微观经济学双语课件
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2020年微观经济学最终版双语课件ppt12
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Output
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Marginal Product of
Labor
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Cost of Factory
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Cost of Workers
Total Cost of Inputs
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$30
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• 会计师衡量的பைடு நூலகம்会计利润，它是企业的总收益仅 减去显性成本。也即他们忽略了隐性成本。
• Accountants measure the accounting profit as the firm’s total revenue minus only the firm’s explicit costs. In other words, they ignore the implicit costs.
经济利润和会计利润 Economic Profit versus
Accounting Profit
• 当总收益超过显性和隐性成本之和，企业就 获得了经济利润。 • When total revenue exceeds both explicit and implicit costs, the firm earns economic profit. • 经济利润小于会计利润。 • Economic profit is smaller than accounting • profit.
Total opportunity costs
Accounting profit
Revenue
Explicit costs
生产与成本 Production and Costs
Output
0 50 90 120 140 150
Marginal Product of
Labor
50 40 30 20 10
Cost of Factory
$30 30 30 30 30 30
Cost of Workers
Total Cost of Inputs
$0
$30
10
40
• 会计师衡量的பைடு நூலகம்会计利润，它是企业的总收益仅 减去显性成本。也即他们忽略了隐性成本。
• Accountants measure the accounting profit as the firm’s total revenue minus only the firm’s explicit costs. In other words, they ignore the implicit costs.
经济利润和会计利润 Economic Profit versus
Accounting Profit
• 当总收益超过显性和隐性成本之和，企业就 获得了经济利润。 • When total revenue exceeds both explicit and implicit costs, the firm earns economic profit. • 经济利润小于会计利润。 • Economic profit is smaller than accounting • profit.
Total opportunity costs
Accounting profit
Revenue
Explicit costs
生产与成本 Production and Costs
微观经济学英文课件Ch
– 着眼于推动技术进步的政府对经济的干预政策成为技术 政策。
• Patent laws are a form of technology policy that give the individual (or firm) with patent protection a property right over its invention.
Examples of Negative Externalities 负的外部性的例子
• Automobile exhaust • Cigarette smoking • Barking dogs (loud pets) • Loud stereos in an apartment building • Stinky Toufu
Pollution and the Social Optimum...
Price of Aluminum
Cost of pollution
Social cost
Supply
(private cost)
Optimum
Equilibrium
Demand
(private value)
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Qoptimum QMARKE
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QMARKET QOPTIMUM
Quantity of Robots
Positive Externalities in Production
• The intersection of the demand curve and the social-cost curve determines the optimal output level.
T
Quantity of Aluminum
Negative Externalities in Production 生产中的负的外部性
• Patent laws are a form of technology policy that give the individual (or firm) with patent protection a property right over its invention.
Examples of Negative Externalities 负的外部性的例子
• Automobile exhaust • Cigarette smoking • Barking dogs (loud pets) • Loud stereos in an apartment building • Stinky Toufu
Pollution and the Social Optimum...
Price of Aluminum
Cost of pollution
Social cost
Supply
(private cost)
Optimum
Equilibrium
Demand
(private value)
0
Qoptimum QMARKE
0
QMARKET QOPTIMUM
Quantity of Robots
Positive Externalities in Production
• The intersection of the demand curve and the social-cost curve determines the optimal output level.
T
Quantity of Aluminum
Negative Externalities in Production 生产中的负的外部性
微观经济学课件英文版 En-micro01
Economics
Relationship Between Microeconomics and Macroeconomics
Different e.g.object of study ,method of analysis Contact Microeconomics is the foundation of macroeconomics Complementary Both of them can research the same economy phenomenon from different visual angle .
01:14
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An object of study
In short, Economics studies optimal allocation and full use of resources. In detail ：
Microeconomics What ,how,for whom Macroeconomics Resources are used fully or idly? How does inflation affect purchasing power? Can economy grow?
01:14
8
Theory System of Economics
Two branches：Microeconomics and Macroeconomics
Microeconomics Another name Theory base Basic assumptions Founder Subject Key theory Major aim Individual Economics Macroeconomics Overall Economics
Relationship Between Microeconomics and Macroeconomics
Different e.g.object of study ,method of analysis Contact Microeconomics is the foundation of macroeconomics Complementary Both of them can research the same economy phenomenon from different visual angle .
