Bodie2e_Chapter05 Household Saving and Investment Decisions 英文版PPT金融学(第二版) 教学课件
哈伯德英文版微观经济学练习c05
Microeconomics - Testbank 1 (Hubbard/O'Brien)Chapter 5 Exernalities, Environmental Policy, and Public Goods1) A n externality is:A) a benefit realized by the purchaser of a good or service.B) a cost paid for by the producer of a good or service.C) a benefit or cost felt by someone who is not a producer or consumer of a good or service.D) a nything that is external or not relevant to the production of a good or service.2) I f your neighbor burns auto tires in the yard and you can smell them and cannot see sunlightbecause of the black smoke, you are experiencing:A) a positive externality.B) a negative externality.C) a private cost.D) a private benefit.3) Externalities:A) s hould be banned.B) s hould be subsidized.C) c an either be positive or negative.D) a re what the private consumer and producer in an exchange realize.4) I f you buy a sweater to keep you warm in the winter, you are experiencing a:A) p rivate benefit.B) e xternal benefit.C) s ocial cost because it cost you some money.D) l oss of consumer surplus.5) I f a negative exrternalitiy exists in reality, it will be experienced by:A) s ome people not directly involved in the production or consumption of the good orservice.B) t he producer of the good or service.C) t he consumers of the good or service.D) t he government.6) A n example of a positive externality would be:A) c leaning up the sidewalk on your block.B) g raduating from college.C) r epainting the house you live in.D) a ll of the above.7) W hich of the following is correct?A) P rivate cost equals external cost.B) P rivate benefit plus external benefit equals social benefit.C) E xternal cost minus private cost equals social cost.D) P rivate benefit equals external benefit minus social benefit.8) W hy might even well-meaning producers in a market economy pollute?A) T o avoid the external costs of productionB) B y polluting, supply is reduced and market price increases.C) P olluting producers are being irrational.D) T here is no good reason why some producers pollute.9) I f there is pollution in producing a good and service, then:A) e quilibrium price is too high and equilibrium quantity is too low.B) e quilibrium price and equilibrium quantity are too low.C) e quilibrium price and equilibrium quantity are too high.D) e quilibrium price is too low and equilibrium quantity is too high.10) B ecause producers do not bear the external cost of pollution:A) t he economically efficient level of production is achieved.B) p roduction is below the economically efficient level.C) p roduction is beyond the economically efficient level.D) t he market price is too high.Refer to Figure 5.1 for the questions below.Figure 5.111) F igure 5.1 shows:A) a positive externality.B) a negative externality.C) c ommon property.D) a public good.12) I n figure 5.1 the firm wants to produce:A) Q1.B) Q2.C) Q3.D) Q4.13) I n figure 5.1 the efficient output is:A) Q1.B) Q2.C) Q3.D) Q4.14) W hen a competitive market equilibrium is economically efficient:A) t here is a positive deadweight loss.B) p roducer and consumer surplus are exactly equal in size.C) t here are no positive and no negative external effects from consumption and production.D) A ll of these must be correct.15) W hich of the following is true when a negative external effect creates a deadweight loss?A) T he marginal benefit to consumers is equal to the marginal cost to society of the lastunits produced.B) T he marginal benefit to consumers is above the marginal cost to society of the last unitsproduced.C) T he marginal benefit to consumers is below the marginal cost to society of the last unitsproduced.D) N one of these are true.16) W hen there is a positive externality in a free market, there is:A) t oo much of the good produced and consumed.B) t oo little of the good produced and consumed.C) t he right amount of the good produced and consumed.D) a n economically efficient level of production and consumption.17) W hen there is a positive externality, then:A) t he marginal private benefit is less than the marginal social benefit at equilibrium.B) t he marginal private benefit is greater than the marginal social benefit at equilibrium.C) t he marginal private benefit is equal to the marginal social benefit at equilibrium.D) t he marginal private costs are declining.Refer to Figure 5.2 for the questions below.Figure 5.218) I f figure 5.2, the firm wants to produce:A) Q1.B) Q2.C) Q3.D) Q4.19) I f figure 5.2, the efficient output is:A) Q1.B) Q2.C) Q3.D) Q4.20) I f figure 5.2, the dead weight loss due to the externality is:A) F+JB) H+LC) T+UD) A+B+C+E+F21) T he level of pollution in reality should be:A) r educed completely to zero because by definition, it is a negative external effect.B) i gnored because it has always been present since the beginning of history.C) r educed to the point where the marginal benefit is equal to the marginal cost to society.D) l eft alone because the optimal level is controversial.22) T he best level of pollution for society is:A) z ero.B) w here total benefit from reducing the pollution is the greatest.C) w here marginal benefit from reducing the pollution is the greatest.D) w here net benefit from reducing the pollution is the greatest.23) T he Coase theorem is that:A) g overnment intervention is always needed if externalities are present.B) a ssigning property rights is the only thing the government should do in a marketeconomy.C) i f transactions costs are low, private bargaining will result in an efficient solution to theproblem of externalities.D) a free market equilibrium is always the best solution.24) I f government decides to control pollution by placing a tax on the product that is associatedwith the pollution, the size of the tax should be:A) t hat will force the market price so high that no buyer can afford the product.B) e qual to the social cost of the product.C) e qual to the private cost of the product.D) e qual to the external cost of the product.25) G overnment can increase the consumption of a good or service that has positive externalitiesby:A) s ubsidizing the production of the good or service so that the supply is increased andmarket price is reduced.B) t axing the production and consumption of the good or service.C) c onvincing everyone to consume the good.D) b y assigning property rights.26) W ho was the economist who first proposed that governments use taxes and subsidies tocorrect for externalities?A) R onald CoaseB) A. C. PigouC) A dam SmithD) n one of these27) T he imposition of a tax on the production of a polluting good or service that is equal to theexternal costs will:A) i ncrease the equilibrium market price.B) d ecrease the equilibrium quantity produced and consumed.C) d ecrease market supply of the product.D) a ll of the above.28) A good or service is considered to be excludable:A) i f you can keep other people who did not pay for the item from enjoying its benefits.B) i f you can't keep other people who did not pay for the item from enjoying its benefits.C) w hen you consume a unit of the good, there is one less for everyone else.D) w hen all people can be considered as an owner and no one is excluded from ownership.29) A good or service is considered to be nonexcludable:A) i f you can keep other people who did not pay for the item from enjoying its benefits.B) i f you can't keep other people who did not pay for the item from enjoying its benefits.C) w hen if you consume a unit, there is one less for everyone else.D) w hen all people are considered owners.30) W hen is a good or service considered to be rival in nature?A) I f you can keep other people who did not pay for the item from enjoying its benefits.B) I f you can't keep other people who did not pay for the item from enjoying its benefits.C) W hen you consume one unit there is one less for everyone else.D) A ll people are considered to be owners.31) A good that is both rival and excludable is a:A) p ublic good.B) p rivate good.C) n atural monopoly.D) c ommon resource.32) A good that is nonrivalrous and nonexcludable is a:A) p ublic good.B) p rivate good.C) n atural monopoly.D) c ommon resource.33) A good that is rival and nonexcludable is a:A) p ublic good.B) p rivate good.C) n atural monopoly.D) c ommon resource.34) A public good differs from a private good in that:A) o nly the government can produce public goods.B) i f a person does not pay for the good, they can be kept from enjoying the benefits of apublic good.C) i f you consume a unit of a public good, there is one less for everyone.D) n o one can be kept from enjoying the benefits of a public good and one person using itdoes not reduce the amount available for everyone else.35) I f someone enjoys the benefits from national defense but never pays any taxes to support it,that person is known in economics as a:A) t ax cheater.B) f ree loader.C) h omeless person.D) f ree rider.36) A n example of a good that has nonexclusive benefits would be:A) c akes for sale at a bakery.B) a light house.C) h ouses.D) t oothpicks.37) A n example of a natural monopoly type of good would be:A) c able television.B) a pples.C) a ir.D) n one of these.38) T he market demand for public goods can be determined by:A) b y adding up how much each citizen is willing to buy at every possible price.B) m ultiplying how much each citizen is willing to buy at every price.C) a dding up how much each consumer will pay for each unit of the public good.D) m ultiplying how much each consumer will pay for each unit of the public good.39) F or profit producers will produce only private goods because:A) t hey are small enough that everyone can afford them.B) t he cost of production is easily found.C) b uyers will be willing to pay for it because benefits are excludable.D) t hey are greedy.40) I n which of these situations is there no deadweight loss?A) F ree market production of a private good with a negative externalityB) F ree market consumption of a private good with a positive externalityC) F ree market production and consumption of a private good without any externalitiesD) C onsumption of a common resource without government restrictions41) O veruse of a common resource may be avoided in modern times by:A) g overnments taxing use of common resources.B) g overnments issuing tradeable permits for use of common resources.C) g overnments issuing quotas or legal limits for use of common resources.D) a ll of the above.42) I f you buy a product for your own use, it is a:A) p rivate good.B) p ublic good.C) n atural monopoly.D) c ommon resource.43) T he social cost of cutting trees for firewood in a government forest are:A) t he rising chance of flooding as more trees are cut.B) t he rising chance of flooding as more trees are cut plus the private cost of the cutting.C) o pportunity cost to the individual of cutting the wood.D) t he marginal costs of cutting the last tree.。
《金融学教学课件》bodie2e_chapter08共52页
Bond Prices Rise as the Interest Rates Fall
• Write the PV of the fixed income security as the sum terms
8.1 Using Present Value Formulas to Value Known Flows
• You have been offered the opportunity to purchase a mortgage. It was originally part of a creative financing package where the original owner financed the buyer
NI
PV
PMT FV
60 1.5% ?
