The document outlines 10 fundamental principles of economics divided into 3 categories: how people make decisions, how people interact, and how the economy as a whole works. It describes each principle in 1-2 paragraphs. The principles of how people make decisions are that people face tradeoffs, opportunity costs are what is given up, people think at the margin, and respond to incentives. The principles of how people interact are that trade can make all parties better off, markets are generally efficient but government can improve outcomes. The principles of how the economy works are that standard of living depends on productivity, inflation occurs when money supply grows too quickly, and there is a short-run tradeoff between inflation and unemployment.
Students should be able to:
Understand the assumptions of perfect competition and be able to explain the behaviour of firms in this market structure.
Understand the significance of firms as price-takers in perfectly competitive markets. An understanding of the meaning of shut-down point is required. The impact of entry into and exit from the industry should be considered.
The main premise of economic problem is that human needs and wants are unlimited but resources are limited in nature. Thus, scarcity of resources which means that in order to produce one good, you have to sacrifice other good.
Isoquants, MRTS, Concept of Total Product, Average & Marginal Product, Short Run and Long Run analysis of production, The Law of Variable proportion, Returns to scale,
Production Cost – Concept of Cost, Classification of Short run cost – Long run cost,
Gregory Mankiw in his Principles of Economics outlines Ten Principles of Economics that will replicate here, they are:
*People face trade-offs
*The cost of something is what you give up to get it
*Rational people think at the margin
*People respond to incentives
*Trade can make everyone better off
*Markets are usually a good way to organize economic activity
*Governments can sometimes improve market outcomes
*A country's standard of living depends on its ability to produce goods and services
*Prices rise when the government prints too much money
*Society faces a short-run tradeoff between Inflation and unemployment.
Students should be able to:
Understand the assumptions of perfect competition and be able to explain the behaviour of firms in this market structure.
Understand the significance of firms as price-takers in perfectly competitive markets. An understanding of the meaning of shut-down point is required. The impact of entry into and exit from the industry should be considered.
The main premise of economic problem is that human needs and wants are unlimited but resources are limited in nature. Thus, scarcity of resources which means that in order to produce one good, you have to sacrifice other good.
Isoquants, MRTS, Concept of Total Product, Average & Marginal Product, Short Run and Long Run analysis of production, The Law of Variable proportion, Returns to scale,
Production Cost – Concept of Cost, Classification of Short run cost – Long run cost,
Gregory Mankiw in his Principles of Economics outlines Ten Principles of Economics that will replicate here, they are:
*People face trade-offs
*The cost of something is what you give up to get it
*Rational people think at the margin
*People respond to incentives
*Trade can make everyone better off
*Markets are usually a good way to organize economic activity
*Governments can sometimes improve market outcomes
*A country's standard of living depends on its ability to produce goods and services
*Prices rise when the government prints too much money
*Society faces a short-run tradeoff between Inflation and unemployment.
It is a presentation of about Economics and its principles.This ppt will teach you economics from basic level to advanced level. Studying economics helps us to compare our country economy to different countries in the world.
Safalta Digital marketing institute in Noida, provide complete applications that encompass a huge range of virtual advertising and marketing additives, which includes search engine optimization, virtual communication advertising, pay-per-click on marketing, content material advertising, internet analytics, and greater. These university courses are designed for students who possess a comprehensive understanding of virtual marketing strategies and attributes.Safalta Digital Marketing Institute in Noida is a first choice for young individuals or students who are looking to start their careers in the field of digital advertising. The institute gives specialized courses designed and certification.
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Acetabularia Information For Class 9 .docxvaibhavrinwa19
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A Strategic Approach: GenAI in EducationPeter Windle
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Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
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Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
2. There are ten fundamental principles of economics
These principles of economics have been divided under the
three categories as given below.
1 -
• How People Make Decision
2 -
• How People Interact
3 -
• How the economy as a whole
works
3. How People make decision
Under this category, there are four
principle as given below.
1- People face trade-off
2- Cost of something is what you
give up to get some thing
3- Rational people think at the
margin
4- people respond to incentives
4. 1-People face trade offs
Trade off means balancing two
things that we need or want but
which are opposite to each other.
In our real life we always face trade off while making
decision about some thing. It is because to get one thing
that we like, we usually have to give up another thing that
we like. So making decisions requires trading off one goal
against another.
2- Cost of something is what
you give up to get some thing
People face tradeoffs, so making
decisions requires comparing the
costs and benefits of alternative
courses of action. When you spend a year listening to
lectures, reading textbooks, and writing papers, you cannot
spend that time working at a job. For you, the wages given
up to attend school are the cost of your education.