01:14
5
An object of study
In short, Economics studies optimal allocation and full use of resources. In detail ：
Microeconomics What ,how,for whom Macroeconomics Resources are used fully or idly? How does inflation affect purchasing power? Can economy grow?
01:14
8
Theory System of Economics
Two branches：Microeconomics and Macroeconomics
Microeconomics Another name Theory base Basic assumptions Founder Subject Key theory Major aim Individual Economics Macroeconomics Overall Economics
平狄克微观经济学课件(英文)06全
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6.1 THE TECHNOLOGY OF PRODUCTION
The Short Run versus the Long Run
●short run Period of time in which quantities of one or more production factors cannot be changed.
As we move from point A on curve O1 to B on curve O2 to C on curve O3 over time, labor productivity increases.
7 of 24
Chapter 6: Production
6.2 PRODUCTION WITH ONE VARIABLE INPUT (LABOR)
The Slopes of the Product Curve
Figure 6.1
Production with One Variable Input
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Marginal
Product (q/L) Product (∆q/∆L)
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20Hale Waihona Puke 51095
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微观经济学英文版PPT课件
Or, the opportunity cost that use a certain resource is the highest price of abandoning other uses of this resource
10
2.2 the definition of microeconomics
The starting point of economics searching The definition of Microeconomics People how to make decision Why need to bargain Why need to build market economics
Economics is a study, learning selection of scarce resources with different uses; The goal is effective allocation of scarce resources to produce goods and services, and in the present or future, let them reasonable allocated to social members or group for consumption.
8
Production possibilities curve
PPC is a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.
10
2.2 the definition of microeconomics
The starting point of economics searching The definition of Microeconomics People how to make decision Why need to bargain Why need to build market economics
Economics is a study, learning selection of scarce resources with different uses; The goal is effective allocation of scarce resources to produce goods and services, and in the present or future, let them reasonable allocated to social members or group for consumption.
8
Production possibilities curve
PPC is a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.
微观经济学英文版精品PPT课件
Chapter 1: The Fundamentals of Economics（A. Introduction）
1.2 Microeconomics and Macroeconomics
What is Microeconomics ?
It is concerned with the behavior of individual entities such as markets, firms and households.
You want to buy a computer which is $2510. while it is $2500 in the supermarket in downtown. Wherever you buy the computer, it would return to the producer if there is any problem. Where would you buy it？
There are three types of economies:
Market economy Command economy Mixed economy
Chapter 1: The Fundamentals of Economics (C. Society’s technological possibilities)
Chapter 1: The Fundamentals of Economics（A. Introduction）
1.1 Scarcity and Efficiency
What is economics ?
Economics is the study f how societies use scarce resources to produce valuable commodities and distribute them among different people.
2020年微观经济学最终版双语课件ppt10
• 同样一件事情在不同的时代与地点结果不同。 两代经济学家的感慨也不同。但从经济学的角 度看，火车通过农田无论结果如何，其实说明 了同一件事：市场经济中的外部性与市场失灵 的关系。
• 所谓的市场失灵（market failure）是通过市场 机制配置资源达不到帕累托最优状态。外部性 就是市场失灵的主要表现之一。
如果一种经济活动的私人成本 < 社会成本，这种经济活动就产生了负的外部性
•负外部性
• 汽车尾气 • 工厂对空气的污染 • 邻居的狗叫声 • 深夜里邻居吵闹的立体 声 • 建设工地的噪声污染 • 二手烟对健康的危害 • 驾车时打电话使路人更 不安全
“小蛮腰”不仅会放电，而且会喷雾
• 广州新电视塔面漆涂装总面积超过12万平方米， 因新电视塔是万元。因此，工 程特意采用目前耐腐蚀性最好的建筑涂料。
• 萨缪尔森和诺德豪斯提出：当生产或消费对其他人产生 附带的成本或收益时，外部经济效果便发生了；即成本 或效益被加于其他人身上，然而施加这种影响的人却没 有为此而付出代价或为此而获得报酬。
• 更为确切地说，外部经济效果是一个经济主体的行为对 另一个经济主体的福利所产生的效果，而这种效果并没 有从货币或市场交易中反映出来。
• 生产的正外部性。生产者的经济行为产生了有利于他人的 良好影响，而却不能从中取得报酬。如蜜蜂的生产者，传 播了花粉。上游居民种树，保护水土，下游居民的用水得 到保障。
• 生产的负外部性。生产者的行为给他人造成了损害，但没 有给他人予以补偿。造纸厂的三废。木工装修房子所产生 的噪音。上游伐木造成洪水泛滥和水土流失，对下游的种 植、灌溉、运输和工业产生不利影响。
• 将近70年后，1971年，美国经济学家乔治·斯蒂 格勒（1982年诺贝尔经济学奖得主）和阿尔钦 （产权经济学创始人，张五常的老师）同游日 本。他们在高速列车(这时已是电气机车)上想 起了庇古当年的感慨，就问列车员，铁路附近 的农田是否受到列车的损害而减产。列车员说， 恰恰相反，飞速驰过的列车把吃稻谷的飞鸟吓 走了，农民反而受益。当然铁路公司也不能向 农民收取赶鸟费。这同样是市场经济无能为力 的，也称为“市场失灵”。
微观经济学双语课件
1.2 ECONOMICS: A SOCIAL SCIENCE
Goal of economists is to discover how the economic world works. Economists distinguish between:
• Positive statements（实证经济学）: What is • Normative statements（规范经济学）: What ought to be The task of economic science:
The condition that arises because the available resources are insufficient to satisfy unlimited wants. Faced with scarcity, we must make choices—we must choose among the available alternatives. The choices we make depend on the incentives we face.
