This document outlines 10 principles of economics according to N. Gregory Mankiw. It discusses how individuals make economic decisions by weighing costs and benefits at the margin in response to incentives. It also explains how voluntary exchange through markets can make all parties better off by allowing specialization. While markets generally organize economic activity well, governments sometimes need to intervene to address issues like externalities or inequality. A country's overall prosperity depends on its productivity. Finally, increasing the money supply too much can cause inflation, and in the short-run there is a tradeoff between inflation and unemployment.
The document outlines 10 principles of economics organized into 3 categories: how people make decisions, how people interact, and how the economy as a whole works. It summarizes each principle with examples of how scarcity forces people and societies to make tradeoffs, how incentives affect behavior, how trade benefits all parties, and how monetary and fiscal policies can influence inflation and unemployment.
This document provides an overview of the foundations of economics. It discusses 5 key foundations:
1) Incentives matter - People respond to incentives, both positive and negative. Unintended consequences can arise from incentive structures.
2) Life involves trade-offs - Scarcity requires choices that incur opportunity costs. Governments and individuals face policy and personal trade-offs.
3) Opportunity cost is the highest valued alternative forgone. Marginal thinking evaluates costs and benefits of additional units of goods or activities.
4) Trade can create value when parties voluntarily exchange based on comparative advantage. Specialization and trade allow gains from specialization.
5) Economics involves both micro topics like individual decisions and
This document outlines 10 principles of economics from the textbook "Principles of Economics" by N. Gregory Mankiw. It discusses fundamental lessons about individual decision making, interactions among people, and the economy as a whole. Specifically, it summarizes that people face trade-offs and respond to incentives; markets are generally good but governments can remedy failures; productivity drives living standards; and inflation results from increasing the money supply, creating short-run trade-offs with unemployment.
This document outlines 10 principles of economics:
1) People face tradeoffs when making decisions that require choosing one goal over another.
2) The cost of something is measured by what one gives up to obtain it, known as opportunity cost.
3) Rational people make decisions by comparing marginal costs and benefits of small incremental changes.
4) Markets are usually a good way to organize economic activity as they allow for specialization and gains from trade, but governments can intervene to address market failures or inequities.
5) A country's standard of living depends on its level of productivity and production.
This document provides an introduction to economics. It defines economics as the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. It then discusses microeconomics, which examines individual economic decisions, and macroeconomics, which examines the overall economy. The document outlines the key economic questions of what, how much, how, for whom, and who decides production. It also summarizes Adam Smith's concept of the invisible hand and the principles of scarcity, opportunity cost, and incentives.
The document outlines 10 principles of economics:
1. People face tradeoffs in decision making as resources are scarce.
2. The cost of something is measured by what one gives up to obtain it, including opportunity costs.
3. Rational people think at the margin, weighing marginal costs against marginal benefits.
This document outlines 10 principles of economics according to N. Gregory Mankiw. It discusses how individuals make economic decisions by weighing costs and benefits at the margin in response to incentives. It also explains how voluntary exchange through markets can make all parties better off by allowing specialization. While markets generally organize economic activity well, governments sometimes need to intervene to address issues like externalities or inequality. A country's overall prosperity depends on its productivity. Finally, increasing the money supply too much can cause inflation, and in the short-run there is a tradeoff between inflation and unemployment.
The document outlines 10 principles of economics organized into 3 categories: how people make decisions, how people interact, and how the economy as a whole works. It summarizes each principle with examples of how scarcity forces people and societies to make tradeoffs, how incentives affect behavior, how trade benefits all parties, and how monetary and fiscal policies can influence inflation and unemployment.
This document provides an overview of the foundations of economics. It discusses 5 key foundations:
1) Incentives matter - People respond to incentives, both positive and negative. Unintended consequences can arise from incentive structures.
2) Life involves trade-offs - Scarcity requires choices that incur opportunity costs. Governments and individuals face policy and personal trade-offs.
3) Opportunity cost is the highest valued alternative forgone. Marginal thinking evaluates costs and benefits of additional units of goods or activities.
4) Trade can create value when parties voluntarily exchange based on comparative advantage. Specialization and trade allow gains from specialization.
