Miller 14e 447476_01

Chapter 1 The Nature of Economics

Introduction Rhesus monkeys are willing to forgo 10% of their “income” of cherry juice to examine photos of leading and attractive members of their group. This behavior mirrors our willingness to purchase celebrity magazines. Nevertheless, economists who study making choices in response to rewards or inducements, propose some are willing to pay to be viewed by others as leading and attractive members of our society. What can economists tell us about why people purchase items that attract attention such as flashy sports cars or designer clothing?

Learning Objectives ,[object Object],[object Object],[object Object],[object Object]

Chapter Outline ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Did You Know That ... ,[object Object],[object Object],[object Object]

The Power of Economic Analysis ,[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],The Power of Economic Analysis (cont'd)

The Power of Economic Analysis (cont'd) ,[object Object],[object Object]

The Power of Economic Analysis (cont'd) ,[object Object],[object Object],[object Object]

Defining Economics ,[object Object],[object Object],[object Object]

Defining Economics (cont'd) ,[object Object],[object Object],[object Object],[object Object]

Defining Economics (cont'd) ,[object Object],[object Object]

Microeconomics versus Macroeconomics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Microeconomics versus Macroeconomics (cont'd) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Microeconomics versus Macroeconomics (cont'd) ,[object Object],[object Object]

The Economic Person: Rational Self-Interest ,[object Object]

The Economic Person: Rational Self-Interest (cont'd) ,[object Object],[object Object]

Example: “Neuroeconomics” Explores the Rationality Assumption ,[object Object],[object Object],[object Object]

The Economic Person: Rational Self-Interest (cont'd) ,[object Object],[object Object],[object Object]

The Economic Person: Rational Self-Interest (cont'd) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Economic Person: Rational Self-Interest (cont'd) ,[object Object],[object Object],[object Object],[object Object],[object Object]

E-Commerce Example: Playing the Float with Plastic Instead of Checks ,[object Object],[object Object],[object Object],[object Object],[object Object]

Example: The Perceived Value of Gifts ,[object Object],[object Object],[object Object]

Economics as a Science ,[object Object],[object Object],[object Object]

Economics as a Science (cont'd) ,[object Object],[object Object],[object Object]

Example: Getting Directions ,[object Object],[object Object],[object Object]

Economics as a Science (cont'd) ,[object Object],[object Object],[object Object],[object Object]

Positive versus Normative Economics ,[object Object],[object Object],[object Object],[object Object]

Issues and Applications: Do People Engage in Conspicuous Consumption? ,[object Object],[object Object],[object Object]

Issues and Applications: Do People Engage in Conspicuous Consumption? (cont'd) ,[object Object]

Summary Discussion of Learning Objectives ,[object Object],[object Object],[object Object],[object Object]

Summary Discussion of Learning Objectives (cont'd) ,[object Object],[object Object]

Summary Discussion of Learning Objectives (cont'd) ,[object Object],[object Object],[object Object]

End of Chapter 1 The Nature of Economics

Miller 14e 447476_01

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