Ten Principles of Economics - Micro & Macro EconomicsFaHaD .H. NooR
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 Country’s 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.
Ten Principles of Economics - Micro & Macro EconomicsFaHaD .H. NooR
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 Country’s 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.
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.
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
ten principles of economics, basics of economics,economicsRAHUL SINHA
short notes on chapter 1 of economics book by mankiw
topics covered
What is economics?
HOW PEOPLE MAKE DECISIONS
HOW PEOPLE INTERACT
HOW THE ECONOMY AS A WHOLE WORKS
Basics of Supply including the Law of Supply, Supply Curves and Schedules, Determinants of Supply, and the difference between Supply and Quantity Supplied.
Using the Income Approach, this powerpoint demonstrates how to create GDP figure using given data and then work back to get other statistics such as NDP, PI, and DI.
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.
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
ten principles of economics, basics of economics,economicsRAHUL SINHA
short notes on chapter 1 of economics book by mankiw
topics covered
What is economics?
HOW PEOPLE MAKE DECISIONS
HOW PEOPLE INTERACT
HOW THE ECONOMY AS A WHOLE WORKS
Basics of Supply including the Law of Supply, Supply Curves and Schedules, Determinants of Supply, and the difference between Supply and Quantity Supplied.
Using the Income Approach, this powerpoint demonstrates how to create GDP figure using given data and then work back to get other statistics such as NDP, PI, and DI.
PowerPoint about a few key figures regarding the growth of power and influence of Christianity in Europe. Also some basic information about the Crusades.
Brief Presentation summarizing a few key conflicts between the colonists and Native Americans as well as Nathaniel Bacon's attempt to overthrow the government of Virginia
Unit 1: 1.3 - MODERN SCHOOL OF THOUGHT
"Economics is the Science of Scarcity and Choice"
Prof. Lionel Robbins thus defined economics in the following four fundamental propositions that constitute the basis of the structure of economic science.
1. Human wants or ends are unlimited.
2. Human wants are different in importance.
3. Resources to fulfil human wants are limited.
4. Resources have alternative uses.
1. Wants or Ends are Unlimited:
Human beings have wants which are unlimited in number. If one want is satisfied another crops up. If wants had been limited, they would have not and all incentives to economic effort would have ceased.
2. Wants or Ends vary in Importance:
Human wants are not of equal importance because these are uncountable. Therefore, they compel us to choose between more urgent and less urgent ones.
3. Resources are Scarce:
To satisfy unlimited wants people have limited economic resource. These resources are various types of labour Capital, land and entrepreneurship used in producing goods services. Since these resources are limited, the ability of the community to produce goods and services is also limited.
4. Resources have Alternative Uses:
The limited resources are capable of alternative uses. As wants are varying in importance, some are more urgent and others less urgent. Therefore, resources should be used selectively to the most urgent wants firstly, so choice comes again.
Keeping all the above points in view, it can simply be stated in the following words:
"Economics is a science which is the study of those principles on which the resources of a community should be so regulated and administrated as to secure the communal ends without waste."
According to Prof. Lionel Robbins
"Our economics holds good under barter as well as under money exchange, under individual as well as under social human conduct, under capitalist as well as under socialist society."
The followers of Lionel Robins' like Wicksteed, Schonfeld, Hans Mayhers, Carl Manger, Strigler, Fetter, Schaffle, Spaan, Cohen, Oppenheimer, Maxweber, Voigt etc. also called economics as "a science of scarcity and choice."
All of them are of the view that resources as compared to desires are limited and economic problem is that how these limited resources can be used to satisfy maximum desires.
According to Prof. Stigler
"Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of allocation is to maximize the attainment of the ends."
Foundations of Competitive Strategy (Part I)ProfessorDeitz
Powerpoint slides to accompany lecture on Foundations of Competitive Strategy.
Review history of economic thought. Links mainstream (neoclassical) economic thought to predominant strategy frameworks, such as Porter's 5 forces model and Value Chain. Critique of mainstream approaches, introduction to evolutionary economics and contemporary strategy frameworks.
Behavioral economics has gained much attention in
field of psychology and public policy. The field of study
known as behavioral economics initially began as a purely
academic attempt at modeling irrational consumer choices,
thereby challenging the notion of the rational consumer of
traditional economics. Management functions in 21st century
workplaces have witnessed the paradigm shift in the decision
making. According to Richard Thaler (Nobel Memorial Prize
winner), Economic Sciences is a nudge for marketers to learn
about behavioral economics. His work explains how can
marketers nudge quick-thinking, short-attention consumers?
This article seeks to examine and explain the difference which
behavioral economics can make in formulating marketing
strategies using the nudging concept given by Nobel prize
winner Richard Thaler.
The Economic Way of Thinking Part 1 v2.pptxMatthew Caggia
An introduction to Economics. Thinking like an economist is different than more conventional, everyday thinking. We may use the same words but use them differently, or we may use the same ideas and use different terms.
6 important events of the Civil War. Many would argue that there are many more important events or there are others that may be more important - and could not disagree - but these events get to t he heart of what we need to know for the EOC.