5) Economics involves both micro topics like individual decisions and
This document outlines 10 principles of economics from the textbook "Principles of Economics" by N. Gregory Mankiw. It discusses fundamental lessons about individual decision making, interactions among people, and the economy as a whole. Specifically, it summarizes that people face trade-offs and respond to incentives; markets are generally good but governments can remedy failures; productivity drives living standards; and inflation results from increasing the money supply, creating short-run trade-offs with unemployment.
This document outlines 10 principles of economics:
1) People face tradeoffs when making decisions that require choosing one goal over another.
2) The cost of something is measured by what one gives up to obtain it, known as opportunity cost.
3) Rational people make decisions by comparing marginal costs and benefits of small incremental changes.
4) Markets are usually a good way to organize economic activity as they allow for specialization and gains from trade, but governments can intervene to address market failures or inequities.
5) A country's standard of living depends on its level of productivity and production.
This document provides an introduction to economics. It defines economics as the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. It then discusses microeconomics, which examines individual economic decisions, and macroeconomics, which examines the overall economy. The document outlines the key economic questions of what, how much, how, for whom, and who decides production. It also summarizes Adam Smith's concept of the invisible hand and the principles of scarcity, opportunity cost, and incentives.
The document outlines 10 principles of economics:
1. People face tradeoffs in decision making as resources are scarce.
2. The cost of something is measured by what one gives up to obtain it, including opportunity costs.
3. Rational people think at the margin, weighing marginal costs against marginal benefits.
How People Make Decisions
People Face Trade-offs
Rational People Think at the Margin
People Respond to Incentives
How People Interact
Trade Can Make Everyone Better off
Markets Are usually a Good Way to Organize Economic Activity
Government Can Sometimes Improve Market Outcomes
How the Economy as a Whole Works
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 Trade-off between Inflation and Unemployment
This document outlines 10 principles of economics:
1. People face tradeoffs and make rational decisions based on costs and benefits.
2. Markets can organize economic activity and trade can benefit all parties by allowing specialization.
3. Government policy can improve market outcomes and maintain institutions like courts and police.
Economics studies how limited resources are used to fulfill unlimited wants. It has two main branches: microeconomics focuses on individual decision-making, while macroeconomics analyzes aggregate outcomes. Positive economics describes what is, while normative economics discusses what should be. The ten principles of economics explain that people face tradeoffs, respond to incentives, and usually benefit from markets. However, governments sometimes need to improve market outcomes and influence inflation and unemployment.
The document outlines 10 principles of economics across 3 categories - how people make decisions, how people interact, and how the economy as a whole works. The key principles are that people face tradeoffs, respond rationally to incentives, can benefit from specialization and trade, and markets are generally effective but sometimes require government intervention to address externalities or market failures. Productivity is the ultimate source of living standards, inflation is ultimately caused by excessive money growth, and there is a short-run tradeoff between inflation and unemployment.
This document provides an overview of civics EOC review for economics goals 7-10. It defines the four factors of production and provides examples. It discusses wants vs needs, scarcity and choices, tradeoffs and opportunity costs, specialization and division of labor. It also covers different economic systems, features of the US economic system including private ownership and competition. Additional topics covered include supply and demand, money, business cycles, fiscal and monetary policy, and domestic and international trade.
1. This chapter introduces the basic principles of economics, including principles of individual choice, how choices interact, and economy-wide interactions. It establishes that economics analyzes choices must be made because resources are scarce.
2. Key concepts introduced are opportunity costs, marginal analysis for decision making, incentives, gains from trade through specialization, markets moving toward equilibrium, and situations where government intervention may be needed to improve efficiency.
3. The chapter lays out a framework of microeconomic and macroeconomic analysis based on these foundational principles.
This chapter introduces some of the key principles of economics. It discusses that economics addresses questions about how societies manage scarce resources. It explores four main principles: how people make decisions, how people interact, how markets usually provide a good way to organize economic activity, and how governments can sometimes improve market outcomes. The chapter provides examples and discussion of opportunity costs, incentives, trade, and the role of prices in allocating resources. It also addresses how a country's standard of living depends on its ability to produce goods and services.
