宏观经济学02ppt英文
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宏观经济学英文课件 (2)
Capital Input
• The Demand for Capital Services
– Firms maximize real profit
• π/P= A·F[(κK)d, Ld)] −(w/P) · Ld− (R/P)·(κK)d
Capital Input
Capital Input
– Net real income from supplying capital services = K·[(R/P)·κ − δ(κ)]
Capital Input
• The Supply of Capital Services
– Rate of return from owning capital = ( R/P)·κ − δ(κ)
Capital Input
• Market Clearing and Capital Utilization
– i = (R/ P) · κ − δ(κ) – Rate of return on bonds
= rate of return on ownership of capital
– Increase in the technology level, A, raises the rate of return from owning capital, the interest rate, i, increases. The interest rate is still procyclical in the model.
Capital Utilization and Unemployment
Capital Input
• Capital utilization rate
– The fraction of the capital stock used in production. – κ (the Greek letter kappa) represent the utilization rate for the capital stock, K. – Y= A· F(κ K, L)
宏观经济学英文PPT课件
Macro Economics
Gross Domestic Product
In this chapter, look for the answers to these questions:
What is Gross Domestic Product (GDP)?
How is GDP related to a nation’s total income and spending?
Gross Domestic Product (GDP) measures total income of everyone in the economy. GDP also measures total expenditure on the economy’s output of g&s.
For the economy as a whole, income equals expenditure, because
Macroeconomics: The study of the economy as a whole.
We begin our study of macroeconomics with the country’s total income and expenditure.
Income and Expenditure
Intermediate goods: used as components or ingredients in the production of other goods
GDP only includes final goods – they already embody the value of the intermediate goods used in their production.
Gross Domestic Product
In this chapter, look for the answers to these questions:
What is Gross Domestic Product (GDP)?
How is GDP related to a nation’s total income and spending?
Gross Domestic Product (GDP) measures total income of everyone in the economy. GDP also measures total expenditure on the economy’s output of g&s.
For the economy as a whole, income equals expenditure, because
Macroeconomics: The study of the economy as a whole.
We begin our study of macroeconomics with the country’s total income and expenditure.
Income and Expenditure
Intermediate goods: used as components or ingredients in the production of other goods
GDP only includes final goods – they already embody the value of the intermediate goods used in their production.
宏观经济学ppt(完整版)第2章
货币政策的目标、工具及实施效果
01
货币政策的目标
02
稳定物价
促进经济增长
03
货币政策的目标、工具及实施效果
实现充分就业
1
保持国际收支平衡
2
货币政策的工具
3
货币政策的目标、工具及实施效果
01
法定存款准备金率
02
再贴现率
03
公开市场操作
货币政策的目标、工具及实施效果
01
02
03
04
货币政策的实施效果
研究对象
主要包括国民收入、就业、通货膨 胀、经济增长、国际收支等宏观经 济现象和问题。
宏观经济学与微观经济学的关系
联系
两者都是经济学的重要分支，共同构成了经济学的完整体系。 微观经济学是宏观经济学的基础，宏观经济学是微观经济学的 延伸和拓展。
区别
微观经济学研究个体经济单位（如家庭、企业）的经济行为， 而宏观经济学研究整个经济体系的运行和总体经济问题。微观 经济学关注个体决策和市场机制，宏观经济学关注总体经济指 标和政策效应。
中央银行过度发行货币， 导致货币贬值和物价上涨。
失业与通货膨胀的关系及治理政策
关系
长期中，失业率和通货膨胀率之间不存在稳定的负相关关 系。
菲利普斯曲线表明，在短期内失业率和通货膨胀率之间 存在负相关关系，即通货膨胀率上升时失业率下降，反 之亦然。
治理政策
针对失业的政策措施：促进经济增长以增加就业岗位；加 强职业培训和再教育以提高劳动者技能；完善劳动力市场 以减少信息不对称和就业歧视。
政策实践
政府可以采取多种政策措施来促进经济增长，如加大投资力度、优化产业结构、推 动技术创新、改善制度环境等。同时，也需要注意防范潜在风险和挑战，确保经济 增长的可持续性。
宏观经济学ppt课件完整版
一、国内生产总值的定义
•
定义：在某一既定时期一国之内生
产的所有最终产品和劳务市场价值总
和。
•
上述定义包括以下几方面规定：
•
第一，“一国之内…”。GDP按国
土原则计算
•
GDP以领土为统计范围，强调无
论劳动力和其它生产要素是属于本
国、还是外国，只要是在本国领土
生产的产品和劳务的价值都计入本
国的GDP。，
企业家愿意提供的产品越多。
•
—— 供给定理
34
（2）经济理论的图形表达
P
S
O
Q
35
（3）经济理论的数学表达
•
•
•
•
用函数的形式表达供给定理，该理
论可以表示为：
Q
= f（P）
供给量
价格
函数
上式表示供给量是价格的函数。
36
（4）著名的经济学模型 ：供求模型
•
例如，猪肉的需求函数：
•
Qd = D（P、Y）
流量而不是存量，通常以年度或季
度为单位度量。
存量 VS .流量
•
存量：
在某一时点上存在的数量。
（洗脸盆中的水，你书架上的书和
你储蓄账户上的货币量也是存量。）
•
流量：
在一定时期发生的量。
（打开的水龙头流到洗脸盆中的水。
我们在一个月里买的书和我们在一个
月里赚到的收入也是流量。）
存量 VS .流量
•
化等。
26
值得研究的问题：
•
（1）为什么会有经济增长？决定因
素是什么？
•
（2）如何准确测量经济增长的速度
和成本，经济增长如何维持？如何实
曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件
© 2007 Thomson South-Western
THE COMPONENTS OF GDP • GDP includes all items produced in the economy and sold legally n markets. • What Is Not Counted in GDP?
