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1、Economics: Foundations and Models 211CHAPTER 1Economics: Foundations and Models1. Chapter Summary2. Learning Objectives3. Chapter OutlineTeaching Tips/Topics for Discussion4. Solved Problems5. Solutions to Review Questions and Problems and Applications1. Chapter Summary People must make choices as t
2、hey try to attain their goals. These choices reflect trade-offs people make because we live in a world of scarcity; although our wants are unlimited, the resources available to satisfy our wants are limited. Economic models are simplified versions of some aspects of economic life. Economists constru
3、ct models and use them to analyze economic issues. Economics focuses on the decisions buyers and sellers make through markets. Economists assume people (1) are rational, (2) respond to economic incentives, and (3) make optimal decisions at the margin.Each society faces the economic problem of having
4、 a limited amount of resources, and so can produce a limited amount of goods and services. Each society faces trade-offs, particularly when answering three questions: (1) What goods and services will be produced? (2) How will the goods and services be produced? (3) Who will receive the goods and ser
5、vices produced? Societies organize their economies in two main ways to answer these questions. A society can have a centrally planned economy characterized by extensive government decision making. Or a society can have a market economy in which the decisions of households and firms interacting in ma
6、rkets allocate resources. All the high-income democracies have predominately market economies with some central government control. Market economies tend to allocate resources more efficiently than do centrally planned economies, but efficient outcomes may not be perceived as fair. Determining what
7、is a fair or equitable outcome calls for the application of normative economic analysis what ought to be. Positive economic analysis is concerned with what is. While most or all economists can agree on the results of positive economic analysis, they may disagree widely on normative economic issues.
8、Microeconomics is the study of how individual choices are made by households, business firms, and government. Macroeconomics is the study of the economy as a whole.The Appendix to Chapter 1 provides a review of basic mathematical tools and techniques that will be applied through the textbook. 2. Lea
9、rning ObjectivesStudents should be able to: Discuss these three important ideas: People are rational. People respond to incentives. Optimal decisions are made at the margin. Discuss how an economy answers these questions: What goods and services will be produced? How will they be produced? Who will
10、receive the goods and services? Understand the role of models in economic analysis. Distinguish between microeconomics and macroeconomics. Become familiar with important economic terms.3. Chapter Outline What Happens When U.S. Firms Move to China?1.In 2004, Massachusetts-based 3Com Corporation intro
11、duced a new network switch for corporate security systems that was manufactured in China and designed by Chinese engineers. This is an example of outsourcing; that is, firms choosing to produce goods and services in other countries and employing people in those countries.Teaching tips: This introduc
12、tion, or chapter opener, describes an economic issue related to the theme of the chapter. An article from the magazine The Economist is cited at the end of the chapter in a feature titled An Inside Look. An Inside Look includes questions that require students to think critically about the issues cov
13、ered in the article. These two features also appear in subsequent chapters. They can be used as the basis for classroom discussion, homework assignments, and examination questions. Introduction1.People must make choices as they try to attain their goals. The choices people make reflect the trade-off
14、s made necessary by scarcity.A. Scarcity is the situation in which unlimited wants exceed the limited resources available to fulfill those wants.B. Economics is the study of the choices people make to attain their goals, given their scarce resources.C. An economic model is a simplified version of re
15、ality used to analyze real world economic situations.Teaching tips: It is important to define economics and explain what scarcity means at the beginning of the course, especially because many students will not have studied economics previously. Some students will better understand what scarcity mean
16、s if they are given examples of things that are not scarce. Some examples of “free resources” sand on a beach, fresh air can be suggested. The list of free resources is very much shorter than the list of scarce resources. Building a Foundation: Economics and Individual Decision Making 1.A market is a group of buyers and sellers of a good or service and
