Introduction.ppt
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production?
• At what price should the goods be sold?
Society and Scarce Resources
• The management of society’s resources is
important because resources are scarce.
How people interact
Trade can make everyone better off. Market are usually a good way to organize economic activity. Governments can sometimes improve economic outcomes.
Efficiency means society gets the most that it can from its scarce resources.
Equity means the benefits of those resources are distributed fairly among the members of society.
• The opportunity cost of an item is what
you give up to obtain that item.
3.Rational people think at the margin.
• Marginal changes are small, incremental
• Because people make decisions by
weighing costs and benefits, their decisions may change in response to changes in costs and benefits.
Something about the course
Ⅰ.Course Description
• This course (Economics) includes
Microeconomics and Macroeconomics.
• Microeconomics studies how individuals
motivate people to respond.
• The decision to choose one alternative
over another occurs when that alternative’s marginal benefits exceed its marginal costs.
• why markets are a good, but not perfect way
to allocate resources.
• what determines some trends in the overall
economy.
• Economy…
…The word economy comes from a Greek word for “one who manages a household. ”
Economics
Lectured by: Zeng Jianghui Tel: 13797422723
Email: 421817997@qq.com
Introduction
Two topics to be discussed:
• Something about the course • Ten principles of economics
• Scarcity means that society has limited
resources and therefore cannot produce all the goods and services people wish to have.
Definition of Economics
Supplementary Textbooks:
1.Joseph E. Stiglitz, Carl E. Walsh, Economics, 3rd ed.,Renmin University of China Press, 2005.
2.Paul A. Samuelson, William D. Nordhaus, Economics, 16th ed., 1998 by The MCgraw-Hill Companies, Inc.
Making decisions requires trading off one goal against another.
• A special example of a tradeoff is the tradeoff
between efficiency and equity.
efficiency v. equity
and firms make decisions.
• Macroeconomics looks at the economy as
a whole and includes a discussion of topics inflation and unemployment.
Ⅱ.Course Schedule
How people make decisions
People face tradeoffs. The cost of something is what you give up to get it. Rational people think at the margin. People respond to incentives.
adjustments to an existing plan of action.
• People make decisions by comparing costs
and benefits at the margin.
• Marginal changes in costs or benefits
Ⅲ.Assessment Plan
• Assessment of your accomplishment
in the course consists of attendance and classroom performance (40%), and a paper in English at the end of the semester (60%).
• How people make decisions. • How people interact with each other. • The forces and trends that affect the
economy as a whole.
Ten principles of Economics
between inflation and unemployment.
1、People face tradeoffs
To get one thing, we usually have to give up another thing.
• Guns v. butter • Food v. clothing • Leisure time v. work • Efficiency v. equity
How the economy as a whole works
• The standard of living depends on a
country’s production.
• Prices rise when the government prints
too much money.
• Society faces a short –run tradeoff
• Classroom Performance: lecture
attendance, participation in classroom activities, dictation once two weeks.
• A paper: more than 1000 words, which
should be written by hand.
• Others are about macroeconomics. They
includes National income accounting, NIAE model, IS-LM model, Inflation and Employment theory and macroeconomics policy.
• Economics is the study of how society
manages its scarce resources.
• Economics is the study of how societies
use scarce resources to produce valuable commodities and distribute them among different people. (Paul A.Samuelson)
Ten Principles of Economics
Learning Objectives:
• By the end of the introduction, you should
understand: that economics is about the allocation
of scarce resources. that individuals face tradeoffs. that meaning of opportunity cost.
Βιβλιοθήκη Baidu how to use marginal reasoning when making
decisions.
• how incentives affect people’s behavior. • why trade among people or nations can be
good for everyone.
about microeconomics or macroeconomics topics.
Ⅳ.Suggested Reading
Core Textbook:
N.Gregory Mankiw, Principles of Economics, 3rd Ed., 2004 by Thomson Learning.
• We will have ten chapters. Six of them
are about microeconomics and they are Price theory, Utility theory, Production theory, Cost theory, Market theory and Market failure theory.
• Economics
is the study of how people make choices under conditions of scarcity and of the results of those choices for society. (Robert H.Frank)
Economists stdudy…
A household and an economy face many decisions:
• Who will work? • What goods and how many of them
should be produced?
• What resources should be used in
2. The cost of something is what you give up to get it.
• Decisions require comparing costs and
benefits of alternatives. Whether to go to college or to work? Whether to study or go out on a date? Whether to go to class or sleep in?