– Every transaction has a buyer and a seller. – Every dollar of spending by some buyer is a dollar of income for some seller.
© 2007 Thomson South-Western
Y = C + I + G + NX
© 2007 Thomson South-Western
THE COMPONENTS OF GDP • Consumption (C):
• The spending by households on goods and services, with the exception of purchases of new housing. • Investment (I):
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
• “. . . Final . . .” – It records only the value of final goods, not intermediate goods (the value is counted only once).
THE COMPONENTS OF GDP • GDP includes all items produced in the economy and sold legally n markets. • What Is Not Counted in GDP?
– Every transaction has a buyer and a seller. – Every dollar of spending by some buyer is a dollar of income for some seller.
© 2007 Thomson South-Western
Y = C + I + G + NX
© 2007 Thomson South-Western
THE COMPONENTS OF GDP • Consumption (C):
• The spending by households on goods and services, with the exception of purchases of new housing. • Investment (I):
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
• “. . . Final . . .” – It records only the value of final goods, not intermediate goods (the value is counted only once).
宏观经济学课件(英文版)
GDP Composition
The breakdown of GDP into its various components, such as consumption, investment, government spending, and net exports.
VS
A measure of the percentage of the labor force that is jobless and actively seeking employment.
04
Fiscal Policy and Government Speing is a significant component of the economy, representing a significant share of GDP.
Government spending can also act as a stabilizer during economic downturns, stimulating growth and absorbing economic shocks.
05
Monetary Policy and Central Bank Operations
The main monetary policy tools used by central banks are open market operations, reserve requirements, and interest rate policy.
02
Examples include stimulus packages during the Great Recession, infrastructure spending programs, and social welfare policies.
The breakdown of GDP into its various components, such as consumption, investment, government spending, and net exports.
VS
A measure of the percentage of the labor force that is jobless and actively seeking employment.
04
Fiscal Policy and Government Speing is a significant component of the economy, representing a significant share of GDP.
Government spending can also act as a stabilizer during economic downturns, stimulating growth and absorbing economic shocks.
05
Monetary Policy and Central Bank Operations
The main monetary policy tools used by central banks are open market operations, reserve requirements, and interest rate policy.
02
Examples include stimulus packages during the Great Recession, infrastructure spending programs, and social welfare policies.