Checkpoint 1.1
1. Give the definition of following statement (1) Scarcity (2) Incentive (3) Economics (4) Microeconomics (5) Macroeconomics 2. Economists studies choice that arise from one fact. What is the fact ? 3. Provide 3 examples of wants in China today that are especially pressing but not satisfied. 4. Provide an examples of an incentive that is like a carrot and one that like a stick.（tax or subsidy ）
微观经济学英PPT课件
There is a few principles about microeconomics in some books, while more in others
Continuously,
Basically, the general principles are:
Scarcity of resources Opportunity costs Increasing opportunity cost Real Opportunity Cost Real Opportunity cost and inefficiency
One obvious application of microeconomics is in the business field; firms
A firm that wants to enter the biotechnology industry, for instance, must at least know the degree of demand for biotechnology products in the market, the resources available to produce the products and the opportunity cost of using the resources in the production.
If it is measured in money term, see what happen:
Suppose apple costs $10 per unit and apple pie costs $20 per unit. Thus, the opportunity cost remains 1.
Continuously,
Basically, the general principles are:
Scarcity of resources Opportunity costs Increasing opportunity cost Real Opportunity Cost Real Opportunity cost and inefficiency
One obvious application of microeconomics is in the business field; firms
A firm that wants to enter the biotechnology industry, for instance, must at least know the degree of demand for biotechnology products in the market, the resources available to produce the products and the opportunity cost of using the resources in the production.
If it is measured in money term, see what happen:
Suppose apple costs $10 per unit and apple pie costs $20 per unit. Thus, the opportunity cost remains 1.
《微观经济学microeconomics》英文版全套课件(101页)
X RL {x R : xl 0 for l 1,..., L}
The economic constraint:
px p1x1 ... pL xL w
The Walrasian budget set (Definition 2.D.1)
Bp,w {x RL : px w}
or
u(x* ) xl
pl
px w
Solution: Walrasian demand function x*( p, w)
Utility Maximization -- Example
Example 3.D.1: the transformed Cobb-Douglas Utility Function
Expenditure Function
Expenditure function e( p,u) Min px s.t. u(x) u {x}
Properties: 1. Homogeneous of degree of one in p 2. Strictly increasing in u and nondecreasing in p 3. Concave in p 4. Continuous in p and u
Comparative Statics – Wealth Effects
The consumer’s Engel function x( p, w)
The wealth effect xl ( p, w) / w or Dwx( p, w) Normal goods and inferior goods
A choice rule C(B) B
The weak axiom of revealed preference (WARP): if x is revealed at least as good as y, then y cannot be revealed preferred to x
The economic constraint:
px p1x1 ... pL xL w
The Walrasian budget set (Definition 2.D.1)
Bp,w {x RL : px w}
or
u(x* ) xl
pl
px w
Solution: Walrasian demand function x*( p, w)
Utility Maximization -- Example
Example 3.D.1: the transformed Cobb-Douglas Utility Function
Expenditure Function
Expenditure function e( p,u) Min px s.t. u(x) u {x}
Properties: 1. Homogeneous of degree of one in p 2. Strictly increasing in u and nondecreasing in p 3. Concave in p 4. Continuous in p and u
Comparative Statics – Wealth Effects
The consumer’s Engel function x( p, w)
The wealth effect xl ( p, w) / w or Dwx( p, w) Normal goods and inferior goods
A choice rule C(B) B
The weak axiom of revealed preference (WARP): if x is revealed at least as good as y, then y cannot be revealed preferred to x
北大微观经济学(英文版) ppt课件
A x1
B x2
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A x2
Edgeworth’s Box
B 1
xB 1
OB
A 2
B 2
OA
ppt课件
A 1
A x1
xB 2
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Pareto-Improvement
An
allocation of the endowment that improves the welfare of a consumer without reducing the welfare of another is a Pareto-improving allocation. Where are the Pareto-improving allocations?
