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Economics lecture 1

Economics lecture 1

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  • 1. Economics semester 1 Lecture 1 BoK Item 1 and 2
  • 2. Organisation
    • Content: “Body of Knowledge” 1 > 9
    • Book: Essentials of economics (Sloman)
      • See course outline for chapters
    • Exam will be combined with Law and with Cultural Diversity
  • 3. Contact info
    • Robert Gielissen
    • [email_address]
    • Office: 332 R4
    • Tel: 0877874062
  • 4. What is economics about?
    • “How people deal with the economic problem:
    •  Unlimited needs and wants, but limited resources.”
  • 5.  
  • 6. The Production Possibilities Curve
  • 7.  
  • 8. The Production Possibilities Curve
  • 9. Gains from trade??
    • Fish Coconuts
    • Friday 40 or 80
    • Robinson 10 or 60
  • 10. Gains from trade??
    • Fish Coconuts
    • Friday 40 or 80
    • Robinson 10 or 60
  • 11. Yes: Gains from trade!
  • 12. Gains from trade
    • Fish Coconuts
    • Friday 40 or 80
    • Robinson 10 or 60
    • Opportunity Costs:
    • Friday 2 coconuts 1/2 fish
    • Robinson 6 coconuts 1/6 fish
  • 13. In the table below, you find the costs of producing cheese or grain in two different countries. Should the two countries cooperate, and how? Cheese Grain Poland 40 50 France 50 100
  • 14. Answer
  • 15. What are the implications of this??
    • Focus on what you do relatively best
    • Economic efficiency results from cooperation
    • Argument against protectionism