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ECONOMICS,MICROECONOMICSandMACROECONOMICSFifthEd.itionwithMyEconlabDouglasMcTaggart,ChristopherFindlayandMichaelParkinDefinitionofEconomicsEconomics:ASocialScienceEfficientUseofResources1Alleconomicquestionsarisebecausewewantmorethanwecanget.2Scarcityisourinabilitytosatisfya1lourwants.Facedwithscarcity,wemustmakechoices.3Economicsstudiesthechoicesthatwemaketocopewithscarcityandtheinstitutionsthatinfluenceandreconcileourchoices.4EconomicsdividesintoaMicroeconomics-thestudyofthechoicesthatindividualsandbusinessesmake,thewaythesechoicesinteract,andtheinfluencethatgovernmentsexertonthem.bMacroeconomics-thestudyoftheperformanceofthenationaleconomyandtheglobaleconomy.TwoBigEconomicQuestionsTwobigquestionssummarisethescopeofeconomics:1Howdothechoicesthatpeoplemakeendupdeterminingwhat,how,wien,where,andforwhomgoodsandservicesgetproduced?2Whendochoicesmadeinthepursuitofself-interestalsopromotethesocialinterest?FactorsofProductionGoodsandservicesareproducedwithfactorsofproductionthatearnincomes.1Landeamsrent.2Labourandhumancapitalearnwages.3Capitalearnsinterest.4Entrepreneurshipearnsprofit.EconomicChoices1Choicesthatyouthinkarebestforyouarechoicesmadeinyourself-interest.2Choicesthatarethebestforsocietyasawholearechoicesmadeinthesocialinterest.TheEconomicWayofThinkins1Achoiceisatradeoffandeverytradeoffhasanopportunitycost-thebestalternativewegiveuptogetsomething.2Thechoiceswemakebringchangeslnwhat,how,when,where,andforwhomgoodsandservicesgetproduced.3Opportunitycostisthehighest-valuedalternativethatwegiveuptogetsomething.4Wemakechoicesatthemarginbycomparingmarginalbenefitandmarginalcost.5Choicesareinfluencedbyincentives.1EconomistsdistinguishbetweenaPositivestatementsthatcanbetestedbNormativestatementsbasedonvaluesthatcan'tbetested2Economicsciencehasthreesteps:aObservationandmeasurementbBuildingmodelscTestingmodelsProductionPossibilitiesFrontier1Theproductionpossibilitiesfrontier(PPF)istheboundarybetweenattainableandun-attainablecombinationsofgoodsandservices45Pzzos(mllions)2AtpointsonthePPl,productionisefficientandusesalltheavailable.resuurces.3AtpointsinsidethePPF,productionisinefficientandsomeresourcesareeitherunusedormisallocated.4AmovementalongthePPFshowsatradeof{.oppgtlgltlytqttTheoutward-bowedPPFiliustratesincreasingopportunitycost.45Pizzos{millon$Allocativeefficiencyisachievedwhen1WeareproducingonthePPF,and2Wecannotproducemoreofanygoodwithoutgivingupsomeofanothergoodthalwevaluemorehighly.5Pizzoslmillons)0t.5253.55Plzzos(mlions)(b)MorginolbenefirequolsmorginclostGainsfromTrade1Apersonhasacomparatizteadztantagernanactivityifhe/shecanperformtheactivityataloweropportunitycostthananyoneelse.2Differencesinopportunitycostbdngcomparativeadvantageandgainsfromspecialisationandtrade.3Apersonhasanabsoluteadvantageifhe/shecanproducemoregoodswithagivenamountofresourcesthananotherpersoncan.4Thegainsfromtradearisefromcomparativeadvantage,notfromabsoluteadvantage,sopeoplecangainfromtradeinthepresenceofabsoluteadvantage.f.9Er5v.!o!l-PE-.5:32lSupply1Supplyistherelationshipbetweenthequantitysuppliedofagoodandthepriceofthegood,allotherinfluencesonsellingplansremainingthesame.2Otherthingsremainingthesame,thehigherthepriceofagood,thegreateristhequanlitysupplied.3Achangeinthepriceofagoodbringsamovementalongitssupplycurveandachangeinthequantitysupplied.4OtherinfluencesonsellingplansareaPricesofresourcesusedtoproducethegoodbPricesofsubstitutesinproductionandcomplementsinproductioncExpectedfuturepricedNumberofsupplierseTechnology5Achangeinanyoftheseinfluencesonsellingplanschangessupply-shiftsthesuppiycurve.arisesinwhichthequantitydemandedagainequalsthequantitysupplied.64A!253040Smoothes{perhourlCircularFlows68t0t214Olontity{millionsofdiscsperweek)2Anincreaseinsupplybringsafallinpriceandanincreaseinquantity.a_Whensupplyincreases,thesupplycurveshiftsrightward.bAttheoriginalprice,thereisasurplus.c,Thesurplusbringsafallinprice.dThefallinpricebringsanincreaseinthequantitydemanded.eThepricefailsuntilanewequilibriumarisesinwhichthequantitydemandedagainequalsthequantitysupplied.1Demandisthereiationshipbetweenthequantity.demandedofagoodandthepriceofthegood,allotherinfluencesonbuyingplansremainingthesame.2Otherthingsremainingthesame,thehigherthepriceofagood,thesmalleristhequaititydemanded.3Achangeinthepriceofagoodbringsamovementalongitsdemandcurveandachangeinthequantitydemanded.4OtherinfluencesonbuyingplansareaPricesofsubstitutesandComplementsbExpectedfuturepricecIncomedNumberofbuyersePreferences5Achangeinanyoftheseinfluencesonbuyingplanschangesdemand-shiftsthedemandcurve.Attheequilibriumprice,thequantitydemandedequalsthequantitys.tppiied.0MarketEquilibrium!-3.002.50200Surplusof2milliondiscsoi$2.00odiscSupplyotCDRso246Bt0t214auortly(mlionsofdscsperweek)3Adecreaseindemandbringsafallinpriceandadecreaseinthequantitysr.rpplied.4A_decreaseinsupplybringsariseinpriceandadecreaseinthequantitydemanded.5Thetablesummarisestheeffectsofchangesindemandandsupplyonpriceandquantilty.DemondforcD-Rso2468t0Ouonriry(millionsoldiscsperweek)ChangesinDemandandSupply1An