A 1
A x1
xB 2
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Pareto-Improvements
Since
each consumer can refuse to trade, the only possible outcomes from exchange are Pareto-improving allocations. But which particular Paretoimproving allocation will be the outcome of trade?
ppt课件
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x2
xB 1
Pareto-Improvements A
B 1
OB
A 2
B 2
OA The set of Paretoimproving reallocations ppt课件
A 1
A x1
xB 2
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Pareto-Improvements
2020年微观经济学最终版双语课件ppt05
How is it related to the demand curve? How is it related to revenue & expenditure? • What is the price elasticity of supply? How is it related to the supply curve? • What are the income and cross-price elasticities of demand?
• 这里的“力量”变化是指价格变化，“长度”变化是指 需求量变化。
• 我们将价格变化会引起较大的需求量变化称之为需求价 格弹性大，或称之为需求量对价格变化敏感。
问题：两条需求曲线为什么不同？
P
价格的变动会 P
引起需求量的变
动，但需求量对
价格变动的反应
程度是不同的。
D
D
Q 反应程度小
Q 反应程度大
石油大学 周英
但我们仍然不能认为计算出的价格弹性是相对于起始点或终止点的。
例：图中需求曲线上
a、b两点价格分别 为5和4， 需求量分别为400 和800。
当价格由5下降为4 时，或者当商品的 价格由4上升为5时 ，
应该如何计算相应 的弧弹性值呢？
石油大学 周英
由a点到b点和由b点到a点的弧弹性数值不同
原因：尽管△Q和△P的绝对值都相等，但由于P和Q所取 的基数值不同，两种计算结果便不同。 涨价和降价产生的需求的价格弹性便不等。
石油大学 周英
Calculating Percentage Changes
• So, we instead use the midpoint method:
end value – start value x 100% midpoint
• 这里的“力量”变化是指价格变化，“长度”变化是指 需求量变化。
• 我们将价格变化会引起较大的需求量变化称之为需求价 格弹性大，或称之为需求量对价格变化敏感。
问题：两条需求曲线为什么不同？
P
价格的变动会 P
引起需求量的变
动，但需求量对
价格变动的反应
程度是不同的。
D
D
Q 反应程度小
Q 反应程度大
石油大学 周英
但我们仍然不能认为计算出的价格弹性是相对于起始点或终止点的。
例：图中需求曲线上
a、b两点价格分别 为5和4， 需求量分别为400 和800。
当价格由5下降为4 时，或者当商品的 价格由4上升为5时 ，
应该如何计算相应 的弧弹性值呢？
石油大学 周英
由a点到b点和由b点到a点的弧弹性数值不同
原因：尽管△Q和△P的绝对值都相等，但由于P和Q所取 的基数值不同，两种计算结果便不同。 涨价和降价产生的需求的价格弹性便不等。
石油大学 周英
Calculating Percentage Changes
• So, we instead use the midpoint method:
end value – start value x 100% midpoint
平狄克微观经济学(英文)01PPT课件
Market definition is important for two reasons:
• A company must understand who its actual and potential
competitors are for the various products that it sells or might sell in the future.
Market Price
● market price Price prevailing in a competitive market.
Chapter 1: Preliminaries
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
Chapter 1: Preliminaries
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
10 of 18
1.2 WHAT IS A MARKET?
Theories and Models
In economics, explanation and prediction are based on theories. Theories are developed to explain observed phenomena in terms of a set of basic rules and assumptions.
• A company must understand who its actual and potential
competitors are for the various products that it sells or might sell in the future.
Market Price
● market price Price prevailing in a competitive market.