Supreme Court Cases - For Florida US HistoryMatthew Caggia
The quickest of reviews of the main ideas regarding 10 Supreme Court Cases to prepare, last minute, for the Florida, US History, End of Course (EOC) Exam.
Introduction to Demand and the difference between Demand and Quantity Demanded. Including the impact prices have on Quantity and the Determinants of Demand.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Delivering Micro-Credentials in Technical and Vocational Education and TrainingAG2 Design
Explore how micro-credentials are transforming Technical and Vocational Education and Training (TVET) with this comprehensive slide deck. Discover what micro-credentials are, their importance in TVET, the advantages they offer, and the insights from industry experts. Additionally, learn about the top software applications available for creating and managing micro-credentials. This presentation also includes valuable resources and a discussion on the future of these specialised certifications.
For more detailed information on delivering micro-credentials in TVET, visit this https://tvettrainer.com/delivering-micro-credentials-in-tvet/
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
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.
for beginners, providing thorough training in areas such as SEO, digital communication marketing, and PPC training in Noida. After finishing the program, students receive the certifications recognised by top different universitie, setting a strong foundation for a successful career in digital marketing.
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.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
2. MAIN IDEA OF ECONOMICS
Scarcity
Needs + Wants Resources
“Economics is the science which studies human behaviour as a relationship
between ends and scarce means which have alternative uses.”
- Lord Lionel Charles Robbins
3. MAIN IDEA OF ECONOMICS
Scarcity
Needs + Wants > Resources
4. MAIN IDEA OF ECONOMICS
Scarcity
Trade-Offs
Choices Among Alternatives
5. MAIN IDEA OF ECONOMICS
Scarcity
Trade-Offs
Rational Thinking
Acting in one’s (perceived) best interest
6. MAIN IDEA OF ECONOMICS
Scarcity
Trade-Offs
Rational Thinking
Opportunity Cost
The value of the best choice NOT taken
7. HOW PEOPLE MAKE DECISIONS
Principle #1: People Face Tradeoffs
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
8. 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
9. HOW THE ECONOMY WORKS AS A WHOLE
Principle #8: A country’s standard of living
depends on its ability to produce goods &
services.
Principle #9: Prices rise when the
government prints too much money.
Principle #10: Society faces a short-run
tradeoff between inflation and unemployment
Editor's Notes
Ask: Why is there scarcity?
Q: What does Scarcity result in?
A: Trade-Offs, your choices
In economics we make assumptions. One of the most important assumptions is that people will think rationally. Overall, with a sample as large as an entire populace, on average, the sample with behave rationally. This rational thinking will allow us to make the choice that is best for us.
Once you make a choice is when you can truly determine the cost of that choice, also known as the Opportunity Cost – the value of the next best choice not taken.
Beware of Buyers Remorse – when, after you make your choice, you regret that choice and wish you had made a different decision.
#1: Because of Scarcity people must make choices. Most often our choices involve how we will spend our time, but it can be measured against any resource as long as it is the underlying “currency” which will be spent on making this decision.
#2: There will be a cost of taking one opportunity over another. That cost is based on the value you place on the tradeoffs you choose between.
#3: Rational People think at the margin. When we refer to “at the margin” it means we are looking at the cost (vs. the benefit) of one additional item or unit of what we are choosing.
#4: Incentives are powerful tools in getting people undertake a specific behavior. They are rewards for do certain things and lessens the cost of your choice by increasing the value of one of your tradeoffs.
#5: People benefit from trade when they specialize in the production of what they are best at and trade some for the things that they need. In this way, for an entire economic system, more is produced overall and each person involved in the trade can gain more by giving up less – next we are going to look at the benefits of trade by learning about Absolute and Comparative Advantage.
#6: While each society coordinates the exchange of goods and services differently, our society generally favors the use of markets to organize the economic activity. This implies that supply and demand are the major contributing factors in determining prices which guide consumers and producers in answering the 3 basic economic questions: What? How? For Whom? Adam Smith dubs this the “Invisible Hand”
#7: When the is a market failure, government may be able to improve the outcome and make eliminate the failure. “Failure” is a strong word, but in economics it indicates any situation that does not result in equilibrium or when there are unexpected side effects, good or bad. The side effects are called “Externalities” Positive or Negative. And some times called “Spill-overs” Spillover benefits, and spillover costs.
#8: As long as a society is able to produce goods and service that improve the lives of the people then they will benefit in their standard of living. As long the amount of goods and services produced grows faster than the population, the country’s standard of living will increase. Note: in this case it is referring to the average standard of living for the people (per capita), we should remember that it does not mean that everyone in the country is actually doing better, but on average it is greater.
#9: If value money is based on some finite quantity of goods and services or some commodity, when more money is printed and added to the economy then it will take all of that money in the society to buy the same finite quantity of goods or some commodity as before, result – higher prices.
#10: In most situations, economic systems try to find a balance between inflation and unemployment. While unemployment is indicative of an economy that is not growing fast enough, inflation is an indication that the economy is growing too quickly. On occasion, both inflation and unemployment are present, this is a bigger problem called “stagflation” meaning that the economy is not growing (is stagnant) yet there is inflation.