chapter 1 ten principles of economics ppt

Ten Principles of economics ppt

Ten Principles of Economics - Part 1

... ideas. In the rest of this chapter, we look at Ten Principles of Economics. These principles recur throughout this book and are introduced here to give youan overview of what economics is all ... raise its profits byopportunity costwhatever must be given up to obtainsome itemmarginal changessmall incremental adjustments to aplan of action CHAPTER 1 TEN PRINCIPLES OF ECONOMICS 7thinking ... overalleconomy CHAPTER 1 TEN PRINCIPLES OF ECONOMICS 9side wins and the other side loses. In fact, the opposite is true: Trade between twocountries can make each country better off.To see why,...

Tài liệu Ten Principles of Economics - Part 5 ppt

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... discussed in Chapter 2, a production possibilities frontier shows the various mixes of outputthat an economy can produce. It illustrates one of the Ten Principles of Economics in Chapter 1: People ... I’ll produce 24 pounds of meat and 2 pounds of potatoes. After I give you 3 pounds of meat in exchange for 1 pound of potatoes, I’ll have 21 pounds of meat and 3 pounds of potatoes. Inthe end, ... to see in the case of babies and mini-vans. Couples often buy a minivan in anticipation of the birth of a child. TheViolentCrimes (per 1, 000people)Police Officers(per 1, 000 people)0Figure...

Tài liệu Ten Principles of Economics - Part 7 pptx

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... ϩ 3)Price of Ice-CreamCone0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Quantity of Ice-Cream Cones$3.00 1. 502.002.50 1. 000.50؍Figure 4-2MARKETDEMAND AS THESUM OF INDIVIDUALDEMANDS. ... sum of the quantitiesdemanded by all the buyers.PRICEOFICE-CREAMCONECATHERINENICHOLASMARKET$0.00 12 ϩ 7 ϭ 19 0.50 10 6 16 1. 00 8 5 13 1. 50 6 4 10 2.00 4 3 72.50 2 2 43.00 0 1 1 ... of Ice-Cream Cones$3.00 1. 502.002.50 1. 000.500 12 345678 910 111 2Quantity of Ice-Cream Cones$3.00 1. 502.002.50 1. 000.50؉demand curvea graph of the relationship betweenthe price of a good and...

Tài liệu Ten Principles of Economics - Part 10 ppt

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... Elastic54 2022 40 1. 8 Elastic46 2429 29 1. 0 Unit elastic38 2440 22 0.6 Inelastic 210 2067 18 0.3 Inelastic 11 2 12 200 15 0 .1 Inelastic 014 0COMPUTING THEELASTICITY OF ALINEARDEMANDCURVENOTE: ... elasticity of demand ϭ .(Q2Ϫ Q 1 )/[(Q2ϩ Q 1 )/2](P2Ϫ P 1 )/[(P2ϩ P 1 )/2] CHAPTER 5 ELASTICITY AND ITS APPLICATION 10 3Income elasticity of demand ϭ .As we discussed in Chapter 4, ... quantity demanded.56$74 1 23Quantity 12 246 810 14 0PriceElasticity islargerthan 1. Elasticity issmallerthan 1. Figure 5-5ALINEARDEMANDCURVE.The slope of a linear demandcurve is...

Tài liệu Ten Principles of Economics - Part 57 pptx

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... labor-force participationrate of various groups in theU.S. population for 19 98. 10 86420 19 70 19 7 519 60 19 65 19 80 19 85 19 90 2000Percent of Labor Force 19 95Natural rate of unemploymentUnemployment ... government 10 0806040200 19 50 19 55 19 60 19 65 19 70 19 75 19 80 19 85 19 90 19 95 '98Labor-ForceParticipationRate (in percent)WomenMenFigure 26-3LABOR-FORCEPARTICIPATIONRATES FORMEN ANDWOMENSINCE 19 50. ... 64.8TEENAGERS(AGES 16 19 )White, male 14 .1 56.6White, female 10 .9 55.4Black, male 30 .1 40.7Black, female 25.3 42.5SOURCE: Bureau of Labor Statistics.Table 26 -1 THELABOR-MARKETEXPERIENCES OF VARIOUSDEMOGRAPHICGROUPS.This...

Tài liệu Ten Principles of Economics - Part 59 pptx

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... March 29, 19 84,p. A1.IN THE NEWSMoney on the Island of YapMONEY ON THEISLAND OF YAP: NOT EXACTLYPOCKET CHANGE CHAPTER 26 UNEMPLOYMENT AND ITS NATURAL RATE 603 1. The Bureau of Labor ... the price of a shirt is 10 ham-burgers and the price of a hamburger is 1/ 10 of a shirt, prices are never quoted inthis way. Similarly, if you take out a loan from a bank, the size of your future ... surplus of workers, it might seem profitable to reduce the wage it is offering. But by reducingthe wage, the firm induces an adverse change in the mix of workers. In this case,at a wage of $10 ,...