This document outlines 10 principles of economics: 1) People face tradeoffs, 2) The cost of something is what you give up to get it, 3) Rational people think at the margin, 4) People respond to incentives, 5) Trade can make everyone better off, 6) Markets are usually a good way to organize economic activity, 7) Governments can sometimes improve market outcomes, 8) The standard of living depends on a country's production, 9) Prices rise when the government prints too much money, and 10) Society faces a short-run tradeoff between inflation and unemployment. It explains these principles and how they relate to economic decisions made by individuals, firms, and governments.
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.
This document provides an overview of microeconomics concepts from a lecture. It defines economics as the study of how scarce resources are allocated. It discusses how economics is both a social science and decision science. It also covers the basic economic problem of scarcity and choice, factors of production, positive and normative analysis, and the economic way of thinking including using assumptions and marginal analysis. Finally, it discusses opportunity costs and production possibility frontiers in the context of scarcity.
This document summarizes the ten principles of economics according to the textbook "Principles of Economics, Third Edition" by N. Gregory Mankiw. It discusses key economic concepts like scarcity, tradeoffs, costs, incentives, markets, and macroeconomic ideas like inflation and unemployment. The summary focuses on providing a high-level overview of the main topics and ideas covered in the reading.
An economiststudies the relationship between a society's resources and its pr...pritinaskar341
An economiststudies the relationship between a society's resources and its production or output, and their opinions help shape economic policies related to interest rates, tax laws, employment programs, international trade agreements, and corporate strategie
This chapter introduces the key principles of economics. It discusses that economics addresses how societies manage scarce resources through decisions made by individuals and firms. The chapter outlines the principles of how people make decisions, how people interact through markets and trade, and how the overall economy functions. The principles covered are: people face tradeoffs; opportunity cost is the relevant cost; rational people think at the margin; people respond to incentives; trade can make all parties better off; markets are generally efficient but governments can address market failures; productivity drives living standards; inflation is caused by too much money printing; and societies face a short-run tradeoff between inflation and unemployment.
chapter 1, ten principles of economics, from principles of economics, Gregory Mankiw (2019)
. . . The word economy comes from a Greek word for “one who manages a household.”
A household and an economy face many decisions:
Who will work?
What goods and how many of them should be produced?
What resources should be used in production?
At what price should the goods be sold?
Society and Scarce Resources:
The management of society’s resources is important because resources are scarce.
Scarcity. . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have.
Economics is the study of how society manages its scarce resources.
How people make decisions.
People face tradeoffs.
The cost of something is what you give up to get it.
Rational people think at the margin.
People respond to incentives.
How people interact with each other.
Trade can make everyone better off.
Markets are usually a good way to organize economic activity.
Governments can sometimes improve economic outcomes.
Tutor2u - Scarce Resources, Choices and Economic Systemstutor2u
This introductory chapter looks at the basic economic problem. Students need to understand the problem of unlimited wants and finite resources that gives rise to scarcity and inevitable choices. The fundamental economic problem is faced by consumers, producers and the government. Ensure you can distinguish between renewable and non-renewable resources and be able to explain the concept of sustainability. Value judgements influence economic decision making and policy in all countries so make sure you are clear on the difference between positive and normative statements.
This document summarizes 10 key principles of economics from a textbook. It discusses principles related to how individuals make decisions, how people interact in markets, and how the overall economy works. The principles include: people face tradeoffs; costs are what you give up; rational people think at the margin; people respond to incentives; trade can make all parties better off; markets are usually a good way to organize activity; governments can improve market outcomes; a country's standard of living depends on productivity; and inflation reduces purchasing power over time. The document uses examples and diagrams to explain each principle in 2-4 paragraphs.
This document discusses key economic concepts related to scarcity, decision-making, and the role of markets and government. It notes that individuals face trade-offs in their decisions and respond to incentives. It also explains that markets are generally an efficient way to organize economic activity, but that government intervention may be needed to address market failures or inequity issues. The document outlines several principles of economics, including opportunity costs, marginal analysis, gains from trade, productivity factors that influence standards of living, and the relationship between inflation, unemployment, and monetary policy in the short-run.
