管理经济学第一章课件

1-12
Managerial Economics
Micro and Macro “economics”
• Microeconomics
- how individuals make economic choices - how markets coordinate the choices of various decision-makers - studies the individual pieces Байду номын сангаасf the economic puzzle
• Firms
- supply goods and services;
- demand resources
A integrated and close economy
• Governments • The rest of the world
1-10
Managerial Economics
markets
• Accounting profit does not subtract implicit costs from total revenue • Firm owners must cover costs of all resources used by the firm
• Macroeconomics
- studies the performance of the economy as a whole - focuses on the big picture
1-13
Managerial Economics
Managerial Economics & Theory
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Implicit Costs
of Owner-Supplied Resources The returns forgone by not taking the owners?resources to market
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1-17
Total Economic Cost
The total opportunity costs of both kinds of resources
1-7
Managerial Economics
Entrepreneurial ability
• Special kind of human skill • Talent required to dream up a new product or find a better way to produce an existing one • With entrepreneurial ability absence, other resources could not be organized efficiently to produce goods and services • “exploitation”
1-9
Managerial Economics
Economic decision makers
• Households
- as consumers, demand the goods and services produced; - as resource owner, supply inputs
Managerial Economics
Types of Implicit Costs
• Opportunity cost of cash provided by owners
• Equity capital
• Opportunity cost of using land or capital owned by the firm • Opportunity cost of owner’s time spent managing or working for the firm
1-8
Managerial Economics
Payments for scarce resources
• RETURNS or PAYMENTS → INPUTS
• • • • Wage → labor interest → capital rent → land Accounting profit → entrepreneurial ability
• Owned & used by the firm
1-15
Managerial Economics
Total Economic Cost
• Total Economic Cost
• Sum of opportunity costs of both market-supplied resources & ownersupplied resources
1-4
Managerial Economics
labor
• Human effort, both physical and mental • From a more fundamental resources – time • Labor is scarce because the time that can be allocated to various tasks is limited
1-3
Managerial Economics
Scarce resources
• inputs, or factors of production, used to produce the goods and services. • Four general categories • - labor • - capital • - land • - entrepreneurial ability
1-11
Managerial Economics
Rational self interest
• Basic assumption of Economics • Individuals try to maximize the expected benefit achieved with a given cost or minimize the expected cost of achieving a given benefit • Consumers: maximize utility • Firms: maximize profit
• Explicit Costs
• Monetary payments to owners of market-supplied resources
• Implicit Costs
• Nonmonetary opportunity costs of using owner-supplied resources
• Microeconomics
• Study of behavior of individual economic agents
1-14
Managerial Economics
Economic Cost of Resources
• Opportunity cost of using any resource
• A set of arrangement that bring buyers and sellers together to carry out exchanges • Goods & services markets • Resource markets
Question: Why people exchange?
1-16
Managerial Economics
Economic Cost of Using Resources (Figure 1.1)
Explicit Costs
of Market-Supplied Resources The monetary payments to resource owners
1-5
Managerial Economics
capital
• Human creations used to produce goods and services
• physical capital: factories, machines, tools, buildings, airports, highways and other manufactured items employed to produce goods and services • Human capital: consists of the knowledge and skill people acquire to enhance their labor productivity
1-2
Managerial Economics
Goods and services
• Resources can be combined in a variety of ways to produce goods and services • Goods: tangible items; require scarce resources; satisfy human wants • Services: intangible items; require scarce resources; satisfy human wants
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Managerial Economics
The basic economic problem
• People’s wants are virtually infinite, while the resources available are scarce • Economics is a sociology which examines the issue of how people use their scarce resources in an attempt to satisfy their infinite wants