5. The opportunity cost to attend school or having education
are the wages given up.
So the opportunity cost of an item is what you give
up to get that item. When making any decision, decision
makers should be aware of the opportunity costs.
3- Rational people think at
the margin
In economics it is assumed that
people are rational and rational
people make the best decisions by
thinking at the margin (edge)or comparing additional cost
for extra benefits.
Suppose you have been to market for shopping from your
housebybusbypayingRs.50bus-fare.Thereisalsocircus-showat
onecornerinthemarket.Youliketowatchitbutwhethertowatch
it today or come to the next day to watch it, to decide it, you
compare the cost for coming in next day Rs.50 bus-fare + Rs.20
circus charge against benefit or utility from watching circus today
orthenextday.
6. 4-People respond to
incentives
Incentive means something that
encourages people to do
something. People make decisions
by comparing costs and benefits,
their behavior may change when the costs or benefits
change. That is, people respond to incentives. When the
price of an apple rises, for instance, people decide to eat
more pears and fewer apples, because the cost of buying an
apple is higher. At the same time, apple orchards decide to
hire more workers and harvest more apples, because the
benefit of selling an apple is also higher. Thus people
respond to incentives.
7. How People interact
Under this category, there are three
principle as given below.
5- Trade can make every one better
off
6- markets are usually a good way
to organize economic activity
7- Government can sometimes
improve market outcomes
8. 5-Trade can make every one
better off
Either we talk about individuals,
society or countries, trade can
make everyone better off. If there
were no trade, we would make every thing that we need
by ourselves. Perhaps we would lack to get much that we
require but it is trade that allows individuals, firms or
countries to specialize in that what they do best and enjoy
a wider variety of goods. Therefore, trade is the one that
can make everyone better off.
6-Markets are usually a
good way to organize
economic activity.
Markets are usually good way to
organize economic activity. Today,
most countries that once had
centrally planned economies have abandoned this system
9. and are trying to develop market economies. In a market
economy, the decisions of a central planner are replaced by
the decisions of millions of firms and households. Firms
decide whom to hire and what to make. Households decide
which firms to work for and what to buy with their
incomes. These firms and households interact in the
marketplace, where prices and self-interest guide their
decisions of making economic activities. Thus markets are
usually good way to organize economic activities.
7- Government can
sometimes improve
market outcomes
Markets are usually a good way to
organize economic activity. It is
true if only govt. play a crucial role
to settle markets. Govt. provide legal safety to the
economic agents i.e. producers, firms and consumers.
Importantly, markets work only if property rights are
enforced. For example, a farmer won’t grow food
10. if he expects his crops to be stolen, a restaurant won’t
serve meals unless it is assured that customer will pay
before they leave. We will rely on govt. provided police &
courts to enforce our rights over the things we produce.
And sometimes markets fail to work due to some
external effects. There is less efficiency, less equality, lack
of efficient allocation resources. In such a condition govt.
can intervene and improve market outcomes by its public
policy.
• Country’s standard of living depends on its
ability to produce goods and services.8-
• Prices rise when government prints to much
money9-
• Society faces a short-run trade-off between
inflation and employment10
How the economy as a whole works
11. 8- Country’s standard of living depends on its ability to
produce goods and services.
The living standard of a country or its people
primarily depends on its ability to produce goods and
services. The more the ability to produce goods and
services, the more the people can enjoy required goods
and services and maintain high standard of living.
Conversely, where there is low productivity, most of the
people are compelled to spend a miserly life.
9- Prices rise when government prints to much money
The variation in prices of goods and services also
depends on the quantity of money supply in the economy.
When the govt. creates large amount of money and let
them go in the circulation, the value of money goes down
and prices of goods and services rises. The continuous and
sustained rise in price level in called inflation. If such a
situation is not timely checked, it brings an adverse effect
in the economy.
12. 10- Society faces a short-run trade-off between
inflation and unemployment,
There is a short-run trade off between inflation and
unemployment. With the increase in quantity of money
supply, the demand for goods and services goes up. It is
because there is more amount of money in the hand of the
buyers. Consequently, there is an increase in price level
(inflation) and in the meantime it also encourages them to
increase the quantity of goods and services they produce.
So the producers employ more workers to produce those
goods and services. It is, employing more workers means
lower unemployment. Thus there is a short-run trade off
between inflation and unemployment.
Thank You!