitsscarceresources.Equitymeansthebenefitsofthoseresourcesaredistributedfairlyamongthemembersofsociety.,Efficiencyv.Equity,2.Thecostofsomethingiswhatyougiveuptogetit.,Decisionsrequirecomparingcostsandbenefitsofalternatives.Whethertogotocollegeortowork?Whethertostudyorgooutonadate?Whethertogotoclassorsleepin?,2.Thecostofsomethingiswhatyougiveuptogetit.,Theopportunitycostofanitemiswhatyougiveuptoobtainthatitem.,3.Rationalpeoplethinkatthemargin.,Marginalchangesaresmall,incrementaladjustmentstoanexistingplanofaction.,Peoplemakedecisionsbycomparingcostsandbenefitsatthemargin.,4.Peoplerespondtoincentives.,Marginalchangesincostsorbenefitsmotivatepeopletorespond.Thedecisiontochooseonealternativeoveranotheroccurswhenthatalternativesmarginalbenefitsexceeditsmarginalcosts!,LALakerbasketballstarKobeBryantchosetoskipcollegeandgostraighttotheNBAfromhighschoolwhenoffereda$10millioncontract.,4.Peoplerespondtoincentives.,5.Tradecanmakeeveryonebetteroff.,Peoplegainfromtheirabilitytotradewithoneanother.Competitionresultsingainsfromtrading.Tradeallowspeopletospecializeinwhattheydobest.,6.Marketsareusuallyagoodwaytoorganizeeconomicactivity.,Inamarketeconomy,householdsdecidewhattobuyandwhotoworkfor.Firmsdecidewhotohireandwhattoproduce.,6.Marketsareusuallyagoodwaytoorganizeeconomicactivity.,AdamSmithmadetheobservationthathouseholdsandfirmsinteractinginmarketsactasifguidedbyan“invisiblehand.”,6.Marketsareusuallyagoodwaytoorganizeeconomicactivity.,Becausehouseholdsandfirmslookatpriceswhendecidingwhattobuyandsell,theyunknowinglytakeintoaccountthesocialcostsoftheiractions.Asaresult,pricesguidedecisionmakerstoreachoutcomesthattendtomaximizethewelfareofsocietyasawhole.,7.Governmentscansometimesimprovemarketoutcomes.,Whenthemarketfails(breaksdown)governmentcanintervenetopromoteefficiencyandequity.,7.Governmentscansometimesimprovemarketoutcomes.,Marketfailureoccurswhenthemarketfailstoallocateresourcesefficiently.,7.Governmentscansometimesimprovemarketoutcomes.,Marketfailuremaybecausedbyanexternality,whichistheimpactofonepersonorfirmsactionsonthewell-beingofabystander.,7.Governmentscansometimesimprovemarketoutcomes.,Marketfailuremayalsobecausedbymarketpower,whichistheabilityofasinglepersonorfirmtoundulyinfluencemarketprices.,8.Thestandardoflivingdependsonacountrysproduction.,Standardoflivingmaybemeasuredindifferentways:Bycomparingpersonalincomes.Bycomparingthetotalmarketvalueofanationsproduction.,8.Thestandardoflivingdependsonacountrysproduction.,Almostallvariationsinlivingstandardsareexplainedbydifferencesincountriesproductivities.,8.Thestandardoflivingdependsonacountrysproduction.,Productivityistheamountofgoodsandservicesproducedfromeachhourofaworkerstime.,HigherproductivityHigherstandardofliving,9.Pricesrisewhenthegovernmentprintstoomuchmoney.,Inflationisanincreaseintheoveralllevelofpricesintheeconomy.Onecauseofinflationisthegrowthinthequantityofmoney.Whenthegovernmentcreateslargequantitiesofmoney,thevalueofthemoneyfalls.,10.Societyfacesashort-runtradeoffbetweeninflationandunemployment.,ThePhillipsCurveillustratesthetradeoffbetweeninflationandunemployment:InflationUnemploymentItsashort-runtradeoff!,Summary,Whenindividualsmakedecisions,theyfacetradeoffs.Rationalpeoplemakedecisionsbycomparingmarginalcostsandmarginalbenefits.,Summary,Peoplecanbenefitbytradingwitheachother.Marketsareusuallyagoodwayofcoordinatingtrades.Governmentcanpotentiallyimprovemarketoutcomes.,Summary,Acountrysproductivitydeterminesitslivingstandards.Societyfacesashort-runtradeoffbetweeninflationandunemployment.,
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