浙江大学宏观经济学02支出-收入模型.ppt
2
2．1-1 The Circulation of Sectors’ Economy
两部门国民经济的循环
（1）The Circulation of Foundation
基础循环
3
两部门循环的图
W,r,π,R
要素市场
C
厂商
I
C
商品市场
居民
S
金融市场
4
居民户在要素市场上向企业提供各种生产要素并获得相应 的报酬，居民户的总收入就是企业的总支出。企业在产品市场 上向居民户供给各类产品和劳务，企业的总收入就是居民户的 总支出。企业的投资通过金融市场来自居民户的储蓄。消费用C 表示，投资用 I 表示，储蓄用 S 表示。
式中，a为自发消费， b为边际消费倾向，Yd表示居 民的可支配收入， bYd为引致消费。
14
（2）APC and MPC
平均消费倾向和边际消费倾向
平均消费倾向是指平均每个单位收入 中消费所占的比重。即：APC=C/Yd
边际消费倾向是指每一收入增量 中消费增量所占的比重。
即： MPC=ΔC/ΔYd=dC/dYd
融市场转化为投资。 这就有了两部门循环图中的下半部分。
8
（3）Aggregate Demand and Aggregate Supply
总需求和总供给
9
A．总需求
总需求是一定时期内整个国民经济中对商品 与劳务的需求总量。
在两部门经济中，总需求是消费需求与投资 需求的总和，即：C+I。
在短期，国民经济的水平取决于总需求。
构成实际资本的增加，又称为资本的形成。投 资可分为净投资和折旧（重置投资），净投资 是实际资本的净增加；折旧（重置投资）则是 对资本耗费的补偿。 净投资 = 投资 - 折旧（重置投资） 净投资 = 期末的资本存量 - 期初的资本存量
2．1-1 The Circulation of Sectors’ Economy
两部门国民经济的循环
（1）The Circulation of Foundation
基础循环
3
两部门循环的图
W,r,π,R
要素市场
C
厂商
I
C
商品市场
居民
S
金融市场
4
居民户在要素市场上向企业提供各种生产要素并获得相应 的报酬，居民户的总收入就是企业的总支出。企业在产品市场 上向居民户供给各类产品和劳务，企业的总收入就是居民户的 总支出。企业的投资通过金融市场来自居民户的储蓄。消费用C 表示，投资用 I 表示，储蓄用 S 表示。
式中，a为自发消费， b为边际消费倾向，Yd表示居 民的可支配收入， bYd为引致消费。
14
（2）APC and MPC
平均消费倾向和边际消费倾向
平均消费倾向是指平均每个单位收入 中消费所占的比重。即：APC=C/Yd
边际消费倾向是指每一收入增量 中消费增量所占的比重。
即： MPC=ΔC/ΔYd=dC/dYd
融市场转化为投资。 这就有了两部门循环图中的下半部分。
8
（3）Aggregate Demand and Aggregate Supply
总需求和总供给
9
A．总需求
总需求是一定时期内整个国民经济中对商品 与劳务的需求总量。
在两部门经济中，总需求是消费需求与投资 需求的总和，即：C+I。
在短期，国民经济的水平取决于总需求。
构成实际资本的增加，又称为资本的形成。投 资可分为净投资和折旧（重置投资），净投资 是实际资本的净增加；折旧（重置投资）则是 对资本耗费的补偿。 净投资 = 投资 - 折旧（重置投资） 净投资 = 期末的资本存量 - 期初的资本存量
宏观经济学 麦克 帕金版本 英文ppt
© 2012 Pearson Addison-Wesley
Two Big Economic Questions
Figure 1.1 shows these numbers for the United States and China. It also shows the numbers for Brazil. What determines these patterns of production? How do choices end up determining the quantity of each item produced in the United States and around the world?
© 2012 Pearson Addison-Wesley
Two Big Economic Questions
Self-Interest You make choices that are in your self-interest—choices that you think are best for you. Social Interest Choices that are best for society as a whole are said to be in the social interest. Social interest has two dimensions: Efficiency Equity
© 2012 Pearson Addison-Wesley
Definition of Economics
Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence those choices. Economics divides in to main parts: Microeconomics Macroeconomics
Two Big Economic Questions
Figure 1.1 shows these numbers for the United States and China. It also shows the numbers for Brazil. What determines these patterns of production? How do choices end up determining the quantity of each item produced in the United States and around the world?
© 2012 Pearson Addison-Wesley
Two Big Economic Questions
Self-Interest You make choices that are in your self-interest—choices that you think are best for you. Social Interest Choices that are best for society as a whole are said to be in the social interest. Social interest has two dimensions: Efficiency Equity
© 2012 Pearson Addison-Wesley
Definition of Economics
Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence those choices. Economics divides in to main parts: Microeconomics Macroeconomics
宏观经济学双语2
结 支出法的GDP： 论 ★GDP=C+I+G+(X-M),即： ： GDP＝消费支出＋投资支出＋政府
购买＋净出口
1.The expenditure approach to GDP —The Components of GDP
⑴Personal consumption expenditures (C)消 费
1.The expenditure approach to GDP —The Components of GDP
⑷Net Exports (NX)净出口:
Exports (X,出口) minus imports (M,进口)
Expenditure approach summary
GDP=C+I+G+NX
四、GDP的核算方法
１、生产法（ production approach ）：
核算各行各业在一定时期生产中的价值增值
2、支出法：整个社会在一定时期内 购买最终产品的支出总和 3、收入法：核算整个社会在一定时 期内获得的收入
The Economy’s Income and Expenditure
For an economy as a whole, income must equal expenditure because:
二、收入法核算GDP
１．收入法GDP的概念
把企业为使用各种生产要素而向居民户支付的 所有收入加总求和来衡量GDP。
２．收入的内容
1>生产要素的报酬 ： a.工资或薪金:它是劳动者的报酬，包括实得工 资和其他补贴，及其代其向社会保险机构缴纳 的社会保险金等。
收入的内容
ｂ.利息净额
它是指个人从企业获得的因资金借贷所产生 的利息。 注意：不包括个人之间因借贷关系而发生的 利息，以及国家发行国债所支付的利息。
宏观经济学英文课件
slide 2
Important issues in macroeconomics
▪ What is the government budget deficit?