-400 0
15,752.11
ight © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4
Change in Required Rate
• If your required rate of return increased to 1.6% / month
PV jn 1pm pm 2*t1 1i2.. .pm n1*t1 1in1pm n*t1 1in
ight © 2009 Pearson Education, Inc. Publishing as Prentice Hall 7
Bond Prices Rise as the Interest Rates Fall
华尔街日报有用句子整理
Demand for China's exports will stagnate.
对中国出口商品的需求将陷入停滞。
We are as much a Chinese company or an Indian company as we are a Western European company.
我们虽然是西欧企业，但同样也是中国企业和印度企业。
reduce bond holdings减持债券
debt-ridden country债务深重、债务缠身的国家
After a year and a half of positive economic growth, we areputting more distance betweenus and the depth of the financial crisis.
经过一年半的经济正增长，我们离金融危机深处越来越远。
Household savings have also beenerodedby government policies to control deposit interest rates.
After the recent 0.25-percentage point lending-ratehike, the rate paidon demand deposits did notbudge.
dismiss thearguement驳斥言论
China is seeing the highest price increase in over two years.
hoard 囤积，积蓄并储藏
A resolute drive to slow growth of the money supply will stop thehemorrhagingof household savings due to inflation.
Bodie2e_Chapter05 Household Saving and Investment
n=15, i = 3, PV=0, FV= -268,604 -> PMT=5,646
• To obtain a real $22,500 you need to save $5,646 per year
7 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
life cycle
Chapter 5 Contents
– 5.1 A Life-Cycle Model of Savings – 5.2 Taking Account of Social Security – 5.3 Deferring Taxes through Voluntary
Retirement Plans – 5.4 Should you Invest in a Professional
Degree? – 5.5 Should you Buy or Rent?
2 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Objectives
– How much to save for retirement – Whether to defer taxes or pay them now – Whether to get a professional degree – Whether to buy or rent an apartment
n = 30, i = 3, FV = 0, PMT = 3,000, CPT PV, n = 45 CPT PMT gives $23,982
• The savings are then $30,000 - $23,982 = $6,018
Bodie2eChapter05 Household Saving and Investment Decisions 英文版PPT金融学(第二版) 教学课件
fund H um anC ap C apital
300000 200000 100000 0 35 -100000 Age
12
45
55
65
75
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
The Inter-temporal Budget Constraint
– The analysis becomes progressively more complex as we make the assumptions more realistic.
• What if you don’t know your date of death., returns are risky, et cetera?
8 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Maintain the same level of consumption spending
– Assume that your level of real consumption is C
– $30,000*0.75 = $22,500/year – using your calculator compute the present value of the retirement funds as an regular annuity
n=15, i = 3, FV=0, PMT=-22,500 -> PV=268,604
Chapter 5: Household Saving and Investment Decisions
金融学第二版课后答案英文版中国人民大学Bodie2-IM-Ch01
金融学第二版课后答案英文版中国人民大学Bodie2_IM_Ch01CHAPTER 1 – Financial EconomicsEnd-of-Chapter ProblemsDefining Finance1. What are your main goals in life? How does finance play a part in achieving those goals? What are the major tradeoffs you face?SAMPLE ANSWER:Finish schoolGet good paying job which I likeGet married and have childrenOwn my own homeProvide for familyPay for children’s educationRetireHow Finance Plays a Role:SAMPLE ANSWER:Finance helps me pay for undergraduate and graduate education and helps me decide whether spending the money on graduate education will be a good investment decision or not.Higher education should enhance my earning power and ability to obtain a job I like.Once I am married and have children I will have additional financial responsibilities (dependents) and I will have to learn how to allocate resources among individuals in the household and learn how to set aside enough money to pay for emergencies, education, vacations etc. Finance also helps me understand how to manage risks such as for disability, life and health.Finance helps me determine whether the home I want to buyis a good value or not. The study of finance also helps me determine the cheapest source of financing for the purchase of that home.Finance helps me determine how much money I will have to save in order to pay for my children’s education as well as my own retirement.Major Tradeoffs:SAMPLE ANSWERSpend money now by going to college (and possibly graduate school) but presumably make more money once I graduate due to my higher education.Consume now and have less money saved for future expenditures such as for a house and/or car or save more money now but consume less than some of my friendsFinancial Decisions of Households2. What is your net worth? What have you included among your assets and your liabilities? Would you list the value of your potential lifetime earning power as an asset or liability? How does it compare in value to other assets you have listed?SAMPLE ANSWER:$ ____________ (very possibly negative at this point)Assets:Checking account balanceSavings account balanceFurniture/Jewelry (watch)Car (possibly)Liabilities:Student loansCredit card balanceIf renting, remainder of rental agreement (unless sublettingis a possibility)Car payments (possibly)Students typically don’t think about the high value of their potential lifetime earning power when calculating their net worth but for young people it is often their most valuable asset.3. How are the financial decisions faced by a single person living alone different from those faced by the head of a household with responsibility for several children of school age? Are the tradeoffs they have to make different, or will they evaluate the tradeoffs differently?A single person needs only to support himself and therefore can make every financial decision on his own. If he does not want health insurance (and is willing to bear the financial risks associated with that decision) then no one will be affected by that decision other than that single person. In addition, this person needs to make no decisions about allocating income among dependents. A single person is very mobile and can choose to live almost anywhere. The tradeoffs this individual makes generally concern issues of consuming (or spending) today versus saving for consumption tomorrow. Since this person is supporting only himself, the need to save now is less important than for the head of household discussed next.T he head of household with several children must share resources (income) among dependents. This individual must be prepared to deal with risk management issues such as how to be prepared for potential financial emergencies (such as a serious health problem experienced by a member of the family or home owners insurance in case of a fire or other mishap). Because there are more people in this household than with a single person, there are greater risks that someone will get sick or injured. Andbecause there are dependents, the wage earner(s) should think carefully about life and disability insurance. In addition, the family is not as mobile as the single individual. Because of the school age children, the family might want to live near “good schools” thinking that a stronger education will eventually help those children’s future well being and financial situation. Thus, the tradeoffs for the head of household are more complex: more money is needed to consume today (he or she needs to support more dependents), but a lot more money is also needed to save for future expenses such as education and housing and more money is needed for risk management such as life and disability insurance.4. Family A and family B both consist of a father, mother and two children of school age. In family A both spouses have jobs outside the home and earn a combined income of $100,000 per year. In family B, only one spouse works outside the home and earns $100,000 per year. How do the financial circumstances and decisions faced by the two families differ?With two wage earners, there is less risk of a total loss of family income due to unemployment or disability than there is in a single wage earning household. The single wage earning family will probably want more disability and life insurance than the two wage earning family. On the flip side, however, the two wage earning family may need to spend extra money on child care expenses if they need to pay someone to watch the children after school.5. Suppose we define financial independence as the ability to engage in the four basic household financial decisions without resort to the use of relative’s resources when making financing decisions. At what age should children be expected to becomefinancially independent?Students will have differing responses to this question depending upon their specific experiences and opinions. Most will probably say independence should come after finishing their education, and they have a significant flow of income.6. You are thinking of buying a car. Analyze the decision by addressing the following issues:a.Are there are other ways to satisfy your transportation requirements besides buying a car? Make a list ofall the alternatives and write down the pros and cons.Transportation Mode Pros ConsWalking ?Takes you directly where you wantto goNo out of pocket costsConvenient ?Takes a long time ?Destination may be too far Bicycle ?Takes you directly to where youwant to goNo out of pocket marginal costsConvenient ?Requires physical strength and endurance ?Destination may be too farBus ?InexpensiveReaches more distant destinations ?May not take you directly where you want to go ?Inconvenient schedules to go ?Many stops, not efficientSubway ?InexpensiveFast ?May not take you directly where you want to goLocal destinations only on limited networkTrain ?Reaches distant destinations ?Moderately expensiveMay not take you directly whereyou want to goAirplane ?Reaches distant destinationsFast ?Most expensiveWill not take you directly where you want to gob. What are the different ways you can finance the purchase of a car?F inance through a bank loan or lease, finance through a car dealer with a loan or a lease or finance the car out of your own savings.c. Obtain information from at least three different providers of automobile financing on the terms they offer.d. What criteria should you use in making your decision?Your decision will be to select the financing alternative that has the lowest cost to you.When analyzing the information, you should consider the following:Do you have the cash saved to make an outright purchase? What interest rate would you be giving up to make that purchase? Do you pay a different price for the car if you pay cash