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ThinkingLikeanEconomistChapter2Copyright©2001byHarcourt,Inc.
Allrightsreserved.
Requestsforpermissiontomakecopiesofanypartofthe
workshouldbemailedto:PermissionsDepartment,HarcourtCollegePublishers,
6277SeaHarborDrive,Orlando,Florida32887-6777.
ThinkingLikeanEconomistChap1EveryfieldofstudyhasitsownterminologyMathematicsaxiomsintegralsvectorspacesPsychologyegoidcognitivedissonanceLawtortsvenuesPromissoryestoppelEveryfieldofstudyhasitso2EveryfieldofstudyhasitsownterminologyEconomicsSupplyDemandElasticityConsumerSurplusComparativeadvantageOpportunitycostDeadweightlossEveryfieldofstudyhasitso3Economicstrainsyouto....Thinkintermsofalternatives.Evaluatethecostofindividualandsocialchoices.Examineandunderstandhowcertaineventsandissuesarerelated.Economicstrainsyouto....4TheEconomistasaScientistTheeconomicwayofthinking...Involvesthinkinganalytically
and
objectively.Makesuseofthe
scientificmethod.TheEconomistasaScientistTh5TheScientificMethodUsesabstractmodelstohelpexplainhowacomplex,realworldoperates.
Developstheories,collects,andanalyzesdatatoprovethetheories.Observation,TheoryandMoreObservation!TheScientificMethodUsesabst6TheRoleofAssumptionsEconomistsmakeassumptionsinordertomaketheworldeasiertounderstand.Theartinscientificthinkingisdecidingwhichassumptionstomake.Economistsusedifferentassumptionstoanswerdifferentquestions.TheRoleofAssumptionsEconom7TheEconomicWayofThinkingIncludesdevelopingabstractmodelsfromtheoriesandthe
analysisofthemodels.Usestwoapproaches:Descriptive(reportingfacts,etc.)Analytical(abstractreasoning)TheEconomicWayofThinkingIn8EconomicModelsEconomistsusemodelstosimplifyrealityinordertoimproveourunderstandingoftheworldTwoofthemostbasiceconomicmodelsinclude:TheCircularFlowModelTheProductionPossibilitiesFrontierEconomicModelsEconomistsuse9TheCircular-FlowModelThe
circular-flowmodel
isasimplewaytovisuallyshowtheeconomictransactionsthatoccurbetweenhouseholdsandfirmsintheeconomy.TheCircular-FlowModelThecir10TheCircular-FlowDiagramFirmsHouseholdsMarketforFactorsofProductionMarketforGoodsandServicesSpendingRevenueWages,rent,andprofitIncomeGoods&ServicessoldGoods&ServicesboughtLabor,land,andcapitalInputsforproductionTheCircular-FlowDiagramFirms11TheCircular-FlowDiagramHouseholds
BuyandconsumegoodsandservicesOwnandsellfactorsofproductionFirms
ProduceandsellgoodsandservicesHireandusefactorsofproductionTheCircular-FlowDiagramHouse12TheCircular-FlowDiagramMarketsforFactorsofProduction
HouseholdssellFirmsbuyMarketsforGoods&Services
FirmssellHouseholdsbuyTheCircular-FlowDiagramMarke13TheCircular-FlowDiagramFactorsofProduction
InputsusedtoproducegoodsandservicesLand,labor,andcapitalTheCircular-FlowDiagramFacto14TheProductionPossibilitiesFrontierTheproductionpossibilitiesfrontierisagraphshowingthevariouscombinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtechnology.TheProductionPossibilitiesF15TheProductionPossibilitiesFrontierQuantityofComputersProducedQuantityofCarsProduced3,00001,0002,0007001,000300AB2,200600CDTheProductionPossibilitiesF16TheProductionPossibilitiesFrontierQuantityofComputersProducedQuantityofCarsProduced3,0001,0002,0002,200A70060030001,000BCDProductionpossibilitiesfrontierTheProductionPossibilitiesF17ConceptsIllustratedbytheProductionPossibilitiesFrontierEfficiencyTradeoffsOpportunityCostEconomicGrowthConceptsIllustratedbythePr184,000TheProduction
PossibilitiesFrontierQuantityofComputersProducedQuantityofCarsProduced3,0002,000A70001,000E2,100750Anoutwardshiftintheproductionpossibilitiesfrontier4,000TheProduction
Possibili19MicroeconomicsandMacroeconomicsMicroeconomics
focusesontheindividualpartsoftheeconomy.HowhouseholdsandfirmsmakedecisionsandhowtheyinteractinspecificmarketsMacroeconomics
looksattheeconomyasawhole.Howthemarkets,asawhole,interactatthenationallevel.