Chapter 1: Preliminaries
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
Chapter 1: Preliminaries
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
10 of 18
1.2 WHAT IS A MARKET?
Theories and Models
In economics, explanation and prediction are based on theories. Theories are developed to explain observed phenomena in terms of a set of basic rules and assumptions.
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1.1 DEFINITIONS AND QUESTIONS
All economic questions and problems arise because human wants exceed the resources available to satisfy them.
Scarcity（稀缺性）
1.1 DEFINITIONS AND QUESTIONS
Microeconomic Questions
What? What goods and services get produced and in what quantities? How? How are goods and services produced? For Whom? For whom are the various goods and services produced?
The condition that arises because the available resources are insufficient to satisfy unlimited wants. Faced with scarcity, we must make choices—we must choose among the available alternatives. The choices we make depend on the incentives we face.
1.1 DEFINITIONS AND QUESTIONS
Incentive-(激励) An incentive is a reward or a penalty—a “carrot” or a “stick”—that encourages or discourages an action. （胡萝卜加大棒） Economics The social science that studies the choices that we make as we cope with scarcity and the incentives that influence and reconcile（使符合） our choices.
Checkpoint 1.1
5. Sort the following issues into microeconomics and macroeconomics. a. People must install catalytic（催化的） convert in their cars. b. U. S. unemployment should be much lower. c. Your local country opens a neighborhood gym（体育馆 gymnasium ） for teenager. 6. Match the following headlines with the What, How, and For whom questions. a. With more researches, we will cure cancer.（how） b. A good education is the right of every child.（whom） c. What will the government do with its budget surplus?（what）
1.2 ECONOMICS: A SOCIAL SCIENCE
Testing
A model’s predictions might correspond to or conflict with the data. Economic theory A generalization(一般规则) that summarizes what we understand about the economic choices that people make and the economic performance（绩效） of industries and nations.（个人-产业-国家）
1.2 ECONOMICS: A SOCIAL SCIENCE
The task can be broken into three steps: • Observing and measuring • Model building • Testing Observing and Measuring Items such as: • Quantities of resources • Wages and work hours • Prices and quantities of goods and services • Taxes and government spending • Volume of international trade
1.2 ECONOMICS:conomists is to discover how the economic world works. Economists distinguish between:
• Positive statements（实证经济学）: What is • Normative statements（规范经济学）: What ought to be The task of economic science:
Checkpoint 1.2
1. Concept explaining (1) economic model (2) economic theory (3) positive economics (4) normative economics
2. Classify each of the following statements as positive or normative a. There is too much poverty in the U.S. b. An increase in the gas tax will cut pollution c. Cuts to social Education in China have been too deep
1.2 ECONOMICS: A SOCIAL SCIENCE
Model Building
Economic model
A description of some aspect of the economic world that includes only those features of the world that are needed for the purpose at hand. （与目的相称 ） --简化，抽象，抓主要因素或主 要矛盾。（中医和西医-过程分析）
To discover and catalog positive statements that are consistent with what we observe in the world and that enable us to understand how the economic world works.
Margin：A choice that is made by comparing all the relevant alternatives systematically and incrementally（渐进地） .
1.3 THE ECONOMIC WAY OF THINKING
Marginal Cost
1.3 THE ECONOMIC WAY OF THINKING
Benefit: The gain or pleasure that
something brings. Benefit ：Gain Measured by What You Are
Willing to Give Up
On the Margin
Rational Choice
Using the available resources to satisfy most effectively the wants of the person making the choice. Cost: What You Must Give Up Opportunity cost The highest-valued alternative forgone(forgo 摒绝, 放弃; 对...断念; 谢绝 ).
Checkpoint 1.1
1. Give the definition of following statement (1) Scarcity (2) Incentive (3) Economics (4) Microeconomics (5) Macroeconomics 2. Economists studies choice that arise from one fact. What is the fact ? 3. Provide 3 examples of wants in China today that are especially pressing but not satisfied. 4. Provide an examples of an incentive that is like a carrot and one that like a stick.（tax or subsidy ）
1.经济模型（Economic Model）
描述经济事物的有关经济变量之间相互关系的理 论结构。
以供求为例：抽象出供给量、需求量、价格，用 数学表达式概括其关系： Qd = α－β（P） QS = －δ + γ（P） 一般地，模型方程数目应与所包含的未知数数目 相等，满足有解的要求。 Qd=Q S P=P
The cost of a one-unit increase in an activity Dirnk Coffee Marginal Benefit
What you gain when you get one more unit of something. Making a Rational Choice When we take those actions for which marginal benefit exceeds or equals marginal cost.