rather than finance?For differing loan plans, what is the down payment today? What are the monthly payments? For how long? What is the relevant interest rate you will be paying? Does the whole loan get paid through monthly payments or is there a balloon payment at the end? Are taxes and/or insurance payments included in the monthly payments? ?For differing lease plans, what is the down payment today? What are the monthly payments? For how long? Do you own the car at the end of the lease? If not, what does it cost to buy the car? Do you have to buy the car at the end of the lease or is it an option? Is there a charge if you decide not to buy the car? What relevant interest rate will you be paying? Are taxesand/or insurance payments included in the monthly payments? Are there mileage restrictions?7. Match each of the following examples with one of the four categories of basic types of household financial decisions.At the Safeway paying with your debit card rather than taking the time to write a checkDeciding to take the proceeds from your winning lottery ticket and use it to pay for an extended vacation on the Italian RivieraFollowing Hillary’s advice and selling your Microsoft shares to invest in pork belly futuresHelping your 15-year old son learn to drive by letting putting him behind the wheel on the back road into townTaking up the offer from the pool supply company to pay off your new hot tub with a 15-month loan with zero payments for the first three monthsThe first is the most difficult since in practice it is simply a cash transaction involving no financing. As such the purchase is a consumption decision only and the payment choice is not a financing decision. The second is also a consumption/saving decision. The third is an exchange of one financial asset for another and therefore an investment decision. The fourth is a risk-management decision since you have subjected yourself to increased risk that is not covered by insurance. The final example is a financing decision involving a loan to finance a purchase.Forms of Business Organization8. You are thinking of starting your own business, but have no money.a.Think of a business that you could start without having to borrow any money.A ny business that involves a student’s own personal service would be cheap to start up. For instance he or she could start a business running errands for others, walking their dogs, shopping etc. Along those same lines they could start some kind of consulting business. Both of these businesses could be run out of their dorm room or their own home and could be started with very little capital. If they wanted to hire additional workers, they would have to be paid on a commission basis to limit upfront expenses.b. Now think of a business that you would want to start if you could borrow any amount of money at the going market interest rate.Certainly there are many interesting businesses that could be started if one could finance 100% of the business with borrowed capital and no equity. Since you will be able to borrow 100% of the financing, you will be willing to take a lot greater risk than if you were investing your own money.c. What are the risks you would face in this business?[Answer is, of course, dependent on answer to question “b.”]d. Where can you get financing for your new business?Depending upon the size of the financing needed, students should be looking for both debt and equity financing. The sources of this financing ranges from individuals and credit cards (for very small sums) to banks, venture capitalists, public debt and equity markets, insurance companies and pension funds9. Choose an organization that is not a firm, such as a club or church group and list the most important financial decisions it has to make. What are the key tradeoffs the organization faces? What role do preferences play in choosing among alternatives?Interview the financial manager of the organization and check to see if he or she agrees with you.SAMPLE ANSWER:Local Church group. Most important financial decisions:Whether or not to repair damage done to church and grounds during last big hurricane (specifically repairing the leaking roof)What project to put off in order to pay for repair damageHow to pay for renovations to downstairs Sunday school roomsHow to increase member attendance and contributionsHow to organize and solicit volunteers for the annual Church Sale (largest fund raiser of the year)Key Tradeoffs and Preferences:C hurch group funds are severely limited, so the organization needs to prioritize expenses based upon cost and need. Not all projects that are needed will be undertaken due to the expense involved. An equally large amount of timewill be spent trying to raise financing since funds inflow is variable. Since not all projects can be financed, preferences of different important individuals (such as the pastor) take on great significance in the decision-making process.Market Discipline: Takeovers10. Challenge Question: While there are clear advantages to the separation of management from ownership of business enterprises, there is also a fundamental disadvantage in that it may be costly to align the goals of management with those of the owners. Suggest at least two methods, other than the takeover market, by which the conflict can be reduced, albeit at some cost.One way is to provide incentives for the managers so that they increase their pay when owners interests are improved. An example would be compensating managers with stock options, the value of which increase with the market value of shareholder’s int erests. A second method is to more closely monitor the behavior of the managers. Outside management consultants and auditors serve this role in part particularly to the extent that they report their findings to representatives from ownership groups. Both of these solutions assume the management cannot effectively deceive markets or consultant/auditors through misleading information or actions to inflate the market value of the ownership shares or there performance records.11. Challenge Question:Consider a poorly run local coffee shop with its prime location featuring a steady stream of potential clients passing by on their way to and from campus. How does the longtime disgruntled, sloppy and inefficient owner-manager of Cup-a-Joe survive and avoid disciplining from the takeover market? This is not a question about a misalignment of the goals of the owner(s) and manager(s) of a firm since we have explicitly said the firm is owner-managed. If in fact the coffee shop is mismanaged the potential exists for an outsider to purchase a controlling interest in the operation and put more efficient management into place if the purchase price does not exceed the value of profits to be generated by the efficiently managed firm. If the present owner chooses not to sell he must value the firm for more than the value of the profits generated by an efficiently managed firm. Therefore his position in the firm must generate for him non-pecuniary benefits, or benefits unrelated to the firm’s profitability and he is therefore not avalue maximizer. Perhaps he enjoys making fun of his clients or takes pride in his eclectic tastes in interior decorating. In any case the takeover market does discipline him in the sense that he will be forced to pay for his non-pecuniary benefits in the sense that he trades off profits.The same could be said of an owner-manager who lacks the required specialized skills to properly run the firm but never the less continues to operate the company inefficiently because he ‘likes’ the work!The Role of the Finance Specialist in a Corporation12. Which of the following tasks undertaken within a corporate office are likely to fall under the supervision of the treasurer? The controller?Arranging to extend a line of credit from a bankArranging with an investment bank for a foreign exchange transactionProducing a detailed analysis of the cost structure of the company’s alternative product linesTaking cash payments for company sales and purchasing U.S. Treasury BillsFiling quarterly statements with the Securities and Exchange CommissionThe first two and the fourth items are responsibilities of the treasurer while the third and fifth items fall under the workload of the controller’s office.Objectivesy Define finance.y Explain why finance is worth studying.y Introduce two of the main players in the world of finance—households and firms—and the kinds of financial decisions theymake. The other main players, financial intermediaries and government, are introduced in chapter 2.Contents1.1Defining Finance1.2Why Study Finance?1.3Financial Decisions of Households1.4Financial Decisions of Firms1.5Forms of Business Organization1.6Separation of Ownership and Management1.7The Goal of Management1.8Market Discipline: Takeovers1.9The Role of the Finance Specialist in a CorporationSummaryFinance is the study of how to allocate scarce resources over time. The two features that distinguish finance are that the costs and benefits of financial decisions are spread out over time and are usually not known with certainty in advance by either the decision maker or anybody else.A basic tenet of finance is that the ultimate function of the system is to satisfy people’s consumption preferences. Economic organizations such as firms and governments exist in order to facilitate the achievement of that ultimate function. Many financial decisions can be made strictly on the basis of improving the trade-offs available to people without knowledge of their consumption preferences.There are at least five good reasons to study finance:y To manage your personal resources.y To deal with the world of business.y To pursue interesting and rewarding career opportunities.y To make informed public choices as a citizen.y To expand your mind.The players in finance theory are households, business firms, financial intermediaries, and governments. Households occupy a special place in the theory because the ultimate function of the system is to satisfy the preferences of people, and the theory treats those preferences as given. Finance theory explains household behavior as an attempt to satisfy those preferences. The behavior of firms is viewed from the perspective of how it affects the welfare of households.Households face four basic types of financial decisions:y Saving decisions: How much of their current income should they save for the future?y Investment decisions: