tailieunhanh - Lecture Macroeconomics (20/e): Chapter 1 - McConnell, Brue, Flynn

This chapter introduces many of the fundamental concepts in economics and covers a wide variety of concepts. It begins with the definition of economics; then the economic perspective is discussed. After that, the discussion moves to the development of economic theory. The individual’s and society’s economizing problems are examined using a budget line and production possibilities curves where economic growth is addressed. The Last Word deals with common mistakes students make when thinking about economics. | Chapter 1 Limits, Alternatives, Choices Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. This chapter introduces many of the fundamental concepts in economics and covers a wide variety of concepts. It begins with the definition of economics; then the economic perspective is discussed. After that, the discussion moves to the development of economic theory. The individual’s and society’s economizing problems are examined using a budget line and production possibilities curves where economic growth is addressed. The Last Word deals with common mistakes students make when thinking about economics. Economics Economics A social science concerned with making optimal choices under conditions of scarcity Economic wants exceed society’s productive capacity LO1 If wants didn’t exceed our productive capacity, everyone could have everything that they ever wanted and this class wouldn’t . | Chapter 1 Limits, Alternatives, Choices Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. This chapter introduces many of the fundamental concepts in economics and covers a wide variety of concepts. It begins with the definition of economics; then the economic perspective is discussed. After that, the discussion moves to the development of economic theory. The individual’s and society’s economizing problems are examined using a budget line and production possibilities curves where economic growth is addressed. The Last Word deals with common mistakes students make when thinking about economics. Economics Economics A social science concerned with making optimal choices under conditions of scarcity Economic wants exceed society’s productive capacity LO1 If wants didn’t exceed our productive capacity, everyone could have everything that they ever wanted and this class wouldn’t exist. Since we can’t get everything that we want, we have to make choices. The choices that we make are the best options available given the circumstances. Every choice that is made has an impact on the economy. Being in this class right now impacts the economy. The Economic Perspective Economic perspective Scarcity and choice Opportunity cost Purposeful behavior to increase utility Marginal analysis LO1 The economic perspective is the way economists view the world. This includes considering scarcity of resources, the opportunity costs of economic decisions, and how consumers and businesses exhibit purposeful behavior in order to increase their utility. Often economists use marginal analysis, which is weighing the marginal benefits and the marginal costs of some activity, in their work. Scarcity and Choice Resources are scarce Choices must be made Opportunity cost There’s no free lunch LO1 If resources weren’t scarce, we wouldn’t have to make choices. Because we have to make .

• Kinh tế học
• Lecture Microeconomics
• Economic problem
• Economic principles
• Economic policies
• Economic perspective
• Marginal analysis
• Microeconomics theory
• Microeconomics applications
• Kinh tế vĩ mô
• Scope of microeconomic theory
• Normative analyses
• Demand curves
• Supply curves
• Consumer choice
• Theory of consumer choice
• Consumption choices
• Substitution effects
• Consumer choice theory
• Excise subsidies
• Economic efficiency
• Competitive equilibrium
• Relating output to inputs
• Empirical estimation
• Cost of production
• Shortrun cost
• Profit maximization
• Perfectly competitive markets
• Competitive model
• Excise taxation
• Monopolist’s demand
• Marginal revenue curves
• Product pricing
• Monopoly power
• Monopolistic competition
• Cournot model
• Game theory
• Economics of information
• Noncompetitive market models
• Iterated dominance
• Input demand curve
• Leisure choice
• Wage rates
• Minimum wage
• Hidden costs
• General equilibrium analysis
• Public goods