All economic questions and problems arise because human wants exceed the resources available to satisfy them.
Scarcity（稀缺性）
1.1 DEFINITIONS AND QUESTIONS
Microeconomic Questions
What? What goods and services get produced and in what quantities? How? How are goods and services produced? For Whom? For whom are the various goods and services produced?
The condition that arises because the available resources are insufficient to satisfy unlimited wants. Faced with scarcity, we must make choices—we must choose among the available alternatives. The choices we make depend on the incentives we face.
1.1 DEFINITIONS AND QUESTIONS
Incentive-(激励) An incentive is a reward or a penalty—a “carrot” or a “stick”—that encourages or discourages an action. （胡萝卜加大棒） Economics The social science that studies the choices that we make as we cope with scarcity and the incentives that influence and reconcile（使符合） our choices.
Checkpoint 1.1
5. Sort the following issues into microeconomics and macroeconomics. a. People must install catalytic（催化的） convert in their cars. b. U. S. unemployment should be much lower. c. Your local country opens a neighborhood gym（体育馆 gymnasium ） for teenager. 6. Match the following headlines with the What, How, and For whom questions. a. With more researches, we will cure cancer.（how） b. A good education is the right of every child.（whom） c. What will the government do with its budget surplus?（what）
1.2 ECONOMICS: A SOCIAL SCIENCE
Testing
A model’s predictions might correspond to or conflict with the data. Economic theory A generalization(一般规则) that summarizes what we understand about the economic choices that people make and the economic performance（绩效） of industries and nations.（个人-产业-国家）
1.2 ECONOMICS: A SOCIAL SCIENCE
The task can be broken into three steps: • Observing and measuring • Model building • Testing Observing and Measuring Items such as: • Quantities of resources • Wages and work hours • Prices and quantities of goods and services • Taxes and government spending • Volume of international trade
1.2 ECONOMICS:conomists is to discover how the economic world works. Economists distinguish between:
• Positive statements（实证经济学）: What is • Normative statements（规范经济学）: What ought to be The task of economic science:
Checkpoint 1.2
1. Concept explaining (1) economic model (2) economic theory (3) positive economics (4) normative economics
2. Classify each of the following statements as positive or normative a. There is too much poverty in the U.S. b. An increase in the gas tax will cut pollution c. Cuts to social Education in China have been too deep
1.2 ECONOMICS: A SOCIAL SCIENCE
Model Building
Economic model
A description of some aspect of the economic world that includes only those features of the world that are needed for the purpose at hand. （与目的相称 ） --简化，抽象，抓主要因素或主 要矛盾。（中医和西医-过程分析）
To discover and catalog positive statements that are consistent with what we observe in the world and that enable us to understand how the economic world works.
Margin：A choice that is made by comparing all the relevant alternatives systematically and incrementally（渐进地） .
1.3 THE ECONOMIC WAY OF THINKING
Marginal Cost
1.3 THE ECONOMIC WAY OF THINKING
Benefit: The gain or pleasure that
something brings. Benefit ：Gain Measured by What You Are
Willing to Give Up
On the Margin
Rational Choice
Using the available resources to satisfy most effectively the wants of the person making the choice. Cost: What You Must Give Up Opportunity cost The highest-valued alternative forgone(forgo 摒绝, 放弃; 对...断念; 谢绝 ).
Checkpoint 1.1
1. Give the definition of following statement (1) Scarcity (2) Incentive (3) Economics (4) Microeconomics (5) Macroeconomics 2. Economists studies choice that arise from one fact. What is the fact ? 3. Provide 3 examples of wants in China today that are especially pressing but not satisfied. 4. Provide an examples of an incentive that is like a carrot and one that like a stick.（tax or subsidy ）
1.经济模型（Economic Model）
描述经济事物的有关经济变量之间相互关系的理 论结构。
以供求为例：抽象出供给量、需求量、价格，用 数学表达式概括其关系： Qd = α－β（P） QS = －δ + γ（P） 一般地，模型方程数目应与所包含的未知数数目 相等，满足有解的要求。 Qd=Q S P=P
The cost of a one-unit increase in an activity Dirnk Coffee Marginal Benefit
What you gain when you get one more unit of something. Making a Rational Choice When we take those actions for which marginal benefit exceeds or equals marginal cost.