The document outlines 10 principles of economics according to Dr. Kishor Bhanushali. The principles are: 1) People face trade-offs, 2) The cost of something is what you give up to get it, 3) Rational people think at the margin, 4) People respond to incentives, 5) Trade can make everyone better off, 6) Markets are usually a good way to organize economic activity, 7) Government can sometimes improve market outcomes, 8) A country's standard of living depends on its ability to produce goods and services, 9) Prices rise when government prints too much money, and 10) Society faces short-term trade-offs between inflation and unemployment. Examples and implications of each principle
This document provides an introduction to a course on microeconomics principles taught by Akos Lada. It outlines the following key points:
1. The course objectives are to (re)introduce students to economics and its applications in public policy, familiarize students with economic vocabulary and tools, and focus on microeconomics principles.
2. The content will cover topics like demand and supply, elasticity, market interventions, welfare analysis, production, competition and externalities over 4 weeks. Assignments include readings, problem sets, and exams to evaluate students without official grades.
3. The document reviews some of the key economic principles taught in the course, including the concepts of scarcity, opportunity costs,
This document outlines ten principles of economics from an economics textbook. It discusses the principles in three categories: how people make decisions, how people interact, and how the overall economy works. Some of the key principles covered are that people face tradeoffs, the cost of something is what you give up to get it, markets are generally a good way to organize economic activity, and a country's standard of living depends on its productivity.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
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Similar to Economics presentation, economics week 1 presentation
How People Make Decisions
People Face Trade-offs
Rational People Think at the Margin
People Respond to Incentives
How People Interact
Trade Can Make Everyone Better off
Markets Are usually a Good Way to Organize Economic Activity
Government Can Sometimes Improve Market Outcomes
How the Economy as a Whole Works
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 Trade-off between Inflation and Unemployment
This document outlines 10 principles of economics:
1. People face tradeoffs and make rational decisions based on costs and benefits.
2. Markets can organize economic activity and trade can benefit all parties by allowing specialization.
3. Government policy can improve market outcomes and maintain institutions like courts and police.
Economics studies how limited resources are used to fulfill unlimited wants. It has two main branches: microeconomics focuses on individual decision-making, while macroeconomics analyzes aggregate outcomes. Positive economics describes what is, while normative economics discusses what should be. The ten principles of economics explain that people face tradeoffs, respond to incentives, and usually benefit from markets. However, governments sometimes need to improve market outcomes and influence inflation and unemployment.
The document outlines 10 principles of economics across 3 categories - how people make decisions, how people interact, and how the economy as a whole works. The key principles are that people face tradeoffs, respond rationally to incentives, can benefit from specialization and trade, and markets are generally effective but sometimes require government intervention to address externalities or market failures. Productivity is the ultimate source of living standards, inflation is ultimately caused by excessive money growth, and there is a short-run tradeoff between inflation and unemployment.
This document provides an overview of civics EOC review for economics goals 7-10. It defines the four factors of production and provides examples. It discusses wants vs needs, scarcity and choices, tradeoffs and opportunity costs, specialization and division of labor. It also covers different economic systems, features of the US economic system including private ownership and competition. Additional topics covered include supply and demand, money, business cycles, fiscal and monetary policy, and domestic and international trade.
1. This chapter introduces the basic principles of economics, including principles of individual choice, how choices interact, and economy-wide interactions. It establishes that economics analyzes choices must be made because resources are scarce.
2. Key concepts introduced are opportunity costs, marginal analysis for decision making, incentives, gains from trade through specialization, markets moving toward equilibrium, and situations where government intervention may be needed to improve efficiency.
3. The chapter lays out a framework of microeconomic and macroeconomic analysis based on these foundational principles.
This chapter introduces some of the key principles of economics. It discusses that economics addresses questions about how societies manage scarce resources. It explores four main principles: how people make decisions, how people interact, how markets usually provide a good way to organize economic activity, and how governments can sometimes improve market outcomes. The chapter provides examples and discussion of opportunity costs, incentives, trade, and the role of prices in allocating resources. It also addresses how a country's standard of living depends on its ability to produce goods and services.
This document outlines 10 principles of economics: 1) People face tradeoffs, 2) The cost of something is what you give up to get it, 3) Rational people think at the margin, 4) People respond to incentives, 5) Trade can make everyone better off, 6) Markets are usually a good way to organize economic activity, 7) Governments can sometimes improve market outcomes, 8) The standard of living depends on a country's production, 9) Prices rise when the government prints too much money, and 10) Society faces a short-run tradeoff between inflation and unemployment. It explains these principles and how they relate to economic decisions made by individuals, firms, and governments.
