曼昆经济学原理

Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.ALecturePresentationinPowerPointtoAccompanyPrinciplesofEconomicsSecondEditionbyN.GregoryMankiwPreparedbyMarkP.Karscig,DepartmentofEconomics&Finance,CentralMissouriStateUniversity.TenPrinciplesofEconomicsChapter1Copyright©2001byHarcourt,Inc.Allrightsreserved.Requestsforpermissiontomakecopiesofanypartoftheworkshouldbemailedto:PermissionsDepartment,HarcourtCollegePublishers,6277SeaHarborDrive,Orlando,Florida32887-6777.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.Economy......ThewordeconomycomesfromaGreekwordfor“onewhomanagesahousehold.”Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.Ahouseholdandaneconomyfacemanydecisions:‹Whowillwork?‹Whatgoodsandhowmanyofthemshouldbeproduced?‹Whatresourcesshouldbeusedinproduction?‹Atwhatpriceshouldthegoodsbesold?Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.SocietyandScarceResources:Themanagementofsociety’sresourcesisimportantbecauseresourcesarescarce.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.Scarcity......meansthatsocietyhaslimitedresourcesandthereforecannotproduceallthegoodsandservicespeoplewishtohave.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.EconomicsEconomicsisthestudyofhowsocietymanagesitsscarceresources.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.Economistsstudy...‹Howpeoplemakedecisions.‹Howpeopleinteractwitheachother.‹Theforcesandtrendsthataffecttheeconomyasawhole.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TenPrinciplesofEconomicsHowPeopleMakeDecisions1.Peoplefacetradeoffs.2.Thecostofsomethingiswhatyougiveuptogetit.3.Rationalpeoplethinkatthemargin.4.Peoplerespondtoincentives.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TenPrinciplesofEconomicsHowPeopleInteract5.Tradecanmakeeveryonebetteroff.6.Marketsareusuallyagoodwaytoorganizeeconomicactivity.7.Governmentscansometimesimproveeconomicoutcomes.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TenPrinciplesofEconomicsHowtheEconomyasaWholeWorks8.Thestandardoflivingdependsonacountry’sproduction.9.Pricesrisewhenthegovernmentprintstoomuchmoney.10.Societyfacesashort-runtradeoffbetweeninflationandunemployment.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.1.Peoplefacetradeoffs.“Thereisnosuchthingasafreelunch!”Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.1.Peoplefacetradeoffs.Togetonething,weusuallyhavetogiveupanotherthing.‹Gunsv.butter‹Foodv.clothing‹Leisuretimev.work‹Efficiencyv.equityMakingdecisionsrequirestradingoffonegoalagainstanother.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.1.Peoplefacetradeoffs.Efficiencyv.Equity‹Efficiencymeanssocietygetsthemostthatitcanfromitsscarceresources.‹Equitymeansthebenefitsofthoseresourcesaredistributedfairlyamongthemembersofsociety.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.2.Thecostofsomethingiswhatyougiveuptogetit.Decisionsrequirecomparingcostsandbenefitsofalternatives.‹Whethertogotocollegeortowork?‹Whethertostudyorgooutonadate?‹Whethertogotoclassorsleepin?Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.2.Thecostofsomethingiswhatyougiveuptogetit.Theopportunitycostofanitemiswhatyougiveuptoobtainthatitem.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.3.Rationalpeoplethinkatthemargin.Marginalchangesaresmall,incrementaladjustmentstoanexistingplanofaction.Peoplemakedecisionsbycomparingcostsandbenefitsatthemargin.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.4.Peoplerespondtoincentives.‹Marginalchangesincostsorbenefitsmotivatepeopletorespond.‹Thedecisiontochooseonealternativeoveranotheroccurswhenthatalternative’smarginalbenefitsexceeditsmarginalcosts!Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.4.Peoplerespondtoincentives.LALakerbasketballstarKobeBryantchosetoskipcollegeandgostraighttotheNBAfromhighschoolwhenoffereda$10millioncontract.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.5.Tradecanmakeeveryonebetteroff.‹Peoplegainfromtheirabilitytotradewithoneanother.‹Competitionresultsingainsfromtrading.‹Tradeallowspeopletospecializeinwhattheydobest.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.6.Marketsareusuallyagoodwaytoorganizeeconomicactivity.‹Inamarketeconomy,householdsdecidewhattobuyandwhotoworkfor.‹Firmsdecidewhotohireandwhattoproduce.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.6.Marketsareusuallyagoodwaytoorganizeeconomicactivity.AdamSmithmadetheobservationthathouseholdsandfirmsinteractinginmarketsactasifguidedbyan“invisiblehand.”Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.6.Marketsareusuallyagoodwaytoorganizeeconomicactivity.‹Becausehouseholdsandfirmslookatpriceswhendecidingwhattobuyandsell,theyunknowinglytakeintoaccountthesocialcostsoftheiractions.‹Asaresult,pricesguidedecisionmakerstoreachoutcomesthattendtomaximizethewelfareofsocietyasawhole.Harcourt,Inc.itemsandderiveditemscopyrig