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A Lecture Presentation in PowerPoint  to Accompany Principles of Economics Second Edition by N. Gregory Mankiw Prepared by Mark P. Karscig, Department of Economics & Finance, Central Missouri State University.
Ten Principles of Economics Chapter 1 Copyright © 2001 by Harcourt, Inc . All rights reserved.   Requests for permission to make copies of any part of the work should be mailed to: Permissions Department, Harcourt College Publishers, 6277 Sea Harbor Drive, Orlando, Florida 32887-6777.
Economy. . . ,[object Object]
A household and an economy  face many decisions: ,[object Object],[object Object],[object Object],[object Object]
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 Economics   is the study of how society manages its scarce resources.
Economists study. . .  ,[object Object],[object Object],[object Object]
Ten Principles of Economics ,[object Object],[object Object],[object Object],[object Object],How People Make Decisions
Ten Principles of Economics ,[object Object],[object Object],[object Object],How People Interact
Ten Principles of Economics ,[object Object],[object Object],[object Object],How the Economy as a Whole Works
1. People face tradeoffs. “ There is no such thing as a free lunch!”
1. People face tradeoffs. ,[object Object],[object Object],[object Object],[object Object],[object Object],Making decisions requires trading  off one goal against another.
1. People face tradeoffs. ,[object Object],[object Object],Efficiency v. Equity
2. The cost of something is  what you give up to get it. ,[object Object],[object Object],[object Object],[object Object]
2. The cost of something is what you give up to get it. The  opportunity cost   of an item is   what you give up to obtain that item.
3. Rational people think at the margin. ,[object Object],People make decisions by comparing costs and benefits  at the margin .
4. People respond to incentives. ,[object Object],[object Object]
LA Laker basketball star Kobe Bryant chose to skip college and go straight to the NBA from high school when offered a $10 million contract. 4. People respond to incentives.
5. Trade can make everyone better off. ,[object Object],[object Object],[object Object]
6. Markets are usually a good way to organize economic activity. ,[object Object],[object Object]
6. Markets are usually a good way to organize economic activity. ,[object Object]
6. Markets are usually a good way to organize economic activity. ,[object Object],[object Object]
7. Governments can sometimes improve market outcomes. When the market fails (breaks down) government can intervene to promote  efficiency  and  equity.
7. Governments can sometimes improve market outcomes. Market failure   occurs when the market fails to allocate resources efficiently.
7. Governments can sometimes improve market outcomes. Market failure may be caused by an   externality ,   which is the impact of one person or firm’s actions on the well-being of a bystander.
7. Governments can sometimes improve market outcomes. Market failure may also be caused by   market power ,   which   is the ability of a single person or firm to unduly influence market prices.
8. The standard of living depends on a country’s production. ,[object Object],[object Object],[object Object]
8. The standard of living depends on a country’s production. ,[object Object]
8. The standard of living depends on a country’s production. Productivity   is the amount of goods and services produced from each hour of a worker’s time. Higher productivity    Higher standard of living
9. Prices rise when the government prints too much money. ,[object Object],[object Object],[object Object]
10. Society faces a short-run tradeoff between inflation and unemployment. The  Phillips Curve  illustrates the tradeoff between inflation and unemployment:  Inflation      Unemployment It’s a short-run tradeoff!
Summary ,[object Object],[object Object]
Summary ,[object Object],[object Object],[object Object]
Summary ,[object Object],[object Object]

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Mankiw

  • 1. A Lecture Presentation in PowerPoint to Accompany Principles of Economics Second Edition by N. Gregory Mankiw Prepared by Mark P. Karscig, Department of Economics & Finance, Central Missouri State University.
  • 2. Ten Principles of Economics Chapter 1 Copyright © 2001 by Harcourt, Inc . All rights reserved.   Requests for permission to make copies of any part of the work should be mailed to: Permissions Department, Harcourt College Publishers, 6277 Sea Harbor Drive, Orlando, Florida 32887-6777.
  • 3.
  • 4.
  • 5. Society and Scarce Resources: The management of society’s resources is important because resources are scarce.
  • 6. Scarcity . . . . . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have.
  • 7. Economics Economics is the study of how society manages its scarce resources.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12. 1. People face tradeoffs. “ There is no such thing as a free lunch!”
  • 13.
  • 14.
  • 15.
  • 16. 2. The cost of something is what you give up to get it. The opportunity cost of an item is what you give up to obtain that item.
  • 17.
  • 18.
  • 19. LA Laker basketball star Kobe Bryant chose to skip college and go straight to the NBA from high school when offered a $10 million contract. 4. People respond to incentives.
  • 20.
  • 21.
  • 22.
  • 23.
  • 24. 7. Governments can sometimes improve market outcomes. When the market fails (breaks down) government can intervene to promote efficiency and equity.
  • 25. 7. Governments can sometimes improve market outcomes. Market failure occurs when the market fails to allocate resources efficiently.
  • 26. 7. Governments can sometimes improve market outcomes. Market failure may be caused by an externality , which is the impact of one person or firm’s actions on the well-being of a bystander.
  • 27. 7. Governments can sometimes improve market outcomes. Market failure may also be caused by market power , which is the ability of a single person or firm to unduly influence market prices.
  • 28.
  • 29.
  • 30. 8. The standard of living depends on a country’s production. Productivity is the amount of goods and services produced from each hour of a worker’s time. Higher productivity  Higher standard of living
  • 31.
  • 32. 10. Society faces a short-run tradeoff between inflation and unemployment. The Phillips Curve illustrates the tradeoff between inflation and unemployment:  Inflation   Unemployment It’s a short-run tradeoff!
  • 33.
  • 34.
  • 35.

Notas do Editor

  1. 7
  2. 7
  3. 7
  4. 9
  5. 10
  6. 10
  7. 11
  8. 12
  9. 10
  10. 15
  11. 16
  12. 16
  13. 16
  14. 17
  15. 17
  16. 18
  17. 17
  18. 21
  19. 21
  20. 22
  21. 23
  22. 24