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.
This document provides an overview of microeconomics concepts from a lecture. It defines economics as the study of how scarce resources are allocated. It discusses how economics is both a social science and decision science. It also covers the basic economic problem of scarcity and choice, factors of production, positive and normative analysis, and the economic way of thinking including using assumptions and marginal analysis. Finally, it discusses opportunity costs and production possibility frontiers in the context of scarcity.
This document summarizes the ten principles of economics according to the textbook "Principles of Economics, Third Edition" by N. Gregory Mankiw. It discusses key economic concepts like scarcity, tradeoffs, costs, incentives, markets, and macroeconomic ideas like inflation and unemployment. The summary focuses on providing a high-level overview of the main topics and ideas covered in the reading.
An economiststudies the relationship between a society's resources and its pr...pritinaskar341
An economiststudies the relationship between a society's resources and its production or output, and their opinions help shape economic policies related to interest rates, tax laws, employment programs, international trade agreements, and corporate strategie
This chapter introduces the key principles of economics. It discusses that economics addresses how societies manage scarce resources through decisions made by individuals and firms. The chapter outlines the principles of how people make decisions, how people interact through markets and trade, and how the overall economy functions. The principles covered are: people face tradeoffs; opportunity cost is the relevant cost; rational people think at the margin; people respond to incentives; trade can make all parties better off; markets are generally efficient but governments can address market failures; productivity drives living standards; inflation is caused by too much money printing; and societies face a short-run tradeoff between inflation and unemployment.
chapter 1, ten principles of economics, from principles of economics, Gregory Mankiw (2019)
. . . The word economy comes from a Greek word for “one who manages a household.”
A household and an economy face many decisions:
Who will work?
What goods and how many of them should be produced?
What resources should be used in production?
At what price should the goods be sold?
Society and Scarce Resources:
The management of society’s resources is important because resources are scarce.
Scarcity. . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have.
Economics is the study of how society manages its scarce resources.
How people make decisions.
People face tradeoffs.
The cost of something is what you give up to get it.
Rational people think at the margin.
People respond to incentives.
How people interact with each other.
Trade can make everyone better off.
Markets are usually a good way to organize economic activity.
Governments can sometimes improve economic outcomes.
Tutor2u - Scarce Resources, Choices and Economic Systemstutor2u
This introductory chapter looks at the basic economic problem. Students need to understand the problem of unlimited wants and finite resources that gives rise to scarcity and inevitable choices. The fundamental economic problem is faced by consumers, producers and the government. Ensure you can distinguish between renewable and non-renewable resources and be able to explain the concept of sustainability. Value judgements influence economic decision making and policy in all countries so make sure you are clear on the difference between positive and normative statements.
This document summarizes 10 key principles of economics from a textbook. It discusses principles related to how individuals make decisions, how people interact in markets, and how the overall economy works. The principles include: people face tradeoffs; costs are what you give up; rational people think at the margin; people respond to incentives; trade can make all parties better off; markets are usually a good way to organize activity; governments can improve market outcomes; a country's standard of living depends on productivity; and inflation reduces purchasing power over time. The document uses examples and diagrams to explain each principle in 2-4 paragraphs.
This document discusses key economic concepts related to scarcity, decision-making, and the role of markets and government. It notes that individuals face trade-offs in their decisions and respond to incentives. It also explains that markets are generally an efficient way to organize economic activity, but that government intervention may be needed to address market failures or inequity issues. The document outlines several principles of economics, including opportunity costs, marginal analysis, gains from trade, productivity factors that influence standards of living, and the relationship between inflation, unemployment, and monetary policy in the short-run.
The document outlines 10 principles of economics according to Dr. Kishor Bhanushali. The principles are: 1) People face trade-offs, 2) The cost of something is what you give up to get it, 3) Rational people think at the margin, 4) People respond to incentives, 5) Trade can make everyone better off, 6) Markets are usually a good way to organize economic activity, 7) Government can sometimes improve market outcomes, 8) A country's standard of living depends on its ability to produce goods and services, 9) Prices rise when government prints too much money, and 10) Society faces short-term trade-offs between inflation and unemployment. Examples and implications of each principle
This document provides an introduction to a course on microeconomics principles taught by Akos Lada. It outlines the following key points:
1. The course objectives are to (re)introduce students to economics and its applications in public policy, familiarize students with economic vocabulary and tools, and focus on microeconomics principles.
