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ALecturePresentationinPowerPointtoAccompany PrinciplesofEconomicsSecondEditionbyN GregoryMankiw PreparedbyMarkP Karscig DepartmentofEconomics Finance CentralMissouriStateUniversity TenPrinciplesofEconomics Chapter1 Copyright 2001byHarcourt Inc Allrightsreserved Requestsforpermissiontomakecopiesofanypartoftheworkshouldbemailedto PermissionsDepartment HarcourtCollegePublishers 6277SeaHarborDrive Orlando Florida32887 6777 Economy ThewordeconomycomesfromaGreekwordfor onewhomanagesahousehold Ahouseholdandaneconomyfacemanydecisions Whowillwork Whatgoodsandhowmanyofthemshouldbeproduced Whatresourcesshouldbeusedinproduction Atwhatpriceshouldthegoodsbesold SocietyandScarceResources Themanagementofsociety sresourcesisimportantbecauseresourcesarescarce Scarcity meansthatsocietyhaslimitedresourcesandthereforecannotproduceallthegoodsandservicespeoplewishtohave Economics Economicsisthestudyofhowsocietymanagesitsscarceresources Economistsstudy Howpeoplemakedecisions Howpeopleinteractwitheachother Theforcesandtrendsthataffecttheeconomyasawhole TenPrinciplesofEconomics 1 Peoplefacetradeoffs 2 Thecostofsomethingiswhatyougiveuptogetit 3 Rationalpeoplethinkatthemargin 4 Peoplerespondtoincentives HowPeopleMakeDecisions TenPrinciplesofEconomics 5 Tradecanmakeeveryonebetteroff 6 Marketsareusuallyagoodwaytoorganizeeconomicactivity 7 Governmentscansometimesimproveeconomicoutcomes HowPeopleInteract TenPrinciplesofEconomics 8 Thestandardoflivingdependsonacountry sproduction 9 Pricesrisewhenthegovernmentprintstoomuchmoney 10 Societyfacesashort runtradeoffbetweeninflationandunemployment HowtheEconomyasaWholeWorks 1 Peoplefacetradeoffs Thereisnosuchthingasafreelunch 1 Peoplefacetradeoffs Togetonething weusuallyhavetogiveupanotherthing Gunsv butterFoodv clothingLeisuretimev workEfficiencyv equity Makingdecisionsrequirestradingoffonegoalagainstanother 1 Peoplefacetradeoffs Efficiencymeanssocietygetsthemostthatitcanfromitsscarceresources Equitymeansthebenefitsofthoseresourcesaredistributedfairlyamongthemembersofsociety Efficiencyv Equity 2 Thecostofsomethingiswhatyougiveuptogetit Decisionsrequirecomparingcostsandbenefitsofalternatives Whethertogotocollegeortowork Whethertostudyorgooutonadate Whethertogotoclassorsleepin 2 Thecostofsomethingiswhatyougiveuptogetit Theopportunitycostofanitemiswhatyougiveuptoobtainthatitem 3 Rationalpeoplethinkatthemargin Marginalchangesaresmall incrementaladjustmentstoanexistingplanofaction Peoplemakedecisionsbycomparingcostsandbenefitsatthemargin 4 Peoplerespondtoincentives Marginalchangesincostsorbenefitsmotivatepeopletorespond Thedecisiontochooseonealternativeoveranotheroccurswhenthatalternative smarginalbenefitsexceeditsmarginalcosts LALakerbasketballstarKobeBryantchosetoskipcollegeandgostraighttotheNBAfromhighschoolwhenoffereda 10millioncontract 4 Peoplerespondtoincentives 5 Tradecanmakeeveryonebetteroff Peoplegainfromtheirabilitytotradewithoneanother Competitionresultsingainsfromtrading Tradeallowspeopletospecializeinwhattheydobest 6 Marketsareusuallyagoodwaytoorganizeeconomicactivity Inamarketeconomy householdsdecidewhattobuyandwhotoworkfor Firmsdecidewhotohireandwhattoproduce 6 Marketsareusuallyagoodwaytoorganizeeconomicactivity AdamSmithmadetheobservationthathouseholdsandfirmsinteractinginmarketsactasifguidedbyan invisiblehand 6 Marketsareusuallyagoodwaytoorganizeeconomicactivity Becausehouseholdsandfirmslookatpriceswhendecidingwhattobuyandsell theyunknowinglytakeintoaccountthesocialcostsoftheiractions Asaresult pricesguidedecisionmakerstoreachoutcomesthattendtomaximizethewelfareofsocietyasawhole 7 Governmentscansometimesimprovemarketoutcomes Whenthemarketfails breaksdown governmentcanintervenetopromoteefficiencyandequity 7 Governmentscansometimesimprovemarketoutcomes Marketfailureoccurswhenthemarketfailstoallocateresourcesefficiently 7 Governmentscansometimesimprovemarketoutcomes Marketfailuremaybecausedbyanexternality whichistheimpactofonepersonorfirm sactionsonthewell beingofabystander 7 Governmentscansometimesimprovemarketoutcomes Marketfailuremayalsobecausedbymarketpower whichistheabilityofasinglepersonorfirmtoundulyinfluencemarketprices 8 Thestandardoflivingdependsonacountry sproduction Standardoflivingmaybemeasuredindifferentways Bycomparingpersonalincomes Bycomparingthetotalmarketvalueofanation sproduction 8 Thestandardoflivingdependsonacountry sproduction Almostallvariationsinlivingstandardsareexplainedbydifferencesincountries productivities 8 Thestandardoflivingdependsonacountry sproduction Productivityistheamountofgoodsandservicesproducedfromeachhourofaworker stime Higherproductivity Higherstandardofliving 9 Pricesrisewhenthegovernmentprintstoomuchmoney Inflationisanincreaseintheoveralllevelofpricesintheeconomy Onecauseofinflationisthegrowthinthequantityofmoney Whenthegovernmentcreateslargequantitiesofmoney thevalueofthemoneyfalls 10 Societyfacesashort runtradeoffbetweeninflationandunemployment ThePhillipsCurveillustratesthetradeoffbetweeninflationandunemployment Inflation UnemploymentIt sashort runtradeoff Summary Whenindividualsmakedecisions theyfacetradeoffs Rationalpeoplemakedecisionsbycomparingmarginalcostsandmargin
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