MicroeconomicsandMacroeconom20TwoRolesofEconomistsWhentheyaretryingtoexplaintheworld,theyare
scientists.Whentheyaretryingtochangetheworld,theyare
policymakers.TwoRolesofEconomistsWhenth21PositiveversusNormativeAnalysisPositivestatements
arestatementsthatdescribetheworldasitis.
CalleddescriptiveanalysisNormativestatements
arestatementsabouthowtheworldshouldbe.CalledprescriptiveanalysisPositiveversusNormativeAnal22??PositiveorNormativeStatements?Anincreaseintheminimumwagewillcauseadecreaseinemploymentamongtheleast-skilled.??PositiveorNormativeStatem23???PositiveorNormativeStatements?Higherfederalbudgetdeficitswillcauseinterestratestoincrease.???PositiveorNormativeState24????PositiveorNormativeStatements?Theincomegainsfromahigherminimumwageareworthmorethananyslightreductionsinemployment.????PositiveorNormativeStat25???PositiveorNormativeStatements?Stategovernmentsshouldbeallowedtocollectfromtobaccocompaniesthecostsoftreatingsmoking-relatedillnessesamongthepoor.???PositiveorNormativeState26EconomistsinWashington... ...serveasadvisersinthepolicymakingprocessofthethreebranchesofgovernment:LegislativeExecutiveJudicialEconomistsinWashington...27WhyEconomistsDisagreeTheymaydisagreeontheoriesabouthowtheworldworks.
Theymayholddifferentvaluesand,thus,differentnormativeviews.
WhyEconomistsDisagreeTheyma28ExamplesofWhatMostEconomistsAgreeOnAceilingonrentsreducesthequantityandqualityofhousingavailable.
Tariffsandimportquotasusuallyreducegeneraleconomicwelfare.ExamplesofWhatMostEconomis29SummaryInordertoaddresssubjectswithobjectivity,economicsmakesuseofthescientificmethod.
Thefieldofeconomicsisdividedintotwosubfields:microeconomicsandmacroeconomics.SummaryInordertoaddresssub30SummaryEconomicsreliesonbothpositiveandnormativeanalysis.Positivestatementsasserthowtheworld“is”whilenormativestatementsasserthowtheworld“shouldbe.”Economistsmayofferconflictingadviceduetodifferencesinscientificjudgmentsortodifferencesinvalues.SummaryEconomicsreliesonbot31GraphicalReviewGraphicalReview32TheCircular-FlowDiagramFirmsHouseholdsMarketforFactorsofProductionMarketforGoodsandServicesSpendingRevenueWages,rent,andprofitIncomeLabor,land,andcapitalInputsforproductionGoods&ServicessoldGoods&ServicesboughtTheCircular-FlowDiagramFirms33TheProductionPossibilitiesFrontierQuantityofComputersProducedQuantityofCarsProduced3,00001,0002,0007001,000300AB2,200600CDTheProductionPossibilitiesF34TheProductionPossibilitiesFrontierQuantityofComputersProducedQuantityofCarsProduced3,0001,0002,0002,200A70060030001,000BCDProductionpossibilitiesfrontierTheProductionPossibilitiesF35TheProduction
PossibilitiesFrontier4,000QuantityofComputersProducedQuantityofCarsProduced3,0002,000A70001,000E2,100750AnoutwardshiftintheproductionpossibilitiesfrontierTheProduction
Possibilities36ThinkingLikeanEconomistChapter2Copyright©2001byHarcourt,Inc.
Allrightsreserved.
Requestsforpermissiontomakecopiesofanypartofthe
workshouldbemailedto:PermissionsDepartment,HarcourtCollegePublishers,
6277SeaHarborDrive,Orlando,Florida32887-6777.
ThinkingLikeanEconomistChap37EveryfieldofstudyhasitsownterminologyMathematicsaxiomsintegralsvectorspacesPsychologyegoidcognitivedissonanceLawtortsvenuesPromissoryestoppelEveryfieldofstudyhasitso38EveryfieldofstudyhasitsownterminologyEconomicsSupplyDemandElasticityConsumerSurplusComparativeadvantageOpportunitycostDeadweightlossEveryfieldofstudyhasitso39Economicstrainsyouto....Thinkintermsofalternatives.Evaluatethecostofindividualandsocialchoices.Examineandunderstandhowcertaineventsandissuesarerelated.Economicstrainsyouto....40TheEconomistasaScientistTheeconomicwayofthinking...Involvesthinkinganalytically
and
objectively.Makesuseofthe
scientificmethod.TheEconomistasaScientistTh41TheScientificMethodUsesabstractmodelstohelpexplainhowacomplex,realworldoperates.
