Ten Principles of Economics - Micro & Macro EconomicsFaHaD .H. NooR
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Ten Principles of Economics
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.
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.
Principle #8: The Standard of Living Depends on a Countryâs Production.
Principle #9: Prices Rise When the Government Prints Too Much Money.
Principle #10: Society Faces a Short-run Trade-off Between Inflation and Unemployment.
measuring the cost of living
Consumer Price Index
How the CPI Is Calculated
Problems with the CPI
Contrasting the CPI and GDP Deflator
Correcting Variables for Inflation:
Ten Principles of Economics - Micro & Macro EconomicsFaHaD .H. NooR
Â
Ten Principles of Economics
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.
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.
Principle #8: The Standard of Living Depends on a Countryâs Production.
Principle #9: Prices Rise When the Government Prints Too Much Money.
Principle #10: Society Faces a Short-run Trade-off Between Inflation and Unemployment.
measuring the cost of living
Consumer Price Index
How the CPI Is Calculated
Problems with the CPI
Contrasting the CPI and GDP Deflator
Correcting Variables for Inflation:
chapter 1, ten principles of economics, from principles of economics, Gregory Mankiw (2019)
. . . The word economy comes from a Greek word for âone who manages a household.â
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 societyâs 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.
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.
Similar to Principles of Economics Third Edition (20)
Konsep Balanced Score Card. Penilaian kinerja dilihat dari 4 perspektif yaitu perspektif keuangan, konsumen, learn and growth dan proses bisnis internal.
Makalah Analisis PT Kereta API Indonesia . membahas analisis strategik dalam perusahaan kereta api, dimana dampak peraturan harga pesawat tidak ada penetapan batas bawah maka kereta api berdampak.
Makalah Analisis PT Kereta API Indonesia . membahas analisis strategik dalam perusahaan kereta api, dimana dampak peraturan harga pesawat tidak ada penetapan batas bawah maka kereta api berdampak.
Dmfi booklet indonesian. isi petisi nya yah jangan lupa klik www.dogmeatfreeindonesia.org
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Dmfi booklet indonesian. isi petisi nya yah jangan lupa klik www.dogmeatfreeindonesia.org
tidak sampai 1 menit isi petisi ini agar indonesia bebas dari daging anjing, anjing layak diperlakukan layak dan lebih baik.
tolong ya teman - teman
how can i use my minded pi coins I need some funds.DOT TECH
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If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. đ I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
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Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the worldâs largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
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USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
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Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
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Application Process:
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
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Turin Startup Ecosystem 2024
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Introduction to Indian Financial System ()Avanish Goel
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The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins in all Africa Countries.DOT TECH
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Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
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The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Â
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
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Pi coins is not launched yet in any exchange đą this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAYÂ you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers âĽď¸
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
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The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new productâit signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
1. PowerPointÂŽ Lecture Presentation
to accompany
Principles of Economics, Third Edition
N. Gregory Mankiw
Prepared by Mark P. Karscig, Central Missouri State University.
3. Copyright Š 2004 South-Western/Thomson Learning
11Ten Principles of
Economics
4. Copyright Š 2004 South-Western/Thomson Learning
Economy. . .
. . . The word economy comes from a Greek
word for âone who manages a household.â
5. Copyright Š 2004 South-Western/Thomson Learning
TEN PRINCIPLES OF
ECONOMICS
⢠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?
6. Copyright Š 2004 South-Western/Thomson Learning
TEN PRINCIPLES OF
ECONOMICS
Society and Scarce Resources:
⢠The management of societyâs 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.
7. Copyright Š 2004 South-Western/Thomson Learning
TEN PRINCIPLES OF
ECONOMICS
Economics is the study of how society manages
its scarce resources.
8. Copyright Š 2004 South-Western/Thomson Learning
TEN PRINCIPLES OF
ECONOMICS
⢠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.
9. Copyright Š 2004 South-Western/Thomson Learning
TEN PRINCIPLES OF
ECONOMICS
⢠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.
10. Copyright Š 2004 South-Western/Thomson Learning
TEN PRINCIPLES OF
ECONOMICS
⢠The forces and trends that affect how the
economy as a whole works.
⢠The standard of living depends on a countryâs
production.
⢠Prices rise when the government prints too much
money.
⢠Society faces a short-run tradeoff between inflation
and unemployment.
11. Copyright Š 2004 South-Western/Thomson Learning
Principle #1: People Face Tradeoffs.
âThere is no such thing as a free lunch!â
12. Copyright Š 2004 South-Western/Thomson Learning
Making decisions requires trading
off one goal against another.
Principle #1: People Face Tradeoffs.
To get one thing, we usually have to give up
another thing.
⢠Guns v. butter
⢠Food v. clothing
⢠Leisure time v. work
⢠Efficiency v. equity
13. Copyright Š 2004 South-Western/Thomson Learning
Principle #1: People Face Tradeoffs
⢠Efficiency v. Equity
⢠Efficiency means society gets the most that it can
from its scarce resources.
⢠Equity means the benefits of those resources are
distributed fairly among the members of society.
14. Copyright Š 2004 South-Western/Thomson Learning
Principle #2: The Cost of Something Is What
You Give Up to Get It.