• At what price should the goods be sold?
Society and Scarce Resources
• The management of society’s resources is
important because resources are scarce.
How people interact
Trade can make everyone better off. Market are usually a good way to organize economic activity. Governments can sometimes improve economic outcomes.
Efficiency means society gets the most that it can from its scarce resources.
Equity means the benefits of those resources are distributed fairly among the members of society.
• The opportunity cost of an item is what
you give up to obtain that item.
3.Rational people think at the margin.
• Marginal changes are small, incremental
• Because people make decisions by
weighing costs and benefits, their decisions may change in response to changes in costs and benefits.
Something about the course
Ⅰ.Course Description
• This course (Economics) includes
Microeconomics and Macroeconomics.
• Microeconomics studies how individuals
motivate people to respond.
• The decision to choose one alternative
over another occurs when that alternative’s marginal benefits exceed its marginal costs.
• why markets are a good, but not perfect way
to allocate resources.
• what determines some trends in the overall
economy.
• Economy…
…The word economy comes from a Greek word for “one who manages a household. ”
Economics
Lectured by: Zeng Jianghui Tel: 13797422723
Email: 421817997@qq.com
Introduction
Two topics to be discussed:
• Something about the course • Ten principles of economics
• Scarcity means that society has limited
resources and therefore cannot produce all the goods and services people wish to have.
Definition of Economics
Supplementary Textbooks:
1.Joseph E. Stiglitz, Carl E. Walsh, Economics, 3rd ed.,Renmin University of China Press, 2005.
2.Paul A. Samuelson, William D. Nordhaus, Economics, 16th ed., 1998 by The MCgraw-Hill Companies, Inc.
Making decisions requires trading off one goal against another.
• A special example of a tradeoff is the tradeoff
between efficiency and equity.
efficiency v. equity
and firms make decisions.
• Macroeconomics looks at the economy as
a whole and includes a discussion of topics inflation and unemployment.
Ⅱ.Course Schedule
How people make decisions
People face tradeoffs. The cost of something is what you give up to get it. Rational people think at the margin. People respond to incentives.
adjustments to an existing plan of action.
• People make decisions by comparing costs
and benefits at the margin.
• Marginal changes in costs or benefits
Ⅲ.Assessment Plan
• Assessment of your accomplishment
in the course consists of attendance and classroom performance (40%), and a paper in English at the end of the semester (60%).
• How people make decisions. • How people interact with each other. • The forces and trends that affect the
economy as a whole.
Ten principles of Economics
between inflation and unemployment.
1、People face tradeoffs
To get one thing, we usually have to give up another thing.
• Guns v. butter • Food v. clothing • Leisure time v. work • Efficiency v. equity
How the economy as a whole works
• The standard of living depends on a
country’s production.
• Prices rise when the government prints
too much money.
• Society faces a short –run tradeoff
• Classroom Performance: lecture
attendance, participation in classroom activities, dictation once two weeks.
• A paper: more than 1000 words, which
should be written by hand.
• Others are about macroeconomics. They
includes National income accounting, NIAE model, IS-LM model, Inflation and Employment theory and macroeconomics policy.
• Economics is the study of how society
manages its scarce resources.
• Economics is the study of how societies
use scarce resources to produce valuable commodities and distribute them among different people. (Paul A.Samuelson)
Ten Principles of Economics
Learning Objectives:
• By the end of the introduction, you should
understand: that economics is about the allocation
of scarce resources. that individuals face tradeoffs. that meaning of opportunity cost.
Βιβλιοθήκη Baidu how to use marginal reasoning when making
decisions.
• how incentives affect people’s behavior. • why trade among people or nations can be
good for everyone.
about microeconomics or macroeconomics topics.
Ⅳ.Suggested Reading
Core Textbook:
N.Gregory Mankiw, Principles of Economics, 3rd Ed., 2004 by Thomson Learning.
• We will have ten chapters. Six of them
are about microeconomics and they are Price theory, Utility theory, Production theory, Cost theory, Market theory and Market failure theory.
• Economics
is the study of how people make choices under conditions of scarcity and of the results of those choices for society. (Robert H.Frank)
Economists stdudy…
A household and an economy face many decisions:
• Who will work? • What goods and how many of them
should be produced?
• What resources should be used in
2. The cost of something is what you give up to get it.
• Decisions require comparing costs and
benefits of alternatives. Whether to go to college or to work? Whether to study or go out on a date? Whether to go to class or sleep in?