2. The content will cover topics like demand and supply, elasticity, market interventions, welfare analysis, production, competition and externalities over 4 weeks. Assignments include readings, problem sets, and exams to evaluate students without official grades.
3. The document reviews some of the key economic principles taught in the course, including the concepts of scarcity, opportunity costs,
This document outlines ten principles of economics from an economics textbook. It discusses the principles in three categories: how people make decisions, how people interact, and how the overall economy works. Some of the key principles covered are that people face tradeoffs, the cost of something is what you give up to get it, markets are generally a good way to organize economic activity, and a country's standard of living depends on its productivity.
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Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
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Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
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1. Ten Principles of Economics
• Resources are scarce
• Scarcity: the limited nature of society’s resources
– Society has limited resources
• Cannot produce all the goods and services people
wish to have
• Economics
– The study of how society manages its scarce resources
2. Ten Principles of Economics
• Economists study:
– How people decide what to buy,
how much to work, save, and spend
– How firms decide how much to produce,
how many workers to hire
– How society decides how to divide its resources between
national defense, consumer goods, protecting the
environment, and other needs
3. How People Make Decisions
Principle 1: People face trade-offs
Principle 2: The cost of something is what you give up to get it
Principle 3: Rational people think at the margin
Principle 4: People respond to incentives
4. Principle 1: People Face Trade-offs
“There is no such thing as a free lunch!”
5. Principle 1: People Face Trade-offs
• To get something that we like, we have to give up something
else that we also like
– Going to a party the night before an exam
• Less time for studying
– Having more money to buy stuff
• Working longer hours, less time for leisure
– Protecting the environment
• Resources could be used to produce consumer goods
6. Principle 1: People Face Trade-offs
• Society faces trade-offs:
– The more it spends on national defense (guns) to protect
its shores
• The less it can spend on consumer goods (butter) to
raise the standard of living at home
– Pollution regulations: cleaner environment and improved
health
• But at the cost of reducing the incomes of the firms’
owners, workers, and customers
7. Principle 1: People Face Trade-offs
• Efficiency: society gets the most from its scarce resources
• Equality: prosperity is distributed uniformly among society’s
members
• Tradeoff:
– To achieve greater equality, could redistribute income
from wealthy to poor
– But this reduces incentive to work and produce, shrinks
the size of economic “pie”
8. Principle 2: The Cost of Something Is What You Give Up
to Get It
• Making decisions:
– Compare costs with benefits of alternatives
– Need to include opportunity costs
• Opportunity cost
– Whatever must be given up to obtain some item
9. Principle 2: The Cost of Something Is What You Give Up t
o Get It
LA Laker basketball star Kobe
Bryant chose to skip college a
nd go straight from high scho
ol to the pros where he has e
arned millions of dollars.
