Principles Of Economics Mankiw Notes

Principles Of Economics Mankiw Notes – CHAPTER 1 Dear Teacher: Thank you for using the Premium PowerPoints on Mankiw’s Principles of Economics. This section is the “notes” section. For most films, there is text that you will only see and will not be shown during the presentation in class. In graphics and data tables or charts, a text field provides the source data (usually the URL or web address of the original data). In other images, there is a text area that provides information to help when teaching these materials, especially to new teachers and graduate assistant teachers. Notes on Chapter 1: Many teachers try to cover this chapter in one lesson (especially second week teachers). If you are teaching microeconomic principles, you may want to skip Topics 8-10, which deal with macroeconomics. © 2018 Cengage® Learning. It may not be scanned, copied, copied, or posted on a publicly accessible site, in whole or in part, except for use permitted under the license granted to any product or service or based on anything protected or endorsed by the school. site. school resource management system.

What kinds of problems does economics solve? What are the principles of human decision making? What are the principles of human action? What are the principles of economics? © 2018 Cengage® Learning. You may not scan, duplicate, copy, or post on any publicly accessible site, in whole or in part, except for the use permitted under the license receive a product or service or on a site protected or approved by the school. . school resource management system.

Principles Of Economics Mankiw Notes

Too few resources Inequality: a society’s limited resources A society with too few resources cannot provide the goods and services that everyone needs Economics Studying how to manage a society in limited resources © 2018 Cengage Learning®. You may not scan, duplicate, copy, or post on any publicly accessible site, in whole or in part, except for the use permitted under the license receive a product or service or on a site protected or approved by the school. . school resource management system.

Jc H1 And H2 Economics Study Notes

Economists study: How people decide what to buy, how much money to work, save, and spend How companies decide how much to produce, how many employees to hire cost How society decides how to allocate its resources between national defense, consumer goods, environmental protection, and other needs I want to explain a little about some of the things that have mention it here. Examples include: “How do people choose to work?” Time is a limited resource—there is never enough time to do what we want. How to decide how long it will take? It’s a trade-off: the longer we work, the more money we earn, and therefore the more things we can buy. However, the more time you work, the less time you have for leisure – spending time with friends, going for walks, watching movies, etc. But some may say the price: more the price, the better the price. work.) “How do companies choose the type of work?” Companies can hire unskilled workers or skilled workers. it depends on the price of the product they are selling.” fruit? or on an area protected or approved by the school.

Principle 1: People make subjective decisions Principle 2: The price of something is what you pay Principle 3: Reasonable people consider value Principle 4: People respond to incentives The subjective decision the heart of the economy. Individuals must decide how much to save for retirement, how much to pay for different goods and services, and how many hours a week to work. The company must decide how much to produce and what jobs to pay. Society as a whole must choose between spending money on national defense (“guns”) and spending money on goods (“oil”). © 2018 Cengage® Learning. You may not scan, duplicate, copy, or post on any publicly accessible site, in whole or in part, except for the use permitted under the license receive a product or service or on a site protected or approved by the school. . school resource management system.

To get something we love, we have to give up something else we love Partying the night before an exam Less time to study More money to buy goods Long hours of work, little time for leisure Protecting the environment Materials that can be used to make consumer goods © 2018 Cengage® Learning. You may not scan, duplicate, copy, or post on any publicly accessible site, in whole or in part, except for the use permitted under the license receive a product or service or on a site protected or approved by the school. . school resource management system.

Society turns to commerce: How it spends money to protect the island (guns) to protect its beaches It cannot spend money on goods (oil) to keep people at home The Pollution regulation: a clean and healthy environment Instead of paying to reduce costs for businesses, workers, and consumers © 2018 Cengage® Learning. You may not scan, duplicate, copy, or post on any publicly accessible site, in whole or in part, except for the use permitted under the license receive a product or service or on a site protected or approved by the school. . school resource management system.

Mankiw’s Principles Of Economics, Hobbies & Toys, Books & Magazines, Assessment Books On Carousell

Efficiency: society makes the most of its limited resources Equity: prosperity is shared among members of society. the size of the economic “circle”. You may want to highlight the last shot to make the point clear. “Distributing money from the rich to the poor.” This is accomplished through a progressive tax system, and social programs like food stamps and unemployment insurance provide security for people at the bottom of the income distribution. “But it reduces the need to work…” The price of hard work is more money. Taxes reduce this cost, thereby reducing the incentive to work harder. © 2018 Cengage® Learning. It may not be scanned, copied, copied, or posted on a publicly accessible site, in whole or in part, except for use permitted under a license granted to any product or service or on anything protected or endorsed by the school. site. school resource management system.

Decision Making: Compare the Costs and Benefits of Different Options Include Acceptance Cost Acceptance Everything has to be given up to get something © 2018 Cengage Learning®. It may not be scanned, copied, copied, or posted on a publicly accessible site, in whole or in part, except for use permitted under a license granted to any product or service or on anything protected or endorsed by the school. site. school resource management system.

Cost of participation: Going to college for a year Tuition, books, and fees PLUS an upfront fee Going to the movies The cost of a movie ticket PLUS the value of your time at the theater Here A fun lesson if you have time at school is a must: Ask your students the phrase “The best things in the world are free.” Ask them to name some of these so-called free things. Ask what “free” means in this context. The idea here is to let them know that even things that don’t have a monetary value don’t seem “free” because they have an opportunity cost. For example, when you ask them to talk about “good things” and “free things,” they respond with answers like love, living on a mountain and enjoying an awesome experience. , may see the joy of a child after receiving a new toy. In each country, there is no clear money

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