How does it affect the economy?
▪ Why does the U.S. have such a huge trade
and aggregate income.
CHAPTER 1 The Science of Macroeconomics
slide 15
Digression: Functional notation
▪ General functional notation shows only
that the variables are related:
even when the economy is booming?
▪ Why are there recessions?
Can the government do anything to combat recessions? Should it??
CHAPTER 1 The Science of Macroeconomics
D
Q
Quantity of cars
CHAPTER 1 The Science of Macroeconomics
deficit?
▪ Why are so many countries poor?
What policies might help them grow out of poverty?
CHAPTER 1 The Science of Macroeconomics
slide 3
U.S. Gross Domestic Product
宏观经济学 曼昆英文课件Tutorial_CHAP02
FirmsΒιβλιοθήκη Expenditure $
For the economy as a whole, income must equal expenditure. GDP measures the flow of dollars in the economy. 3 Chapter Two
1) To compute the total value of different goods and services, the national income accounts use market prices. Thus, if $0.50 $1.00
®
CHAPTER 2 The Data of Macroeconomics
A PowerPoint Tutorial
To Accompany
MACROECONOMICS, 6th. ed.
N. Gregory Mankiw By
Chapter Two
Mannig J. Simidian
1
Gross Domestic Product (GDP) is the dollar value of all final goods and services produced within an economy in a given period of time.
Two ways of viewing GDP
Total income of everyone in the economy
Total expenditure on the economy’s output of goods and services Income $ Labor
Households Goods
Chapter_02National Income Accounting(宏观经济学,多恩布什,第十版)
2-4
From GDP to National Income
•
Use the terms output and income interchangeably in macroeconomics, but are they really equivalent?
•
There are a few crucial distinctions between them:
2-1
Chapter 2
National Income Accounting
• • • • Item Item Item Etc.
McGraw-Hill/Irwin Macroeconomics, 10e
© 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. 2-2
• •
•
Ex. Social security, unemployment benefits Transfer payments are NOT included in GDP since not a part of current production Government expenditure = transfers + purchases
•
NX can be >, <, or = 0
•
2-10
Some Identities: A Simple Economy
•
• •
•
Assume national income equals GDP, and thus use terms income and output interchangeably (convenience) Begin with a simple economy: closed economy with no public sector output expressed as Y C I (4) Only two things can do with income: consume and save national income expressed as Y C S (5), where S is private savings I Y C S (6) Combine (4) and (5): C
From GDP to National Income
•
Use the terms output and income interchangeably in macroeconomics, but are they really equivalent?
•
There are a few crucial distinctions between them:
2-1
Chapter 2
National Income Accounting
• • • • Item Item Item Etc.
McGraw-Hill/Irwin Macroeconomics, 10e
© 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. 2-2
• •
•
Ex. Social security, unemployment benefits Transfer payments are NOT included in GDP since not a part of current production Government expenditure = transfers + purchases
•
NX can be >, <, or = 0
•
2-10
Some Identities: A Simple Economy
•
• •
•
Assume national income equals GDP, and thus use terms income and output interchangeably (convenience) Begin with a simple economy: closed economy with no public sector output expressed as Y C I (4) Only two things can do with income: consume and save national income expressed as Y C S (5), where S is private savings I Y C S (6) Combine (4) and (5): C
全球视角宏观经济学课件.ppt
The careful identification of business cycle as a recurrent economic phenomenon.
The Great Depression A new theoretical framework to explain the Great Depression proposed by Keynes.
that stabilization policies were actually a major source of renewed instability. A “counterrevolution” began. Monetarism and it’s central idea. New classical macroeconomics: Lucas and Barro. Advocates of the real business-cycle theory.