How should they invest the money they have saved?y Financing decisions: When and how should they use other people’s money to sa tisfy their wants and needs?y Risk-management decisions: How and on what terms should they seek to reduce the economic uncertainties they face or to take calculated risks?There are three main areas of financial decision making in a business: capital budgeting, capital structure, and working capital management.There are five reasons for separating the management from the ownership of a business enterprise: y Professional managers may be found who have a superior ability to run the business.y To achieve the efficient scale of a business the resources of many households may have to be pooled.y In an uncertain economic environment, owners will want to diversify their risks across many firms. Such efficient diversification is difficult to achieve without separation ofownership and management.y To achieve savings in the costs of gathering information.y The “learning curve” or “going concern” effect: When the owner is also the manager, the new owner has to learn the business from the former owner in order to manage it efficiently. If the owner is not the manager, then when the business is sold, the manager continues in place and works for the new owner.The corporate form is especially well suited to the separation of ownership and management of firms because it allows relatively frequent changes in owners by share transfer without affecting the operations of the firm.The primary goal of corporate management is to maximize shareholder wealth. It leads managers to make the same investment decisions that each of the individual owners would have made had they made the decisions themselves.A competitive stock market imposes a strong discipline on managers to take actions to maximize the market value of the firm’s shares.。
Bodie2eChapter05 Household Saving and Investment Decisions 英文版PPT金融学(第二版) 教学课件
i = real interest rate R = number of years to retirement T = number of years of remaining life W0 = initial wealth
5 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Target replacement rate of pre-retirement income
• First compute the retirement income. Many experts recommend a rate of 75% of the pre-retirement income.
lab_inc consump
50
55
60
65
70
75
80
Age
11
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Human Capital and Wealth
700000 600000 500000 400000 fund HumanCap Capital
Chapter 5: Household Saving and Investment Decisions
Objective
Financial decisions in an uncertain world; Human capital, permanent income decisions over 1 life cycle Publishing as Prentice Hall
曼昆经济学原理英文版文案加习题答案章
✍ the factors that determine a country’s productivity.✍ how a country’s policies influence its productivity growth. CONTEXT AND PURPOSE:Chapter 12 is the first chapter in a four-chapter sequence on the production of output in the long run. Chapter 12 addresses the determinants of the level and growth rate of output. We find that capital and labor are among the primary determinants of output. In Chapter 13, we address how saving andinvestment in capital goods affect the production of output, and in Chapter 14, we learn about some of the tools people and firms use when choosing capital projects in which to invest. In Chapter 15, we address the market for labor.The purpose of Chapter 12 is to examine the long-run determinants of both the level and the growth rate of real GDP per person. Along the way, we will discover the factors that determine the productivity of workers and address what governments might do to improve the productivity of their citizens. KEY POINTS:?Economic prosperity, as measured by GDP per person, varies substantially around the world. The average income in the world’s richest countries is more than ten times that in the world’s poorest countries. Because growth rates of real GDP also vary substantially, the relative positions of countries can change dramatically over time. ?The standard of living in an economy depends on the economy’s ability to produce goods and services. Productivity, in turn, depends on the amounts of physical capital, human capital, natural resources, and technological knowledge available to workers. ?Government policies can try to influence the economy’s growth rate in many ways: by encouraging saving and investment, encouraging investment from abroad, fostering education, promoting good health, maintaining property rights and political stability, allowing free trade, and promoting the research and development of new technologies. ?The accumulation of capital is subject to diminishing returns: The more capital an economy has, the less additional output the economy gets from an extra unit of capital. As a result, while higher saving leads to higher growth for a period of time, growth eventually slows down as capital, productivity, and income rise. Also because of diminishing returns, the return to capital is especially high in poor countries. Other things equal, these countries can grow faster because of the catch-up effect. ?Population growth has a variety of effects on economic growth. On the one hand, more rapid population growth may lower productivity by stretching the supply of natural resources and by reducing the amount of capital available for each worker. On the other hand, a larger population may enhance the rate of technological progress because there are more scientists and engineers. CHAPTER OUTLINE: I. Economic Growth around the World 2. Growth rates are also reported in the table. Japan has had the largest growth rate over time,2.65% per year (on average).Use Table 1 to make the point that a one-percentage point change in a country’s growth rate can make a significant difference over several generations. The powerfuleffects of compounding should be used to underscore the process of economicgrowth.3. Because of different growth rates, the ranking of countries by income per person changesover time.a. In the late 19th century, the United Kingdom was the richest country in the world.b. Today, income per person is lower in the United Kingdom than in the United States (aformer colony of the United Kingdom).B. FYI: Are You Richer Than the Richest American1. According to the magazine American Heritage, the richest American of all time is John B.Rockefeller, whose wealth today would be the equivalent of approximately $200 billion.2. Yet, because Rockefeller lived from 1839 to 1937, he did not get the chance to enjoy manyof the conveniences we take for granted today such as television, air conditioning, andmodern medicine.3. Thus, because of technological advances, the average American today may enjoy a “richer”life than the richest American who lived a century ago.C. FYI: A Picture Is Worth a Thousand Statistics1. This box presents three photos showing a typical family in three countries – the UnitedKingdom, Mexico, and Mali. Each family was photographed outside their home, together withall of their material possessions.2. These photos demonstrate the vast difference in the standards of living in these countries. II. Productivity: Its Role and DeterminantsA. Why Productivity Is So Important1. Example: Robinson Crusoea. Because he is stranded alone, he must catch his own fish, grow his own vegetables, andmake his own clothes.b. His standard of living depends on his ability to produce goods and services.2. Definition of productivity: the quantity of goods and services produced from eachunit of labor input.3. Review of Principle #8: A Country’s Standard of Living Depends on Its Ability to ProduceGoods and Services.B. How Productivity Is Determined1. Physical Capital per Workera. Definition of physical capital: the stock of equipment and structures used toproduce goods and services.b. Example: Crusoe will catch more fish if he has more fishing poles.2. Human Capital per Workera. Definition of human capital: the knowledge and skills that workers acquirethrough education, training, and experience.b. Example: Crusoe will catch more fish if he has been trained in the best fishing techniquesor as he gains experience fishing.3. Natural Resources per Workera. Definition of natural resources: the inputs into production that are provided bynature, such as land, rivers, and mineral deposits.b. Example: Crusoe will have better luck catching fish if there is a plentiful supply aroundhis island.4. Technological Knowledgea. Definition of technological knowledge: society’s understanding of the best waysto produce goods and services.b. Example: Crusoe will catch more fish if he has invented a better fishing lure.C. FYI: The Production Function1. A production function describes the relationship between the quantity of inputs used inproduction and the quantity of output from production.2. The production function generally is written like this:where Y = output, L = quantity of labor, K = quantity of physical capital, H = quantity of human capital, N = quantity of natural resources, A reflects the available productiontechnology, and F () is a function that shows how inputs are combined to produce output. 3. Many production functions have a property called constant returns to scale.a. This property implies that as all inputs are doubled, output will exactly double.b. This implies that the following must be true: where x = 2 if inputs are doubled.c. This also means that if we want to examine output per worker we could set x = 1/L and we would get the following:This shows that output per worker depends on the amount of physical capital per worker (K /L ), the amount of human capital per worker (H /L ), and the amount of naturalresources per worker (N /L ).4. Case Study: Are Natural Resources a Limit to Growth a. This section points out that as the population has grown over time, we have discoveredways to lower our use of natural resources. Thus, most economists are not worried about shortages of natural resources.1. Because capital is a produced factor of production, a society can change the amount ofcapital that it has. 2. However, there is an opportunity cost of doing so; if resources are used to produce capital goods, fewer goods and services are produced for current consumption.B. Diminishing Returns and the Catch-Up Effect 1. Definition of diminishing returns: the property whereby the benefit from an extraunit of an input declines as the quantity of the input increases .b. This can be seen in Figure 1, which shows how the amount of capital per workerdetermines the amount of output per worker, holding constant all other determinants of output.c. Thus, if workers already have a large amount of capital to work with, giving them an additional unit of capital will not increase their productivity by much.d. In the long run, a higher saving rate leads to a higher level of productivity and income,but not to higher growth rates in these variables. 