英文2-机会成本及贸易(学生)
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2016/3/2
Example
Mr. Wang is the manager in a
company. He has a storefront which
is suitable to establish a small shop
so he decided to operate the
b/3/2
15
3. The Cost of Something Is What You Give Up to Get It.
LA Laker basketball star Kobe Bryant chose to skip college and go straight from high school to the pros where he has earned millions of dollars.
2016/3/2
3.
The cost of something is what you give up to get it
The opportunity cost of an item is what you give up to obtain that item.
Premises： Multiple options Scarcity
2016/3/2
Opportunity Cost, an example:
At 8 a.m., you could sleep a bit more, have a longer breakfast, take more time to walk to school, watch the early morning news, etc. Since you made a choice to come to your 8 a.m. economics class, then the best alternative that you DID NOT choose is your opportunity cost. If you value sleep the most, then sleeping is your opportunity cost.
2016/3/2
2. People face tradeoffs. Efficiency v. Equity
Efficiency means society gets the most that it can from its scarce resources. Equity means the benefits of those resources are distributed fairly among the members of society.
– Rent
The rent of his storefront: 60,000 per year
2016/3/2
Profit calculation
Sales revenue - Stock cost = Gross profit
360,000
- 200,000
=
160,000
60,000 10,000 10,000
2016/3/2
Interdependence and the Gains from Trade
2016/3/2
23
Interdependence and Trade
Consider typical day for an American You wake up to an alarm clock made in Korea. You pour yourself some orange juice made from oranges grown in Florida. You put on some clothes made of cotton grown in Georgia and sewn in factories in Thailand. You watch the morning news broadcast from New York on your TV made in Japan. You drive to work in a car made of parts manufactured in a half-dozen different countries. …and you haven’t been up for more than two hours yet!
批注本地保存成功开通会员云端永久保存去开通
Opportunity cost and trade
2016/3/2
1
1.Which one do you choose?
1
2
3
2016/3/2
Which opportunity would you choose？
2016/3/2
Opportunity cost
Other costs
Wages to employees taxes Water and Electricity
Capital interest Time and ability Rent
10,000 80,000 60,000
Net profit:
2016/3/2
-70,000
According to this result，should he
2016/3/2
24
Interdependence and the Gains from Trade
Remember, economics is the study of how societies produce and distribute goods in an attempt to satisfy the wants and needs of its members.
2016/3/2
3、
What is your opportunity cost of a 4-year degree at SICHUAN University?
2016/3/2
19
the cost of something is not just the cash payment, but all of the value given up in the process of acquiring the thing. For example, the cost of a university education involves tuition, and text book purchases,and also the wages that would have been earned during the time at university, but were not.
2016/3/2
Opportunity Cost, an example:
What is the opportunity cost of attending an 8 a.m. economics class? To answer this question, think of all the other activities you could do at this exact time, and rank these choices (from most preferred to least preferred).
2016/3/2
3. The cost of something is what you give up to get it.
Decisions require comparing costs and benefits of alternatives. Whether to go to college or to work? Whether to study or go out on a date? Whether to go to class or sleep in?
2016/3/2
Conclusions
Opportunity cost is an important economic concept. Opportunity cost is closely related to other important economical concepts, e.g. comparative advantage.
2016/3/2 20
For an economist,
Opportunity Costs: Community College and the Economic Downturn In 2008-2009 when the economy was experiencing a recession (subprime crisis), many community colleges reported increased enrollments at approximately 10 percent over the previous year. Can you use the concept of opportunity costs to explain why this might be so?
2016/3/2
25
How do we satisfy our wants and needs in a global economy?
resign to establish and manage the
shop? No!
2016/3/2
14
Scarcity and Choice for Individuals
Opportunity Cost (of a choice): the value of the best alternative that was not chosen because something else was chosen. Premises： Multiple options
estimated the sales in one year as follows: Sales revenue - Stock cost = Gross profit 480,000 - 320,000 = 160,000 60,000 10,000 10,000
Other costs Wages to employees taxes Water and Electricity Net profit:
To get one thing, we usually have to give up another thing. Guns v. butter Food v. clothing Leisure time v. work Efficiency v. equity
Making decisions requires trading off one goal against another.
2016/3/2
80,000
11
Have all costs been fully taken into account?
– Capital interest
Interest rate 5%:10,000 per year
– Time and ability
Salary for manager: 80,000 per year
– Expected investment: 200,000 yuan
2016/3/2
– Hire 2 Employees
10
According to the analysis of the situation like
the location and the resident population, he
Opportunity cost is whatever must be given up to obtain some item.
2016/3/2
2.People face tradeoffs.
“There is no such thing as a free lunch!”