The approach of Macroeconomics
The basic approach of Macroeconomics is to look at the overall trends in the economy.
Special summary measures of economic activity ---GNP, the saving rate, or the consumer price index--- give the “big picture” of changes and trends.
by macroeconomics Macroeconomics in historical
perspective Providing a broader framework for
The Great Depression A new theoretical framework to explain the Great Depression proposed by Keynes.
that stabilization policies were actually a major source of renewed instability. A “counterrevolution” began. Monetarism and it’s central idea. New classical macroeconomics: Lucas and Barro. Advocates of the real business-cycle theory.
The approach of Macroeconomics
The basic approach of Macroeconomics is to look at the overall trends in the economy.
Special summary measures of economic activity ---GNP, the saving rate, or the consumer price index--- give the “big picture” of changes and trends.
by macroeconomics Macroeconomics in historical
perspective Providing a broader framework for
宏观经济学之经济增长economic growth ii(精品PPT课件共43页)
factor of 3500.
1981: 213 computers connected to the Internet
2000: 60 million computers connected to the Internet
CHAPTER 8 Economic Growth II
slide 2
Tech. progress in the Solow model
power than the first lunar landing craft in 1969.
Modems(调试解调器) are 22 times faster today than two decades ago. Since 1980, semiconductor usage per unit of GDP has increased by a
To do this, we need to compare
(MPK ) to (n + g ).
If (MPK ) > (n + g ), then we are below the
Golden Rule steady state and should increase s.
Two simple models in which the rate of technological progress is endogenous
CHAPTER 8 Economic Growth II
slide 0
Introduction
In the Solow model of Chapter 7, the production technology is held constant income per capita is constant in the steady state.
1981: 213 computers connected to the Internet
2000: 60 million computers connected to the Internet
CHAPTER 8 Economic Growth II
slide 2
Tech. progress in the Solow model
power than the first lunar landing craft in 1969.
Modems(调试解调器) are 22 times faster today than two decades ago. Since 1980, semiconductor usage per unit of GDP has increased by a
To do this, we need to compare
(MPK ) to (n + g ).
If (MPK ) > (n + g ), then we are below the
Golden Rule steady state and should increase s.
Two simple models in which the rate of technological progress is endogenous
CHAPTER 8 Economic Growth II
slide 0
Introduction
In the Solow model of Chapter 7, the production technology is held constant income per capita is constant in the steady state.
曼昆《宏观经济学》(第五版)课堂讲义PPT(英文)Ch04共28页文档
Money
Stock of assets Used for transactions A type of wealth
Self-sufficiency Without Money
Barter economy
Chapter Four
1
Functions of Money
• Store of value • Unit of account • Medium of exchange
Money Velocity = Price Output M V = P Y
Because Y is also total income, V in the quantity equations is called the income velocity of money. This tells us the number of times a dollar bill changes hands in a given period of time.
Chapter Four
5
Chapter Four
• To expand the Money Supply: The Federal Reserve buys U.S. Treasury Bonds and pays for them with new money.
• To reduce the Money Supply: The Federal Reserve sells U.S. Treasury Bonds and receives the existing dollars and then destroys them.
Chapter Four
8
Let’s now express the quantity of money in terms of the quantity of goods and services it can buy. This amount, M/P is called real money balances. Real money balances measure the purchasing power of the stock of money. A money demand function is an equation that shows what determines the quantity of real money balances people wish to hold. Here is a simple money demand function:
Stock of assets Used for transactions A type of wealth
Self-sufficiency Without Money
Barter economy
Chapter Four
1
Functions of Money
• Store of value • Unit of account • Medium of exchange
Money Velocity = Price Output M V = P Y
Because Y is also total income, V in the quantity equations is called the income velocity of money. This tells us the number of times a dollar bill changes hands in a given period of time.
Chapter Four
5
Chapter Four
• To expand the Money Supply: The Federal Reserve buys U.S. Treasury Bonds and pays for them with new money.
• To reduce the Money Supply: The Federal Reserve sells U.S. Treasury Bonds and receives the existing dollars and then destroys them.
Chapter Four
8
Let’s now express the quantity of money in terms of the quantity of goods and services it can buy. This amount, M/P is called real money balances. Real money balances measure the purchasing power of the stock of money. A money demand function is an equation that shows what determines the quantity of real money balances people wish to hold. Here is a simple money demand function:
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• factors of production (or factors) The inputs into the process of production. Another term for resources.