2. An important implication of diminishing returns is the catch-up effect.a. Definition of catch-up effect: the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich .b. When workers have very little capital to begin with, an additional unit of capital will increase their productivity by a great deal.C. Investment from Abroad1. Saving by domestic residents is not the only way for a country to invest in new capital.2. Investment in the country by foreigners can also occur.a. Foreign direct investment occurs when a capital investment is owned and operated by a foreign entity.b. Foreign portfolio investment occurs when a capital investment is financed with foreignmoney but operated by domestic residents.3. Some of the benefits of foreign investment flow back to foreign owners. But the economy stillexperiences an increase in the capital stock, which leads to higher productivity and higherwages.4. The World Bank is an organization that tries to encourage the flow of investment to poorcountries.a. The World Bank obtains funds from developed countries such as the United States andmakes loans to less-developed countries so that they can invest in roads, sewer systems,schools, and other types of capital.b. The World Bank also offers these countries advice on how best to use these funds.D. Education1. Investment in human capital also has an opportunity cost.a. When students are in class, they cannot be producing goods and services forconsumption.b. In less-developed countries, this opportunity cost is considered to be high; as a result,children often drop out of school at a young age.2. Because there are positive externalities in education, the effect of lower education on theeconomic growth rate of a country can be large.3. Many poor countries also face a “brain drain”—the best educated often leave to go to othercountries where they can enjoy a higher standard of living.E. Health and Nutrition1. Human capital can also be used to describe another type of investment in people:expenditures that lead to a healthier population.2. Other things being equal, healthier workers are more productive.3. Making the right investments in the health of the population is one way for a nation toincrease productivity.F. Property Rights and Political Stability1. Protection of property rights and promotion of political stability are two other important waysthat policymakers can improve economic growth.2. There is little incentive to produce products if there is no guarantee that they cannot betaken. Contracts must also be enforced.3. Countries with questionable enforcement of property rights or an unstable political climatewill also have difficulty in attracting foreign (or even domestic) investment.4. In the News: Does Food Aid Help or Hurta. Economic policies designed to improve productivity sometimes have adverse unintendedeffects.b. This article from The Wall Street Journal, Real Time Economics blog discusses economicresearch on the effects of food aid to poor countries on armed conflict in a recipientcountry.G. Free Trade1. Some countries have tried to achieve faster economic growth by avoiding transacting withthe rest of the world.2. However, trade allows a country to specialize in what it does best and thus consume beyondits production possibilities.3. When a country trades wheat for steel, it is as well off as it would be if it had developed anew technology for turning wheat into steel.4. The amount a nation trades is determined not only by government policy but also bygeography.a. Countries with good, natural seaports find trade easier than countries without thisresource.b. Countries with more than 80 percent of their population living within 100 kilometers of acoast have an average GDP per person that is four times as large as countries with lessthan 20 percent of their population living near a coast.H. Research and Development1. The primary reason why living standards have improved over time has been due to largeincreases in technological knowledge.2. Knowledge can be considered a public good.3. The U.S. government promotes the creation of new technological information by providingresearch grants and providing tax incentives for firms engaged in research.4. The patent system also encourages research by granting an inventor the exclusive right toproduce the product for a specified number of years.I. Population Growth1. Stretching Natural Resourcesa. Thomas Malthus (an English minister and early economic thinker) argued that an ever-increasing population meant that the world was doomed to live in poverty forever.b. However, he failed to understand that new ideas would be developed to increase theproduction of food and other goods, including pesticides, fertilizers, mechanizedequipment, and new crop varieties.2. Diluting the Capital Stocka. High population growth reduces GDP per worker because rapid growth in the number ofworkers forces the capital stock to be spread more thinly.b. Countries with a high population growth have large numbers of school-age children,placing a burden on the education system.3. Some countries have already instituted measures to reduce population growth rates.4. Policies that foster equal treatment for women should raise economic opportunities forwomen leading to lower rates of population.5. Promoting Technological Progressa. Some economists have suggested that population growth has driven technologicalprogress and economic prosperity.b. In a 1993 journal article, economist Michael Kremer provided evidence that increases inSOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. The approximate growth rate of real GDP per person in the United States is 1.77 percent(based on Table 1) from 1870 to 2010. Countries that have had faster growth include Japan,Brazil, Mexico, China, Germany, and Canada; countries that have had slower growth includeArgentina, India, United Kingdom, Indonesia, Pakistan, and Bangladesh.2. The four determinants of a country’s productivity are: (1) physical capital, which is the stockof equipment and structures that are used to produce goods and services; (2) human capital,which is the knowledge and skills that workers acquire through education, training, andexperience; (3) natural resources, which are inputs into production that are provided bynature, such as land, rivers, and mineral deposits; and (4) technological knowledge, which issociety’s understanding of the best ways to produce goods and services.3. Ways in which a government policymaker can try to raise the growth in living standards in asociety include: (1) investing more current resources in the production of capital, which hasthe drawback of reducing the resources used for producing current consumption; (2)encouraging investment from abroad, which has the drawback that some of the benefits ofinvestment flow to foreigners; (3) increasing education, which has an opportunity cost in thatstudents are not engaged in current production; (4) protecting property rights and promotingpolitical stability, which has the drawback of enforcement costs; (5) pursuing outward-oriented policies to encourage free trade, which may have the drawback of making a countrymore dependent on its trading partners; (6) reducing the rate of population growth, whichmay have the drawbacks of reducing individual freedom and lowering the rate oftechnological progress; and (7) encouraging research and development, which (likeinvestment) may have the drawback of reducing current consumption.Questions for Review1. The level of a nation’s GDP measures both the total income earned in the economy and thetotal expenditure on the economy’s output of goods and services. The level of real GDP is agood gauge of economic prosperity, and the growth rate of real GDP is a good gauge ofeconomic progress. You would rather live in a nation with a high level of GDP, even though ithad a low growth rate, than in a nation with a low level of GDP and a high growth rate,because the level of GDP is a measure of prosperity.2. The four determinants of productivity are: (1) physical capital, which is the stock ofequipment and structures that are used to produce goods and services; (2) human capital,which consists of the knowledge and skills that workers acquire through education, training,and experience; (3) natural resources, which are inputs into production that are provided bynature; and (4) technological knowledge, which is society’s understanding of the best waysto produce goods and services.3. A college degree is a form of human capital. The skills learned in earning a college degreeincrease a worker's productivity.4. Higher saving means fewer resources are devoted to consumption and more to producingcapital goods. The rise in the capital stock leads to rising productivity and more rapid growthin GDP for a while. In the long run, the higher saving rate leads to a higher standard of living.A policymaker might be deterred from trying to raise the rate of saving because doing sorequires that people reduce their consumption today and it can take a long time to get to ahigher standard of living.5. A higher rate of saving leads to a higher growth rate temporarily, not permanently. In theshort run, increased saving leads to a larger capital stock and faster growth. But as growthcontinues, diminishing returns to capital mean growth slows down and eventually settlesdown to its initial rate, though this may take several decades.6. Removing a trade restriction, such as a tariff, would lead to more rapid economic growthbecause the removal of the trade restriction acts like an improvement in technology. Freetrade allows all countries to consume more goods and services.7. The higher the rate of population growth, the lower is the level of GDP per person becausethere's less capital per person, hence lower productivity.8. The U.S. government tries to encourage advances in technological knowledge by providingresearch grants through the National Science Foundation and the National Institute of Health,with tax breaks for firms engaging in research and development, and through the patentsystem.Quick Check Multiple