2016/3/2
2. People face tradeoffs.
Example
Mr. Wang is the manager in a
company. He has a storefront which
is suitable to establish a small shop
so he decided to operate the
b/3/2
15
3. The Cost of Something Is What You Give Up to Get It.
LA Laker basketball star Kobe Bryant chose to skip college and go straight from high school to the pros where he has earned millions of dollars.
2016/3/2
3.
The cost of something is what you give up to get it
The opportunity cost of an item is what you give up to obtain that item.
Premises： Multiple options Scarcity
2016/3/2
Opportunity Cost, an example:
At 8 a.m., you could sleep a bit more, have a longer breakfast, take more time to walk to school, watch the early morning news, etc. Since you made a choice to come to your 8 a.m. economics class, then the best alternative that you DID NOT choose is your opportunity cost. If you value sleep the most, then sleeping is your opportunity cost.
2016/3/2
2. People face tradeoffs. Efficiency v. Equity
Efficiency means society gets the most that it can from its scarce resources. Equity means the benefits of those resources are distributed fairly among the members of society.
– Rent
The rent of his storefront: 60,000 per year
2016/3/2
Profit calculation
Sales revenue - Stock cost = Gross profit
360,000
- 200,000
=
160,000
60,000 10,000 10,000
2016/3/2
Interdependence and the Gains from Trade
2016/3/2
23
Interdependence and Trade
Consider typical day for an American You wake up to an alarm clock made in Korea. You pour yourself some orange juice made from oranges grown in Florida. You put on some clothes made of cotton grown in Georgia and sewn in factories in Thailand. You watch the morning news broadcast from New York on your TV made in Japan. You drive to work in a car made of parts manufactured in a half-dozen different countries. …and you haven’t been up for more than two hours yet!
批注本地保存成功开通会员云端永久保存去开通
Opportunity cost and trade
2016/3/2
1
1.Which one do you choose?
1
2
3
2016/3/2
Which opportunity would you choose？
2016/3/2
Opportunity cost
Other costs
Wages to employees taxes Water and Electricity
Capital interest Time and ability Rent
10,000 80,000 60,000
Net profit:
2016/3/2
-70,000
According to this result，should he
2016/3/2
24
Interdependence and the Gains from Trade
Remember, economics is the study of how societies produce and distribute goods in an attempt to satisfy the wants and needs of its members.
2016/3/2
3、
What is your opportunity cost of a 4-year degree at SICHUAN University?
2016/3/2
19
the cost of something is not just the cash payment, but all of the value given up in the process of acquiring the thing. For example, the cost of a university education involves tuition, and text book purchases,and also the wages that would have been earned during the time at university, but were not.
2016/3/2
Opportunity Cost, an example:
What is the opportunity cost of attending an 8 a.m. economics class? To answer this question, think of all the other activities you could do at this exact time, and rank these choices (from most preferred to least preferred).
2016/3/2
3. The cost of something is what you give up to get it.
Decisions require comparing costs and benefits of alternatives. Whether to go to college or to work? Whether to study or go out on a date? Whether to go to class or sleep in?
2016/3/2
Conclusions
Opportunity cost is an important economic concept. Opportunity cost is closely related to other important economical concepts, e.g. comparative advantage.
2016/3/2 20
For an economist,
Opportunity Costs: Community College and the Economic Downturn In 2008-2009 when the economy was experiencing a recession (subprime crisis), many community colleges reported increased enrollments at approximately 10 percent over the previous year. Can you use the concept of opportunity costs to explain why this might be so?
2016/3/2
25
How do we satisfy our wants and needs in a global economy?
resign to establish and manage the
shop? No!
2016/3/2
14
Scarcity and Choice for Individuals
Opportunity Cost (of a choice): the value of the best alternative that was not chosen because something else was chosen. Premises： Multiple options
estimated the sales in one year as follows: Sales revenue - Stock cost = Gross profit 480,000 - 320,000 = 160,000 60,000 10,000 10,000
Other costs Wages to employees taxes Water and Electricity Net profit:
To get one thing, we usually have to give up another thing. Guns v. butter Food v. clothing Leisure time v. work Efficiency v. equity
Making decisions requires trading off one goal against another.
2016/3/2
80,000
11
Have all costs been fully taken into account?
– Capital interest
Interest rate 5%:10,000 per year
– Time and ability
Salary for manager: 80,000 per year
– Expected investment: 200,000 yuan
2016/3/2
– Hire 2 Employees
10
According to the analysis of the situation like
the location and the resident population, he
Opportunity cost is whatever must be given up to obtain some item.
2016/3/2
2.People face tradeoffs.
“There is no such thing as a free lunch!”
2016/3/2
2. People face tradeoffs.