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1.
PowerPoint Slides prepared
by: Andreea CHIRITESCU Eastern Illinois University © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 1 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
2.
Ten Principles of
Economics PowerPoint Slides prepared by: Andreea CHIRITESCU Eastern Illinois University © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 2 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
3.
Ten Principles of
Economics • Economy – “oikonomos” (Greek) – “One who manages a household” • Household - many decisions – Allocate scarce resources • Ability, effort, and desire • Society - many decisions – Allocate resources – Allocate output © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 3 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
4.
Ten Principles of
Economics • Resources are scarce • Scarcity – The limited nature of society’s resources • Economics – Study of how society manages its scarce resources © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 4 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
5.
Ten Principles of
Economics • Economists study: – How people make decisions – How people interact with one another – Analyze forces and trends that affect the economy as a whole © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 5 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
6.
How People Make
Decisions Principle 1: People face trade-offs • Making decisions – Trade off one goal against another – Student – time – Parents – income – Society • National defense vs. consumer goods • Clean environment vs. high level of income • Efficiency vs. equality © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 6 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
7.
How People Make
Decisions • Efficiency – Society getting the most it can from its scarce resources – Size of the economic pie • Equality – Distributing economic prosperity uniformly among the members of society – How the pie is divided into individual slices © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 7 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
8.
How People Make
Decisions Principle 2: The cost of something is what you give up to get it • People face trade-offs – Make decisions • Compare cost with benefits of alternatives • Opportunity cost – Whatever must be given up to obtain one item © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 8 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
9.
How People Make
Decisions Principle 3: Rational people think at the margin • Rational people – Systematically & purposefully do the best they can to achieve their objectives • Marginal changes – Incremental changes to a plan of action • Rational people take action only if – Marginal benefits > Marginal costs © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 9 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
10.
How People Make
Decisions Principle 4: People respond to incentives • Incentive – Something that induces a person to act – Higher price • Buyers - consume less • Sellers - produce more – Public policy • Change costs or benefits • Change people’s behavior © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 10 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
11.
The Incentive Effects
of Gasoline Prices • 2005 to 2008, price of oil in world oil markets skyrocketed – Price of gasoline in the United States rose from about $2 to about $4 a gallon – How did people react to high gas prices? © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 11 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
12.
The Incentive Effects
of Gasoline Prices • Increased incentive to conserve gas – Smaller cars, scooters, bicycles, mass transit – Camels (India) – New, more fuel-efficient aircraft • Airbus A320 and Boeing 737 – Moving near an Amtrak station – Online courses – Sean “Diddy” Combs - flying on commercial airlines © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 12 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
13.
How People Interact
Principle 5: Trade can make everyone better off • Trade – Allows each person to specialize in the activities he or she does best – Enjoy a greater variety of goods and services at lower cost © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 13 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
14.
How People Interact
Principle 6: Markets are usually a good way to organize economic activity • Communist countries – central planning – Government officials (central planners) make all decisions © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 14 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
15.
How People Interact
• Market economy - allocates resources – Through decentralized decisions of many firms and households – As they interact in markets for goods and services – Guided by prices and self interest • Adam Smith’s “invisible hand” © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 15 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
16.
How People Interact
Principle 7: Governments can sometimes improve market outcomes • We need government – Enforce rules and maintain institutions • Enforce property rights – Promote efficiency • Avoid market failure – Promote equality • Avoid disparities in economic well-being © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 16 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
17.
How the Economy
as a Whole Works Principle 8: A country’s standard of living depends on its ability to produce goods and services • Large differences in living standards – Among countries – Over time • Explanation: differences in productivity © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 17 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
18.
How the Economy
as a Whole Works Principle 9: Prices rise when the government prints too much money • Inflation – An increase in the overall level of prices in the economy • Causes for large / persistent inflation – Growth in quantity of money • Value of money falls © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 18 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
19.
How the Economy
as a Whole Works Principle 10: Society faces a short-run trade-off between inflation and unemployment © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 19 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
20.
Table 1 Ten Principles
of Economics © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 20 permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
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