Choice1. b2. c3. d4. c5. c6. aProblems and Applications1. The facts that countries import many goods and services yet must produce a large quantityof goods and services themselves to enjoy a high standard of living are reconciled by notingthat there are substantial gains from trade. To be able to afford to purchase goods fromother countries, an economy must generate income. By producing many goods and services,then trading them for goods and services produced in other countries, a nation maximizes itsstandard of living.2. a. More investment would lead to faster economic growth in the short run.b. The change would benefit many people in society who would have higher incomes as theresult of faster economic growth. However, there might be a transition period in whichworkers and owners in consumption-good industries would get lower incomes, andworkers and owners in investment-good industries would get higher incomes. In addition, some group would have to reduce their spending for some time so that investment could rise.3. a. Private consumption spending includes buying food and buying clothes; privateinvestment spending includes people buying houses and firms buying computers. Manyother examples are possible. Education can be considered as both consumption andinvestment.b. Government consumption spending includes paying workers to administer governmentprograms; government investment spending includes buying military equipment andbuilding roads. Many other examples are possible.4. The opportunity cost of investing in capital is the loss of consumption that results fromredirecting resources toward investment. Over-investment in capital is possible because of diminishing marginal returns. A country can "over-invest" in capital if people would prefer to have higher consumption spending and less future growth. The opportunity cost of investing in human capital is also the loss of consumption that is needed to provide the resources for investment. A country could "over-invest" in human capital if people were too highlyeducated for the jobs they could get for example, if the best job a Ph.D. in philosophy could find is managing a restaurant.5. a. The United States benefited from the Chinese and Japanese investment because it madeour capital stock larger, increasing our economic growth.b. It would have been better for Americans to make the investments because then theywould have received all of the returns on the investments, instead of the returns going to China and Japan.6. Greater educational opportunities for women could lead to faster economic growth in thesedeveloping countries because increased human capital would increase productivity and there would be external effects from greater knowledge in the country. Second, increasededucational opportunities for young women may lower the population growth rate because such opportunities raise the opportunity cost of having a child.7. a. Individuals with higher incomes have better access to clean water, medical care, andgood nutrition.b. Healthier individuals are likely to be more productive.c. Understanding the direction of causation will help policymakers place proper emphasis onthe programs that will achieve both greater health and higher incomes.8. Peace would promote economic growth because it is an indication that property rights will berespected in the future. Armed conflict and the threat of a revolutionary government reduce domestic residents' incentive to save, invest, and start new businesses. Moreover, foreigners have less incentive to invest in the country.Easy taxes would promote economic growth because they result in citizens and businesses retaining a greater share of the income they earn and, thus, being able to save and invest a greater portion of that income.A tolerable administration of justice would promote economic growth because it wouldensure the maintenance of property rights, which encourages domestic saving andinvestment from abroad.。
《金融学教学课件》bodie2e_chapter03
2xx0
2xx1
Change
100.0 120.0
20.0
50.0
60.0
10.0
150.0 180.0
30.0
300.0 360.0
60.0
Pp&e Acc depreciation *Net pp&e
400.0 (100.0) 300.0
490.0 (130.0) 360.0
90.0 (30.0) 60.0
– Balance Sheets – Income Statements – Cash-Flow Statements
4 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
The Balance Sheet
• Summarizes a firms assets, liabilities, and
(10.0) 13.4
10
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
The Cash-Flow Statement
• Show the cash that flowed into and from a
firm during a time period
GPC Balance Sheet on December 31
7 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Important Reminders
• Retained earnings are not added to the cash balance in the balance sheet, but are added to shareholder’s equity
家庭节约资源 英语作文范文
Family Resource Conservation: A Blueprintfor a Sustainable FutureIn the era of rapid industrialization and consumerism, the need for resource conservation has become paramount. As a fundamental unit of society, the family plays a crucial role in this endeavor. Family resource conservation not only benefits the household financially but also contributes to the larger global effort of sustainable development.One of the most effective ways to conserve resources at home is through energy-efficient practices. Simple habits like turning off lights and fans when not in use, using energy-saving appliances, and investing in solar panels or LED lighting can significantly reduce electricity consumption. Additionally, conserving water by fixing leaky faucets, taking shorter showers, and using water-saving appliances can help families reduce their water bills while also conserving this precious resource.Moreover, reducing, reusing, and recycling are the three Rs of waste management that every family should embrace. By composting organic waste, families can turn itinto compost for their gardens, reducing the need for chemical fertilizers. Reusing items like bags, containers, and paper products can significantly reduce waste generation. Additionally, recycling paper, plastic, glass, and metals can conserve raw materials and reduce the energy required to produce new products.Adopting a plant-based diet can also contribute to resource conservation. The meat industry is a major consumer of water, land, and other resources. By incorporating more plant-based meals into their diets, families can reduce their environmental footprint while also improving their health.Education and awareness are crucial in promoting resource conservation within families. Regular discussions and workshops on sustainable living practices can help family members understand the importance of conservation and adopt these practices as part of their daily lives.In conclusion, family resource conservation is not only about saving money but also about contributing to a sustainable future for ourselves and our planet. By adopting energy-efficient practices, conserving water,practicing waste reduction, reuse, and recycling, and adopting a plant-based diet, families can make asignificant impact on resource conservation. Education and awareness are key in this endeavor, and it is only through collective effort that we can achieve a sustainable future. **家庭资源节约：可持续未来的蓝图**在工业化和消费主义迅速发展的时代，资源节约的需求变得至关重要。
家庭节约资源 英语作文范文
家庭节约资源英语作文范文Families play a crucial role in promoting resource conservation and sustainability. As the fundamental unit of society, households have a significant impact on the environment and can contribute greatly to the efficient use of resources. By adopting sustainable practices within the home, families can not only reduce their carbon footprint but also instill valuable environmental awareness in the next generation.One of the most effective ways for families to conserve resources is by focusing on energy efficiency. Encouraging the use of energy-efficient appliances, LED light bulbs, and proper insulation can significantly reduce household energy consumption. Additionally, educating family members on the importance of turning off lights and electronics when not in use can lead to substantial energy savings. Investing in renewable energy sources, such as solar panels, can further decrease reliance on non-renewable fossil fuels and contribute to a more sustainable energy future.Water conservation is another essential aspect of resourcepreservation that families can address. Implementing water-saving strategies, such as installing low-flow showerheads and faucets, repairing leaks promptly, and encouraging mindful water usage, can dramatically reduce household water consumption. Families can also explore greywater systems, which recycle used water from sinks, showers, and washing machines for irrigation purposes, effectively reducing the demand for fresh water.Waste management is another crucial area where families can make a significant impact. By promoting recycling and composting within the household, families can divert a substantial amount of waste from landfills and incinerators. Encouraging the separation of recyclable materials, such as paper, plastic, glass, and metal, and providing easy-to-access recycling bins can make the process more convenient for all family members. Furthermore, composting food scraps and yard waste can reduce the amount of organic matter sent to landfills, where it can release methane, a potent greenhouse gas.Sustainable consumption habits are another crucial aspect of resource conservation that families can cultivate. Encouraging the purchase of durable, high-quality products that have a longer lifespan can reduce waste and the need for frequent replacements. Families can also explore secondhand or thrift stores, which offer opportunities to acquire goods without contributing to the demand for new resources. Additionally, promoting the reuse andrepurposing of items within the household can further reduce the environmental impact of consumption.Transportation is another area where families can make a significant contribution to resource conservation. Encouraging the use of public transportation, carpooling, or cycling can reduce the family's carbon footprint and lower the demand for fossil fuels. Families can also consider investing in fuel-efficient or electric vehicles, which can significantly reduce greenhouse gas emissions and fossil fuel consumption.Beyond individual household practices, families can also play a crucial role in advocating for resource conservation and sustainability at the community level. By engaging with local government, participating in environmental initiatives, and supporting policies that promote sustainable practices, families can contribute to the broader societal efforts to address resource scarcity and environmental challenges.Moreover, families can instill a sense of environmental stewardship in their children, laying the foundation for a more sustainable future. By teaching children the importance of resource conservation, modeling sustainable behaviors, and involving them in eco-friendly activities, families can empower the next generation to become responsible and environmentally conscious citizens.In conclusion, families have a vital role to play in the conservation of resources and the promotion of sustainability. By adopting energy-efficient practices, implementing water-saving strategies, managing waste effectively, cultivating sustainable consumption habits, and advocating for environmental policies, families can significantly reduce their environmental impact and contribute to a more sustainable future. The collective efforts of families across the globe can create a ripple effect, inspiring communities and paving the way for a more resource-efficient and environmentally conscious world.。
