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1、Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.A Lecture Presentation in PowerPoint to AccompanyPrinciples of EconomicsSecond EditionbyN. Gregory MankiwPrepared by Mark P. Karscig, Department of Economics & Finance, Central Missouri State University.1Ten Principles of EconomicsChapter
2、1Copyright 2001 by Harcourt, Inc.Allrightsreserved.Requestsforpermissiontomakecopiesofanypartoftheworkshouldbemailedto:PermissionsDepartment,HarcourtCollegePublishers,6277SeaHarborDrive,Orlando,Florida32887-6777.2Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.Economy. . . . . . The wor
3、d economy comes from a Greek word for “one who manages a household.”3Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.A household and an economy face many decisions:uWho will work?uWhat goods and how many of them should be produced?uWhat resources should be used in production?uAt what pr
4、ice should the goods be sold?4Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.Society and Scarce Resources:The management of societys resources is important because resources are scarce.5Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.Scarcity . . . . . means that society h
5、as limited resources and therefore cannot produce all the goods and services people wish to have.6Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.EconomicsEconomics is the study of how society manages its scarce resources. 7Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.Ec
6、onomists study. . . uHow people make decisions.uHow people interact with each other.uThe forces and trends that affect the economy as a whole.8Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.Ten Principles of Economics1. People face tradeoffs.2. The cost of something is what you give up
7、 to get it.3. Rational people think at the margin.4. People respond to incentives.How People Make Decisions9Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.Ten Principles of Economics5. Trade can make everyone better off.6. Markets are usually a good way to organize economic activity.7.
8、 Governments can sometimes improve economic outcomes.How People Interact10Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.Ten Principles of Economics8. The standard of living depends on a countrys production.9. Prices rise when the government prints too much money.10. Society faces a sh
9、ort-run tradeoff between inflation and unemployment.How the Economy as a Whole Works11Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.1. People face tradeoffs.“There is no such thing as a free lunch!”12Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.1. People face tradeoffs
10、.To get one thing, we usually have to give up another thing.u Guns v. butteru Food v. clothingu Leisure time v. worku Efficiency v. equityMaking decisions requires trading off one goal against another.13Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.1. People face tradeoffs.uEfficiency
11、 means society gets the most that it can from its scarce resources.uEquity means the benefits of those resources are distributed fairly among the members of society.Efficiency v. Equity14Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.2. The cost of something is what you give up to get
12、it.Decisions require comparing costs and benefits of alternatives.uWhether to go to college or to work?uWhether to study or go out on a date?uWhether to go to class or sleep in?15Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.2. The cost of something is what you give up to get it.The o
13、pportunity cost of an item is what you give up to obtain that item.16Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.3. Rational people think at the margin.Marginal changes are small, incremental adjustments to an existing plan of action.People make decisions by comparing costs and bene
14、fits at the margin.17Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.4. People respond to incentives.uMarginal changes in costs or benefits motivate people to respond.uThe decision to choose one alternative over another occurs when that alternatives marginal benefits exceed its marginal
15、 costs!18Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.LA Laker basketball star Kobe Bryant chose to skip college and go straight to the NBA from high school when offered a $10 million contract.4. People respond to incentives.19Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,
16、Inc.5. Trade can make everyone better off.uPeople gain from their ability to trade with one another.uCompetition results in gains from trading.uTrade allows people to specialize in what they do best.20Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.6. Markets are usually a good way to o
17、rganize economic activity.uIn a market economy, households decide what to buy and who to work for.uFirms decide who to hire and what to produce. 21Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.6. Markets are usually a good way to organize economic activity.Adam Smith made the observat
18、ion that households and firms interacting in markets act as if guided by an “invisible hand.”22Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.6. Markets are usually a good way to organize economic activity.uBecausehouseholdsandfirmslookatpriceswhendecidingwhattobuyandsell,theyunknowing
19、lytakeintoaccountthesocialcostsoftheiractions.uAsaresult,pricesguidedecisionmakerstoreachoutcomesthattendtomaximizethewelfareofsocietyasawhole.23Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.7. Governments can sometimes improve market outcomes.When the market fails (breaks down) gover
20、nment can intervene to promote efficiency and equity.24Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.7. Governments can sometimes improve market outcomes.Market failure occurs when the market fails to allocate resources efficiently.25Harcourt,Inc.itemsandderiveditemscopyright2001byHar
21、court,Inc.7. Governments can sometimes improve market outcomes.Market failure may be caused by an externality, which is the impact of one person or firms actions on the well-being of a bystander.26Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.7. Governments can sometimes improve marke
22、t outcomes.Market failure may also be caused by market power, which is the ability of a single person or firm to unduly influence market prices. 27Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.8. The standard of living depends on a countrys production.Standard of living may be measure
23、d in different ways:uBy comparing personal incomes.uBy comparing the total market value of a nations production.28Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.8. The standard of living depends on a countrys production.Almost all variations in living standards are explained by differe
24、nces in countries productivities.29Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.8. The standard of living depends on a countrys production.Productivity is the amount of goods and services produced from each hour of a workers time.Higher productivity Higher standard of living30Harcour
25、t,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.9. Prices rise when the government prints too much money.Inflation is an increase in the overall level of prices in the economy.uOne cause of inflation is the growth in the quantity of money.uWhen the government creates large quantities of money,
26、 the value of the money falls.31Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.10. Society faces a short-run tradeoff between inflation and unemployment.The Phillips Curve illustrates the tradeoff between inflation and unemployment:Inflation UnemploymentIts a short-run tradeoff!32p经常不断地学习,你就什么都知道。你知道得越多,你就越有力量pStudyConstantly,AndYouWillKnowEverything.TheMoreYouKnow,TheMorePowerfulYouWillBe写在最后33感谢聆听不足之处请大家批评指导Please Criticize And Guide The Shortcomings结束语讲师：XXXXXX XX年XX月XX日 34