⢠Decisions require comparing costs and benefits
of alternatives.
⢠Whether to go to college or to work?
⢠Whether to study or go out on a date?
⢠Whether to go to class or sleep in?
⢠The opportunity cost of an item is what you
give up to obtain that item.
15. Copyright Š 2004 South-Western/Thomson Learning
Principle #2: The Cost of Something Is What
You Give Up to Get It.
LA Laker basketball star
Kobe Bryant chose to
skip college and go
straight from high
school to the pros where
he has earned millions
of dollars.
16. Copyright Š 2004 South-Western/Thomson Learning
People make decisions by comparing
costs and benefits at the margin.
Principle #3: Rational People Think at the
Margin.
⢠Marginal changes are small, incremental
adjustments to an existing plan of action.
17. Copyright Š 2004 South-Western/Thomson Learning
Principle #4: People Respond to Incentives.
⢠Marginal changes in costs or benefits motivate
people to respond.
⢠The decision to choose one alternative over
another occurs when that alternativeâs marginal
benefits exceed its marginal costs!
18. Copyright Š 2004 South-Western/Thomson Learning
Principle #5: Trade Can Make Everyone
Better Off.
⢠People gain from their ability to trade with one
another.
⢠Competition results in gains from trading.
⢠Trade allows people to specialize in what they
do best.
19. Copyright Š 2004 South-Western/Thomson Learning
Principle #6: Markets Are Usually a Good
Way to Organize Economic Activity.
⢠A market economy is an economy that allocates
resources through the decentralized decisions of
many firms and households as they interact in
markets for goods and services.
⢠Households decide what to buy and who to work
for.
⢠Firms decide who to hire and what to produce.
20. Copyright Š 2004 South-Western/Thomson Learning
Principle #6: Markets Are Usually a Good
Way to Organize Economic Activity.
⢠Adam Smith made the observation that
households and firms interacting in markets act
as if guided by an âinvisible hand.â
⢠Because households and firms look at prices when
deciding what to buy and sell, they unknowingly
take into account the social costs of their actions.
⢠As a result, prices guide decision makers to reach
outcomes that tend to maximize the welfare of
society as a whole.
21. Copyright Š 2004 South-Western/Thomson Learning
Principle #7: Governments Can Sometimes
Improve Market Outcomes.
⢠Market failure occurs when the market fails to
allocate resources efficiently.
⢠When the market fails (breaks down)
government can intervene to promote efficiency
and equity.
22. Copyright Š 2004 South-Western/Thomson Learning
Principle #7: Governments Can Sometimes
Improve Market Outcomes.
⢠Market failure may be caused by
⢠an externality, which is the impact of one person or
firmâs actions on the well-being of a bystander.
⢠market power, which is the ability of a single
person or firm to unduly influence market prices.
23. Copyright Š 2004 South-Western/Thomson Learning
Principle #8: The Standard of Living Depends
on a Countryâs Production.
⢠Standard of living may be measured in different
ways:
⢠By comparing personal incomes.
⢠By comparing the total market value of a nationâs
production.
24. Copyright Š 2004 South-Western/Thomson Learning
Principle #8: The Standard of Living Depends
on a Countryâs Production.
⢠Almost all variations in living standards are
explained by differences in countriesâ
productivities.
⢠Productivity is the amount of goods and
services produced from each hour of a workerâs
time.
25. Copyright Š 2004 South-Western/Thomson Learning
Principle #8: The Standard of Living Depends
on a Countryâs Production.
⢠Standard of living may be measured in different
ways:
⢠By comparing personal incomes.
⢠By comparing the total market value of a nationâs
production.
26. Copyright Š 2004 South-Western/Thomson Learning
Principle #9: Prices Rise When the
Government Prints Too Much Money.
⢠Inflation is an increase in the overall level of
prices in the economy.
⢠One cause of inflation is the growth in the
quantity of money.
⢠When the government creates large quantities
of money, the value of the money falls.
27. Copyright Š 2004 South-Western/Thomson Learning
Principle #10: Society Faces a Short-run
Tradeoff Between Inflation and
Unemployment.
⢠The Phillips Curve illustrates the tradeoff
between inflation and unemployment:
ď˛Inflation ď° ďąUnemployment
Itâs a short-run tradeoff!
28. Copyright Š 2004 South-Western/Thomson Learning
Summary
⢠When individuals make decisions, they face
tradeoffs among alternative goals.
⢠The cost of any action is measured in terms of
foregone opportunities.
⢠Rational people make decisions by comparing
marginal costs and marginal benefits.
⢠People change their behavior in response to the
incentives they face.
29. Copyright Š 2004 South-Western/Thomson Learning
Summary
⢠Trade can be mutually beneficial.
⢠Markets are usually a good way of coordinating
trade among people.
⢠Government can potentially improve market
outcomes if there is some market failure or if
the market outcome is inequitable.
30. Copyright Š 2004 South-Western/Thomson Learning
Summary
⢠Productivity is the ultimate source of living
standards.
⢠Money growth is the ultimate source of
inflation.
⢠Society faces a short-run tradeoff between
inflation and unemployment.