• production The process that transforms scarce resources into useful goods and services.
Scarcity and Choice in a One-Person Economy
Opportunity Cost • The concepts of constrained choice and scarcity are
Looking Ahead
Copyright © 2020, 2016, 2011 Pearson Education, Inc. All Rights Reserved
Chapter 2 The Economic Problem: Scarcity and Choice (1 of 2)
• On the surface, economic issues seem quite different from one another.
• In doing so, it must decide what gets produced, how it is produced, and to whom it is distributed.
• The primary resources that must be allocated are land, labor, and capital.
Copyright © 2020, 2016, 2011 Pearson Education, Inc. All Rights Reserved
Scarcity, Choice, and Opportunity Cost
Scarcity and Choice in a One-Person Economy • Nearly all the same basic decisions that characterize
Copyright © 2020, 2016, 2011 Pearson Education, Inc. All Rights Reserved
Figure 2.1 The Three Basic Questions
• Every society has some system or process that transforms its scarce resources into useful goods and services.
Copyright © 2020, 2016, 2011 Pearson Education, Inc. All Rights Reserved
Chapter 2 The Economic Problem: Scarcity and Choice (2 of 2)
• capital Things that are produced and then used in the production of other goods and services.
Chapter Outline and Learning Objectives
2.1 Scarcity, Choice, and Opportunity Cost • Understand why even in a society in which one person is
better than a second at all tasks, itwo to specialize and trade. 2.2 Economic Systems and the Role of Government • Understand the central difference in the way command economies and market economies decide what is produced.
Principles of Macroeconomics
Thirteenth Edition
Chapter 2
The Economic Problem: Scarcity and Choice
Copyright © 2020, 2016, 2011 Pearson Education, Inc. All Rights Reserved
• But the fundamental concern is choice in a world of scarcity.
• Individuals’ choices determine three key features of society: – What gets produced? – How is it produced? – Who gets what is produced?
• inputs or resources Anything provided by nature or previous generations that can be used directly or indirectly to satisfy human wants.
• outputs Goods and services of value to households.
complex economies must also be made in a simple economy. • A person must decide what to produce and how and when to produce it.
Copyright © 2020, 2016, 2011 Pearson Education, Inc. All Rights Reserved
• production The process that transforms scarce resources into useful goods and services.
Scarcity and Choice in a One-Person Economy
Opportunity Cost • The concepts of constrained choice and scarcity are
Looking Ahead
Copyright © 2020, 2016, 2011 Pearson Education, Inc. All Rights Reserved
Chapter 2 The Economic Problem: Scarcity and Choice (1 of 2)
• On the surface, economic issues seem quite different from one another.
• In doing so, it must decide what gets produced, how it is produced, and to whom it is distributed.
• The primary resources that must be allocated are land, labor, and capital.
Copyright © 2020, 2016, 2011 Pearson Education, Inc. All Rights Reserved
Scarcity, Choice, and Opportunity Cost
Scarcity and Choice in a One-Person Economy • Nearly all the same basic decisions that characterize
Copyright © 2020, 2016, 2011 Pearson Education, Inc. All Rights Reserved
Figure 2.1 The Three Basic Questions
• Every society has some system or process that transforms its scarce resources into useful goods and services.
Copyright © 2020, 2016, 2011 Pearson Education, Inc. All Rights Reserved
Chapter 2 The Economic Problem: Scarcity and Choice (2 of 2)
• capital Things that are produced and then used in the production of other goods and services.
Chapter Outline and Learning Objectives
2.1 Scarcity, Choice, and Opportunity Cost • Understand why even in a society in which one person is
better than a second at all tasks, itwo to specialize and trade. 2.2 Economic Systems and the Role of Government • Understand the central difference in the way command economies and market economies decide what is produced.
Principles of Macroeconomics
Thirteenth Edition
Chapter 2
The Economic Problem: Scarcity and Choice
Copyright © 2020, 2016, 2011 Pearson Education, Inc. All Rights Reserved
• But the fundamental concern is choice in a world of scarcity.
• Individuals’ choices determine three key features of society: – What gets produced? – How is it produced? – Who gets what is produced?
• inputs or resources Anything provided by nature or previous generations that can be used directly or indirectly to satisfy human wants.
• outputs Goods and services of value to households.
complex economies must also be made in a simple economy. • A person must decide what to produce and how and when to produce it.
Copyright © 2020, 2016, 2011 Pearson Education, Inc. All Rights Reserved