Developstheories,collects,andanalyzesdatatoprovethetheories.Observation,TheoryandMoreObservation!TheScientificMethodUsesabst42TheRoleofAssumptionsEconomistsmakeassumptionsinordertomaketheworldeasiertounderstand.Theartinscientificthinkingisdecidingwhichassumptionstomake.Economistsusedifferentassumptionstoanswerdifferentquestions.TheRoleofAssumptionsEconom43TheEconomicWayofThinkingIncludesdevelopingabstractmodelsfromtheoriesandthe
analysisofthemodels.Usestwoapproaches:Descriptive(reportingfacts,etc.)Analytical(abstractreasoning)TheEconomicWayofThinkingIn44EconomicModelsEconomistsusemodelstosimplifyrealityinordertoimproveourunderstandingoftheworldTwoofthemostbasiceconomicmodelsinclude:TheCircularFlowModelTheProductionPossibilitiesFrontierEconomicModelsEconomistsuse45TheCircular-FlowModelThe
circular-flowmodel
isasimplewaytovisuallyshowtheeconomictransactionsthatoccurbetweenhouseholdsandfirmsintheeconomy.TheCircular-FlowModelThecir46TheCircular-FlowDiagramFirmsHouseholdsMarketforFactorsofProductionMarketforGoodsandServicesSpendingRevenueWages,rent,andprofitIncomeGoods&ServicessoldGoods&ServicesboughtLabor,land,andcapitalInputsforproductionTheCircular-FlowDiagramFirms47TheCircular-FlowDiagramHouseholds
BuyandconsumegoodsandservicesOwnandsellfactorsofproductionFirms
ProduceandsellgoodsandservicesHireandusefactorsofproductionTheCircular-FlowDiagramHouse48TheCircular-FlowDiagramMarketsforFactorsofProduction
HouseholdssellFirmsbuyMarketsforGoods&Services
FirmssellHouseholdsbuyTheCircular-FlowDiagramMarke49TheCircular-FlowDiagramFactorsofProduction
InputsusedtoproducegoodsandservicesLand,labor,andcapitalTheCircular-FlowDiagramFacto50TheProductionPossibilitiesFrontierTheproductionpossibilitiesfrontierisagraphshowingthevariouscombinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtechnology.TheProductionPossibilitiesF51TheProductionPossibilitiesFrontierQuantityofComputersProducedQuantityofCarsProduced3,00001,0002,0007001,000300AB2,200600CDTheProductionPossibilitiesF52TheProductionPossibilitiesFrontierQuantityofComputersProducedQuantityofCarsProduced3,0001,0002,0002,200A70060030001,000BCDProductionpossibilitiesfrontierTheProductionPossibilitiesF53ConceptsIllustratedbytheProductionPossibilitiesFrontierEfficiencyTradeoffsOpportunityCostEconomicGrowthConceptsIllustratedbythePr544,000TheProduction
PossibilitiesFrontierQuantityofComputersProducedQuantityofCarsProduced3,0002,000A70001,000E2,100750Anoutwardshiftintheproductionpossibilitiesfrontier4,000TheProduction
Possibili55MicroeconomicsandMacroeconomicsMicroeconomics
focusesontheindividualpartsoftheeconomy.HowhouseholdsandfirmsmakedecisionsandhowtheyinteractinspecificmarketsMacroeconomics
looksattheeconomyasawhole.Howthemarkets,asawhole,interactatthenationallevel.
MicroeconomicsandMacroeconom56TwoRolesofEconomistsWhentheyaretryingtoexplaintheworld,theyare
scientists.Whentheyaretryingtochangetheworld,theyare
policymakers.TwoRolesofEconomistsWhenth57PositiveversusNormativeAnalysisPositivestatements
arestatementsthatdescribetheworldasitis.
CalleddescriptiveanalysisNormativestatements
arestatementsabouthowtheworldshouldbe.CalledprescriptiveanalysisPositiveversusNormativeAnal58??PositiveorNormativeStatements?Anincreaseintheminimumwagewillcauseadecreaseinemploymentamongtheleast-skilled.??PositiveorNormativeStatem59???PositiveorNormativeStatements?Higherfederalbudgetdeficitswillcauseinterestratestoincrease.???PositiveorNormativeState60????PositiveorNormativeStatements?Theincomegainsfromahigherminimumwageareworthmorethananyslightreductionsinemployment.????PositiveorNormativeStat61???PositiveorNormativeStatements?Stategovernmentsshouldbeallowedtocollectfromtobaccocompaniesthecostsoftreatingsmoking-relatedillnessesamongthepoor.???PositiveorNormativeState62EconomistsinWashington... ...serveasadvisersinthepolicymakingprocessofthethreebranchesofgovernment:LegislativeExecutiveJudicialEconomistsinWashington...63WhyEconomistsDisagreeTheymaydisagreeontheoriesabouthowtheworldworks.
Theymayholddifferentvaluesand,thus,differentnormativeviews.
WhyEconomistsDisagreeTheyma64ExamplesofWhatMostEconomistsAgreeOnAceilingonrentsreducesthequantityandqualityofhousingavailable.
Tariffsandimportquotasusuallyreducege
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