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Ten Principles of Economics-Prof. Gregory Mankiw ; Presented by Babu Daniel
 

Ten Principles of Economics-Prof. Gregory Mankiw ; Presented by Babu Daniel

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This presentation is for introducing the basic concepts of Economics, based on the thoughts of Prof. N. Gregory Mankiw of Harvard University.

This presentation is for introducing the basic concepts of Economics, based on the thoughts of Prof. N. Gregory Mankiw of Harvard University.

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  • Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
  • Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
  • Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
  • Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
  • Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
  • Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
  • Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
  • Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
  • Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
  • Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
  • Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
  • Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
  • Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
  • Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
  • Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
  • Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
  • Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
  • Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
  • Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.

Ten Principles of Economics-Prof. Gregory Mankiw ; Presented by Babu Daniel Ten Principles of Economics-Prof. Gregory Mankiw ; Presented by Babu Daniel Presentation Transcript

  • Welcome to the Wonderful World of Economics “ ”
  • The word "economics“ has its origin in the Greek "oikonomikós" (relating to household management), from "oikos" (house). “ ”
  • Economics studies how society manages its scarce resources. ---------------------------------------- How people make decisions: How much they work, What they buy, How much they save or invest... “ ”
  • Economics studies how society manages its scarce resources. ---------------------------------------- How people interact with each other: How buyers and sellers Together determine the price, and quantity of goods sold... “ ”
  • Economics studies how society manages its scarce resources ---------------------------------------- How the Economy as a Whole Works: Analyze the forces and trends that affect the economy: Growth in average income, unemployment, inflation etc. “ ” Economics studies how society manages its scarce resources ----------------------------------------
  • How People Make Decisions “ ”
  • Four Principles of Individual Decision-Making Efficiency or Equity? People Face Trade-offs c Good decisions are made when options are known Guns or Butter? 1 b a
  • Four Principles of Individual Decision-Making Some costs are ignored Cost is What You Give-Up c Opportunity Cost is whatever must be given up to obtain some item Not all costs are perceived 2 b a
  • Four Principles of Individual Decision-Making Marginal changes are small incremental adjustments to a plan of action Rational People Think at the Margin c Marginal costs and marginal benefits are compared to make decisions Decisions are rarely black and white 3 b a
  • Four Principles of Individual Decision-Making There are direct and indirect costs and benefits People Respond to Incentives c Incentives and opportunity costs are compared in decision making Behaviour changes, as costs or benefits change 4 b a
  • How People Interact “ ”
  • Three Principles of Individual Interaction Isolation to Specialisation Trade Makes Everyone Better Off c Partners in Progress Competition and Trade is not a Win-Lose Affair 1 b a
  • Three Principles of Individual Interaction Adam Smith: “Invisible Hand” leads to desirable outcomes Markets Usually Organize Economic Activities Efficiently c Communism: Controls prevent self-correction and affect welfare of society as a whole Market Economy: Resource allocation with decentralised decision making as individual and firms interact for goods and services 2 b a
  • Three Principles of Individual Interaction Externality: the impact of one person’s actions on the well being of another Governments Can Sometimes Improve Market Outcomes c Market Power: The ability of a single entity (or group) with substantial influence Market failure is the failure of efficient allocation of resources 3 b a
  • How the Economy as a Whole Works “ ”
  • Three Principles of the Economy as a Whole Keys: Education , Tools and Technology A County’s Standard of Living Depends on Ability to Produce Goods and Services c Government Budget deficits lower investment and productivity Standard of living is linked to productivity 1 b a
  • Three Principles of the Economy as a Whole Culprit: Growth in the quantity of money supply (money value?) Prices Rise when Government Prints too Much Money c Keeping inflation low is part of good public policy Inflation: Increase in the overall level of prices 2 b a
  • Three Principles of the Economy as a Whole Restriction of money supply decreases spending leading to less sales Society Faces Short-run Trade off between Inflation and Unemployment c Monetary Policy and Fiscal Policy Are the instruments of control Reduction in inflation causes temporary increase in unemployment 3 b a
  • Remember the 10 Building Blocks ------------------------------------------------ Even the most sophisticated economic analysis is built using the ten principles used here… “ ”