家庭生活节约能源的英语作文
家庭生活节约能源的英语作文Saving Energy in Family Life.Energy conservation is a crucial aspect of sustainable living, and it begins with each individual household. Asthe saying goes, "Every drop counts," and it couldn't be more apt when it comes to energy usage. By adopting simple yet effective measures, families can significantly reduce their carbon footprint and contribute to the global effort against climate change.The first step towards energy conservation is awareness. Understanding the value of energy and its impact on the environment is crucial. Education and information are keyin this regard. Families can research and discuss the importance of energy conservation, watch documentaries, or read articles that highlight the need for sustainable practices. This awareness will motivate them to makesmarter choices in their daily lives.One of the most straightforward ways to save energy at home is through efficient lighting. Replacing incandescent bulbs with compact fluorescent lamps (CFLs) or LED bulbs can reduce energy consumption by up to 80%. These bulbslast longer, emit less heat, and provide better lighting quality. Additionally, using natural light during the day by opening curtains and blinds can further reduce the need for artificial lighting.Appliances account for a significant portion of household energy consumption. Therefore, it's essential to choose energy-efficient models when purchasing new appliances. Look for the Energy Star label, which certifies that a product meets strict energy efficiency standards. Additionally, regular maintenance of appliances, such as cleaning air filters and checking for leaks, can ensure their optimal performance and延长使用寿命。
如何节约家庭能源的英语作文
如何节约家庭能源的英语作文Title: How to Save Energy at HomeIn today's world, where energy consumption has a direct impact on our environment and household expenses, it is essential to adopt strategies for saving energy at home. By making simple changes in our daily routines and being mindful of our energy use, we can contribute to a greener planet and reduce our utility bills. In this essay, I will discuss several practical ways to save energy that can be easily implemented in any household.Firstly, one of the most effective methods to save energy is by using energy-efficient appliances. When purchasing new appliances, such as refrigerators, washing machines, or air conditioners, it is crucial to look for the Energy Star label, which indicates that the appliance meets energy efficiency guidelines set by the government. Moreover, unplugging appliances when they are not in use, turning off the lights in unoccupied rooms, and using power strips to prevent standby power loss are small yet significant steps towards reducing energy consumption.Secondly, conserving water is another important aspect of saving energy at home. Simple actions like fixing leaky faucets promptly, installing low-flow showerheads and toilets, and using a dishwasher or washing machine only with full loads can significantly decrease water usage. Additionally, collecting rainwater to water plants or using a broom instead of a hose to clean driveways and sidewalks are eco-friendly practices that can help conserve water.Thirdly, managing heating and cooling systems wisely can lead to substantial energy savings. During winter months, setting the thermostat a few degrees lower when no one is home, sealing air leaks around doors and windows, and using heavy curtains or blinds to keep the warmth inside can greatly reduce the need for heating. In summer, using ceiling fans or portable fans instead of air conditioning, closing curtains during the hottest part of the day, and ensuring that air conditioning units are serviced regularly to maintain their efficiency are effective ways to keep cool without excessive energy use.Fourthly, utilizing natural light is a cost-free way to illuminate homes and reduce reliance on artificial lighting. Opening curtains and blinds during the day to let in sunlightand positioning furniture to take advantage of natural light can significantly cut down on the need for lamps and overhead lights.Lastly, educating family members about the importance of energy conservation and encouraging them to participate in energy-saving practices is vital. Whether it is reminding children to turn off lights when leaving a room or scheduling regular maintenance checks on home systems, collective efforts can make a significant difference in reducing energy consumption.In conclusion, saving energy at home is a multifaceted approach that involves being conscious of our everyday habits and making informed choices about our appliances and systems. By implementing the above strategies, we can not only reduce our carbon footprint but also enjoy the benefits of lower utility costs. It is through these collective small actions that we can contribute to a more sustainable future for our planet.。
英语作文家庭节约资源
英语作文家庭节约资源In today's world, the importance of conserving resources has become more crucial than ever. As the population continues to grow and the demand for resources increases, it is essential for every family to play their part in conserving resources for the betterment of our planet. In this article, we will discuss the various ways in which families can contribute to resource conservation in their daily lives.One of the simplest yet most effective ways for families to conserve resources is by reducing water consumption. This can be achieved by fixing leaking taps, using water-saving appliances, and being mindful of water usage while performing daily tasks such as washing dishes or taking showers. Additionally, collecting rainwater for household use and maintaining a water-efficient garden can further contribute to water conservation efforts.Another important aspect of resource conservation in the household is energy efficiency. Families can reduce their energy consumption by using energy-saving light bulbs, unplugging electronic devices when not in use, and investing in energy-efficient appliances. Furthermore, utilizing natural light and ventilation whenever possible can also help in reducing the reliance on artificial lighting and air conditioning.In terms of waste management, families can make a significant impact by practicing the 3Rs – reduce, reuse, and recycle. This involves minimizing the amount of waste produced, finding ways to reuse items, and segregating recyclable materials. Composting organic waste and avoiding single-use plastics are also effective strategies for reducing the amount of waste that ends up in landfills.When it comes to food consumption, families can contribute to resource conservation by being mindful of their food choices. This includes reducing food waste by planning meals, storing food properly, and composting food scraps. Additionally, supporting local and sustainable food producers can help in reducing the environmental impact of food production and transportation.Furthermore, families can also contribute to resource conservation by making conscious choices in their purchasing habits. This involves opting for products with minimal packaging, buying in bulk to reduce packaging waste, and choosing products made from sustainable materials. Additionally, repairing and maintaining items instead of constantly replacing them can also help in reducing resource consumption.In conclusion, every family has the potential to make a significant impact on resource conservation through their daily choices and actions. By implementing simple yet effective strategies such as reducing water and energy consumption, practicing waste management, making mindful food choices, and being conscious consumers, families can contribute to the collective effort of conserving resources for a sustainable future. It is essential for every family to recognize the importance of resource conservation and take proactive steps towards creating a more sustainable and environmentally friendly lifestyle. By working together, families can make a positive difference in the conservation of resources for the benefit of current and future generations.。
家庭节约资源英语作文