10. Principle 2: The Cost of Something Is What You Give Up
to Get It
• The opportunity cost of:
– Going to college for a year
• Tuition, books, and fees
• PLUS foregone wages
– Going to the movies
• The price of the movie ticket
• PLUS the value of the time you spend in the theater
11. Principle 3: Rational People Think at the Margin
• Rational people
– Systematically and purposefully do the best they can to
achieve their objectives
– Given the available opportunities
– Make decisions by evaluating costs and benefits of
marginal changes
• Small incremental adjustments to a plan of action
12. Principle 3: Rational People Think at the Margin
• Examples:
– Cell phone users with unlimited minutes (the minutes are
free at the margin)
• Are often prone to making long/frivolous calls
• Marginal benefit of the call > 0
– A manager considers whether to increase output
• Compares the cost of the needed labor and materials
to the extra revenue
13. Principle 4: People Respond to Incentives
• Incentive
– Something that induces a person to act
• Examples:
– When gas prices rise, consumers buy more hybrid cars
and fewer gas guzzling SUVs
– When cigarette taxes increase,
teen smoking falls
14. How People Interact
Principle 5: Trade can make everyone better off
Principle 6: Markets are usually a good way to organize
economic activity
Principle 7: Governments can sometimes improve market
outcomes
15. Principle 5: Trade Can Make Everyone Better Off
• People benefit from trade:
– People can buy a greater variety of goods and services
at lower cost
• Countries benefit from trade and specialization
– Get a better price abroad for goods they produce
– Buy other goods more cheaply from abroad than could
be produced at home
16. Principle 6: Markets Are Usually a Good Way to Organize
Economic Activity
• Market
– A group of buyers and sellers (need not be in a single
location)
• “Organize economic activity” means determining
– What goods and services to produce
– How much of each to produce
– Who produced and consumed these
17. Principle 6: Markets Are Usually a Good Way to Organize
Economic Activity
• A market economy allocates resources
– Decentralized decisions of many firms and households –
as they interact in markets
• Famous insight by Adam Smith in
The Wealth of Nations (1776):
– Each of these households and firms acts as if “led by an
invisible hand” to promote general economic well-being
18. Principle 6: Markets Are Usually a Good Way to Organize
Economic Activity
• Prices:
– Determined: interaction of buyers and sellers
– Reflect the good’s value to buyers
– Reflect the cost of producing the good
• Invisible hand:
– Prices guide self-interested households and firms to
make decisions that maximize society’s economic
well-being
19. Principle 7: Governments Can Sometimes Improve
Market Outcomes
• Government - enforce property rights
– Enforce rules and maintain institutions that are key to a
market economy
• People are less inclined to work, produce, invest, or
purchase if large risk of their property being stolen
20. Principle 7: Governments Can Sometimes Improve
Market Outcomes
• Government - promote efficiency
– Avoid market failures: market left on its own fails to
allocate resources efficiently
– Externality – source of market failure
• Production or consumption of a good affects
bystanders (e.g. pollution)
– Market power – source of market failure
• A single buyer or seller has substantial influence on
market price (e.g. monopoly)
21. Principle 7: Governments Can Sometimes Improve
Market Outcomes
• Government - promote equality
– Avoid disparities in economic wellbeing
– Use tax or welfare policies to change how the economic
“pie” is divided
22. How the economy as a whole works
Principle 8: A country’s standard of living depends on its ability
to produce goods and services
Principle 9: Prices rise when the government prints too much
money
Principle 10: Society faces a short-run trade-off between
inflation and unemployment
23. Principle 8: Country’s Standard of Living Depends on Its
Ability to Produce Goods and Services
• Huge variation in living standards
– Across countries and over time
– Average income in rich countries
• Is more than ten times average income in poor
countries
– The U.S. standard of living today
• Is about eight times larger than 100 years ago
24. Principle 8: Country’s Standard of Living Depends on Its
Ability to Produce Goods and Services
• Productivity: most important determinant of living standards
– Quantity of goods and services produced from each unit
of labor input
– Depends on the equipment, skills, and technology
available to workers
• Other factors (e.g., labor unions, competition from
abroad) have far less impact on living standards
25. Principle 9: Prices Rise When the Government Prints Too
Much Money
• Inflation
– An increase in the overall level of prices in the economy
• In the long run
– Inflation is almost always caused by excessive growth in
the quantity of money, which causes the value of money
to fall
– The faster the government creates money,
the greater the inflation rate
26. Principle 10: Society Faces a Short-run Trade-off
between Inflation and Unemployment
• Short-run trade-off between unemployment and inflation
– Over a period of a year or two, many economic policies
push inflation and unemployment in opposite directions
– Other factors can make this tradeoff more or less
favorable, but the tradeoff is always present
27. Summary
• Fundamental lessons about individual decision making:
– People face trade-offs among alternative goals
– The cost of any action is measured in terms of forgone
opportunities
– Rational people make decisions by comparing marginal
costs and marginal benefits
– People change their behavior in response to the
incentives they face
28. Summary
• Fundamental lessons about interactions among people:
– Trade and interdependence can be mutually beneficial
– Markets are usually a good way of coordinating economic
activity among people
– The government can potentially improve market outcome
s by remedying a market failure or by promoting greater
economic equality
29. • Fundamental lessons about the economy as a whole:
– Productivity is the ultimate source of living standards
– Growth in the quantity of money is the ultimate source of
inflation
– Society faces a short-run trade-off between inflation and
unemployment
Summary
