Principles Of Economics Lecture Notes Ppt

Principles Of Economics Lecture Notes Ppt – Economy – “oikonomos” (Greek) “the man who runs the family” Family – multiple outcomes Inadequate allocation of resources Ability, effort and desire Society – multiple outcomes Allocation of resources Allocation of output Inadequate resources

Scarcity – the finite nature of society’s resources Economics is the study of how society manages its scarce resources Economists: how people make decisions, how people interact with each other

Principles Of Economics Lecture Notes Ppt

Principle 1: Humans face conflict.

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Principle 1: People face trade-offs – an efficient society – maximizes its scarce resources Size of the economic pie Equity – benefits are shared equally among members of society How the pie is divided into individual pieces

Principle 2: Cost is what you give up to get something. People make trade-offs, making decisions by weighing the costs against the benefits of alternatives.Opportunity cost is what would be given to get something

Principle 3: Rational people think laterally Rational people do everything they can systematically and purposefully to achieve their goals Limited changes Small incremental adjustments in action plans Rational decision maker – Take action only when there are marginal benefits > marginal costs.

Principle 4: People Respond to Incentives Incentives motivate buyers to act – use less sellers – create more public policy change costs or benefits change people’s behavior

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Principle 4: People respond to incentives Gasoline taxes Car size and fuel efficiency; motor vehicle; Unintended Consequences of Public Transportation Policy makers do not think about how their policies affect incentives

Specialization allows each person/country to specialize in the activities they do best.

12 Human Interaction Principle 6: Markets are generally an effective way to organize economic activity Communist countries – central planning Government officials (central planners) allocate the economy’s scarce resources Determine what goods and services are produced. Who produced and consumed these products? Services theory: Government alone can organize economic activities to improve the economic well-being of the country as a whole

13 Human Interaction Principle 6: Markets are generally an efficient way to organize economic activity Market economy – allocates resources Decentralized decisions through multiple firms and households Interact in markets for goods and services Prices and self-interest Adam Smith’s “invisible hand”

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14 Human Relations Principle 7: Governments can sometimes improve market outcomes We need government Enforcing rules Supporting institutions Protecting property rights Key to a market economy The ability of individuals to own and control scarce resources

15 Human Relations Principle 7: Governments can sometimes improve market outcomes Government intervention can improve resource allocation efficiency Avoid market failures Promote equity Avoid inequalities in economic well-being

A situation in which a market fails to allocate its own resources efficiently Causes of market failure Externality The effect of one’s actions on the welfare of the audience Market power The ability of one person (or a small group) to unduly affect the market price.

Rewards people – the ability to produce what others are willing to pay for government intervention The process of public policy reducing inequality is not perfect

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Principle 8: A country’s standard of living depends on its ability to produce goods and services. Large differences in living standards across countries over time Explanation: Differences in productivity

Productivity Number of goods and services produced per unit of labor High productivity High standard of living The growth rate of a country’s productivity determines the growth rate of its average income.

Principle 9: Prices go up when the government prints more money Inflation An increase in the overall price level in the economy Causes of high/persistent inflation Money increases The value of money decreases

Principle 10: Society faces a short-run trade-off between inflation and unemployment. Short-term effects of cash injection: Stimulus – general level of spending increases demand for goods and services Firms – raise prices; hiring more workers; Producing more goods and services Low unemployment Short-run trade-off between inflation and unemployment

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Principle 10: Society faces a short-run trade-off between inflation and unemployment.

1 10 Principles of Economics How People Make Decisions Can Make Everything Better 6: Markets are generally a good way to organize economic activity When the government prints more money prices rise

We collect and share users’ data with processors to operate this website. To use this website you must agree to our Privacy Policy, including our Cookie Policy. Dear Colleague, Thank you for using Premium PowerPoints for Mankiw’s Principles of Economics. I update these once a year to update data, fix errors, and incorporate great suggestions from users like you. If you have any suggestions, corrections, or comments, please visit the textbook website and make sure you are always using the latest version. In this section (the “Notes” section) I occasionally include notes that only you know and will not appear in your class presentation. On slides containing data tables or charts, the Notes section provides source information (usually the URL or web address for the original data). Other slides, in the notes section, contain information that may be useful in teaching this course, especially for new instructors and graduate teaching assistants. Notes on Chapter 1: Most instructors try to cover this chapter in one class session (especially those teaching the second course of a two-semester sequence). If you are teaching microeconomic principles, you can skip macroeconomic principles 8-10. At the end of the chapter, there are four slides titled “Reference: How to Read Your Textbook.” In the Notes section of these slides, I describe a classroom activity that teaches students useful study skills. The 6th edition of the textbook provides a new example of the stimulus effect of gasoline price changes. Encourage your students to look it up.

What questions does economics answer? What are the principles of human decision making? What are the principles of human communication? What are the general principles of economics?

Aggregate Demand And Aggregate Supply Macroeconomics Lecture Notes

Scarcity: the limited nature of society’s resources (how we manage these scarce resources) Economics: the study of how society manages its scarce resources, e.g. How do people decide what to buy, how much to work, save and spend, and how does society decide how much to produce and how many workers to hire? Could you elaborate on some of the points mentioned here? Some examples: “How do people decide how much work to do?” Time is a scarce resource – there is never enough time to do all the things we want to do. How do you decide how much time to spend on work? There is one thing: the more hours we work, the more income we have, which means more things we can buy. However, as we spend more time at work, we have less time for leisure activities – hanging out with friends, hiking, watching movies, etc. Arguably, it depends on how many classes they take or the hours of available jobs. Companies can hire unskilled or skilled workers. Skilled workers are more productive but more expensive than unskilled workers. “How do firms decide how much to produce?” Ask your students, “It depends on the price of what they sell.” (Some might say “It depends on how much demand there is for the product.” To this you might answer “And if there is a high demand for the product, what does that mean for the price companies will buy the product?”) 2

Decision making is at the heart of economics. Individuals must decide how much to save for retirement, how much to spend on various goods and services, and how many hours a week to work. The firm must decide how much to produce and what type of workers to hire. Society

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