家庭节约资源英语作文Here is an essay on the topic of "Family Conserving Resources" with a word count over 1,000:Families play a crucial role in conserving resources and promoting sustainable practices. As the fundamental unit of society, families have the power to make a significant impact on resource utilization and environmental preservation. By instilling responsible habits and implementing eco-friendly strategies within the household, families can contribute to a more sustainable future.One of the primary ways families can conserve resources is through energy efficiency. Encouraging the use of energy-efficient appliances, LED light bulbs, and proper insulation can drastically reduce a household's energy consumption. Additionally, educating family members on the importance of turning off lights and electronic devices when not in use can lead to substantial energy savings. Embracing renewable energy sources, such as solar panels or wind turbines, can further minimize a family's carbon footprint and reliance on non-renewable energy.Water conservation is another crucial aspect of resource preservationthat families can address. Implementing water-saving fixtures, such as low-flow showerheads and faucet aerators, can significantly reduce water usage within the household. Encouraging family members to take shorter showers, turn off the tap while brushing their teeth, and only run full loads of laundry or dishes can help conserve precious water resources. Families can also explore the use of greywater systems, which recycle used water from sinks, showers, and washing machines for non-potable purposes, such as irrigation or toilet flushing.Waste management is another area where families can make a substantial impact. Promoting a culture of recycling within the household, providing accessible recycling bins, and educating family members on the importance of separating waste can lead to a significant reduction in the amount of waste sent to landfills. Families can also explore composting food scraps and yard waste, which can then be used as nutrient-rich soil for gardening or landscaping. Additionally, encouraging the use of reusable items, such as water bottles, grocery bags, and food storage containers, can help minimize single-use plastic waste.Sustainable food consumption is another crucial aspect of resource conservation that families can address. Encouraging the consumption of locally produced, seasonal, and organic foods can reduce the carbon footprint associated with long-distancetransportation and intensive agricultural practices. Families can also explore the benefits of growing their own fruits and vegetables, either in a backyard garden or through community gardening initiatives. This not only reduces the reliance on commercially-produced foods but also provides a source of fresh, nutrient-rich produce for the household.Furthermore, families can contribute to resource conservation by promoting sustainable transportation choices. Encouraging the use of public transportation, carpooling, or active modes of transportation, such as walking or cycling, can significantly reduce the household's carbon emissions and fuel consumption. Families can also explore the option of purchasing fuel-efficient or electric vehicles, which can further minimize their environmental impact.In addition to the practical aspects of resource conservation, families can also play a crucial role in instilling environmental values and responsible habits in their children. By setting a positive example and involving children in eco-friendly activities, families can foster a sense of environmental stewardship and inspire the next generation to be mindful of resource usage and environmental preservation.In conclusion, families have a unique opportunity to make a tangible difference in resource conservation and environmental sustainability. By implementing energy-efficient practices, water-saving strategies,waste reduction initiatives, sustainable food consumption, and sustainable transportation choices, families can contribute to a more sustainable future. Moreover, by instilling environmental values and responsible habits in their children, families can ensure that the commitment to resource conservation is passed down to future generations, creating a lasting impact on our planet.。
家庭节约能源英语作文高二
Saving Energy at HomeIn today's fast-paced world, energy conservation has become a crucial issue for every household. As a high school student, I believe that every individual, regardless of age or background, can contribute to this global effort. Here are a few practical tips on how we can save energy at home.Firstly, we should turn off lights and electronics when not in use. This simple habit can significantly reduce the amount of electricity we consume. For instance, leaving a room without turning off the lights or keeping the television on standby mode are common practices that waste energy. By making a conscious effort to switch off lights and electronics, we can make a substantial difference.Secondly, we should use energy-efficient appliances. These appliances are designed to consume less energy while performing the same tasks. For example, replacing an old refrigerator with a newer, energy-efficient model can lead to significant savings in electricity bills. Similarly, energy-saving light bulbs, such as LED bulbs, are a great alternative to traditional incandescent bulbs.Thirdly, we should conserve water. Water heating accounts for a significant portion of household energy consumption. By taking shorter showers, fixing leaky faucets, and using water-efficient appliances like dishwashers and washing machines, we can significantly reduce our water and energy usage.Moreover, we can explore renewable energy sources for our homes. While solar panels or wind turbines may not be feasible for every household, there are smaller-scale options such as solar water heaters or solar-powered chargers that can help us reduce our reliance on traditional energy sources.Lastly, we should raise awareness about energy conservation within our families and communities. By sharing our knowledge and experiences, we can inspire others to adopt energy-saving practices. After all, every little effort makes a big difference when it comes to conserving energy.In conclusion, saving energy at home is not only beneficial for our environment but also for our finances. By adopting simple habits and using energy-efficient appliances, we can make a significant contribution to this global effort. Let us all take action today and make a difference for a brighter tomorrow.。
Household Debt
Individual engages with debt for many different reasons. Some use credit card because we think in this modern world credit card is a must since we don't have enough income to support all of our daily consumption regardless it is necessary or not thus individual may possess more than one credit card. Loans are also important to support many things in our life such as medical cost, education and buying car and house so this situation made us seems cannot escape our self from debt. A credit card is actually seen as a status symbol, where the more credit you have the higher your position on the socioeconomic ladder. Most people pay off the entire balance each month and do not pay any interest on their purchases. It is common to pay for pretty much everything including groceries with a credit card in order to maximize the rewards, and then pay off the full balance. These raise questions on what are determinants of household indebtedness from the micro perspectives in Malaysia and what kind of policy recommendation that is needed to help curb this problem.
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Omar’s Life-Cycle Savings Plan
14 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
5.2 Taking Account of Social Security
• In many countries the government obliges citizens to participate in a mandatory retirement income system called social security
– $30,000*0.75 = $22,500/year – using your calculator compute the present
value of the retirement funds as an regular annuity
n=15, i = 3, FV=0, PMT=-22,500 -> PV=268,604
– Assume that your level of real consumption is C
– The present value of consumption over the next 45 years must equal the present value of earnings over the next 30 years
5000
0
35
40
45
50
55
60
65
70
75
80
-5000
Ag e 11
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Human Capital and Wealth
700000
600000 500000 400000
• Your real labor income is $30,000/year
until age 65
• Interest rates exceed inflation by 3%/ year
4 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
tT 11C tit 1 B iTW 0tR 11 Ytit
i = real interest rate R = number of years to retirement T = number of years of remaining life W0 = initial wealth B = bequest
– It is usual for marginal tax rates to be lower after retirement, but this is not the key benefit
17 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
• That the investment will return 10%/year
• That you plan to remain retired for 20-years, and will require income that is indexed to inflation
• The tax rate on all taxable income streams is 30%, both now and after retirement
Chapter 5: Household Saving and Investment Decisions
Objective
Financial decisions in an
uncertain world; Human
capital, permanent income
1
decisions over
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
– In the US employees are permitted to set up Individual Retirement Accounts (IRA) that defer payment of taxes until retirement
– The rules are a little complex, but an IRA may be used by an investor to save money for retirement. Payments into the plan are tax-deductible, but the flows from the plan after retirement are taxed
Target replacement rate Conclusion
• You will have noticed that your preretirement consumption is $30,000 $5,646 = 24,354; but the real retirement income is only $22,500
6 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Target replacement rate of pre-retirement income (Cont.)
• Next compute the retirement income • Next compute how much you need to
– The analysis becomes progressively more complex as we make the assumptions more realistic.
• What if you don’t know your date of death., returns are risky, et cetera?
How Much Should I Save and Consume?
• Consider two approaches:
– Target replacement rate of pre-retirement income
– Maintain the same level of consumption spending
10 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Labor Income and Consumption
35000
30000
25000
Real $
20000 15000 10000
lab_inc consump
fund HumanCap Capital
Real $
300000
200000
100000
0
35
45
55
65
75
-100000
Age 12
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
The Inter-temporal Budget Constraint
16 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
5.3 Deferring Taxes Through Voluntary Retirement Plans
– Many countries encourage voluntary savings for retirement through provisions of the tax code.
Human Capital and Permanent Income
• Human capital
– The present value of one’s future labor income
• Permanent income
– The constant level of (real) consumption spending that has a present value equal to one’s human capital
• The next method equates consumption
8 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Maintain the same level of consumption spending
n = 30, i = 3, FV = 0, PMT = 3,000, CPT PV, n = 45 CPT PMT gives $23,982
• The savings are then $30,000 - $23,982 = $6,018
9 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Social Security as Investment Substitute
– If social security pays a return equal to 3% in the last example, then just reduce the savings by the social security tax