Tài liệu Ten Principles of Economics - Part 62 ppt

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... Poland 10 0,000,000,000,000 1, 000,000 10 ,000,000,000 1, 000,000,000,000 10 0,000,000 10 ,000 10 0 10 0,000 10 ,000 1, 000 10 0 19 2 519 2 419 2 319 2 219 21 Money supplyMoneysupplyPrice level 10 0,000 10 ,000 1, 000 10 0 19 2 519 2 419 2 319 2 219 21 192 519 2 419 2 319 2 219 21 Price levelMoneysupplyIndex(Jan. 19 21 = 10 0) 10 0 10 ,000,000 10 0,000 1, 000,000 10 ,000 1, 000 19 2 519 2 419 2 319 2 219 21 Figure ... levelIndex(Jan. 19 21 = 10 0)Index(July 19 21 = 10 0)(c) GermanyPrice level 1 Index(Jan. 19 21 = 10 0)(d) Poland 10 0,000,000,000,000 1, 000,000 10 ,000,000,000 1, 000,000,000,000 10 0,000,000 10 ,000 10 0 10 0,000 10 ,000 1, 000 10 0 19 2 519 2 419 2 319 2 219 21 Money ... essence of the quantity theory of money.Indexes (19 60 = 10 0) 1, 500 1, 0005000 19 60 19 65 19 70 19 75 19 80 19 85 19 90 19 95 2000VelocityM2Nominal GDPFigure 28-3NOMINALGDP, THEQUANTITY OF MONEY,...

Tài liệu Ten Principles of Economics - Part 15 ppt

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... property of a resource allocation of maximizing the total surplusreceived by all members of societyequitythe fairness of the distribution of well-being among the members of society CHAPTER ... surplus of all sellers.Quantity of Houses PaintedQuantity of Houses PaintedPrice of HousePainting500800$9000Supply600 12 34(b) Price = $800Price of HousePainting500800$9000600 12 34(a) ... composed of two parts. First, those buy-ers who were already buying Q 1 of the good at the higher price P 1 are better off be-cause they now pay less. The increase in consumer surplus of existing...

Tài liệu Ten Principles of Economics - Part 17 ppt

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... revenue.This chapter has shed some light on how high the price of civilized society canbe. One of the Ten Principles of Economics discussed in Chapter 1 is that markets areusually a good way to organize ... Street Journal, May 5, 19 99,p. A22.IN THE NEWSHow to Be Master of the Universe CHAPTER 8 APPLICATION: THE COSTS OF TAXATION 16 9◆ Some families have second earners—often married women with ... to fall. CHAPTER 8 APPLICATION: THE COSTS OF TAXATION 17 1the optimum—equals the area of the triangle between the supply and demandcurves. For the small tax in panel (a), the area of the deadweight...

Tài liệu Ten Principles of Economics - Part 18 ppt

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... the losses of the losers.Now that we have completed our analysis of trade, we can better understand one of the Ten Principles of Economics in Chapter 1: Trade can make everyone better off.If Isoland ... importer of a good, domesticconsumers of the good are better off, and domestic producers of the good areworse off.◆ Trade raises the economic well-being of a nation in the sense that the gains of the ... the gains from trade. CHAPTER 9 APPLICATION: INTERNATIONAL TRADE 18 1After reviewing supply and demand in their favorite textbook (this one, of course),the Isolandian economics team begins its...

Tài liệu Ten Principles of Economics - Part 20 ppt

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... PART FOUR THE ECONOMICS OF THE PUBLIC SECTORMarkets do many things well, but they do not do everything well. In this chap-ter we begin our study of another of the Ten Principles of Economics: ... that society derives from that mar-ket. This insight is the basis for one of the Ten Principles of Economics in Chapter 1: Markets are usually a good way to organize economic activity. Should we ... lower tradebarriers of their own accord not onlyprofit themselves, but also often inducethe laggards to match their example. Themost potent force for the worldwidefreeing of trade, then, is...

Tài liệu Ten Principles of Economics - Part 23 ppt

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... in 19 16, the admissionprice to Yellowstone for a family of fivearriving by car was $7.50; today, theprice is only $10 . Had the 19 16 pricebeen adjusted for inflation, the compara-ble 19 95 ... invention of a better battery, can bepatented. The inventor thus obtains much of the benefit of his invention, althoughcertainly not all of it. By contrast, a mathematician cannot patent a theorem; ... The New York Times, September 30, 19 95, p. 19 .IN THE NEWSShould YellowstoneCharge as Much asDisney World? CHAPTER 11 PUBLIC GOODS AND COMMON RESOURCES 2 31 In some cases, however, lighthouses...

Tài liệu Ten Principles of Economics - Part 24 pptx

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... government 19 02 19 22 19 2 719 13 19 4 019 32 19 70 19 80 19 90 19 9 819 50 19 60Figure 12 -1 GOVERNMENTREVENUE AS APERCENTAGE OF GDP. This figure shows revenue of thefederal government and of state and ... BILLIONS)PERPERSON OF SPENDINGSocial Security$ 393 $1, 445 23%National defense 277 1, 018 16 Income security243 893 14 Net interest 227 835 13 Medicare 205 754 12 Health 14 3 526 8Other 239 879 14 Total $1, 727 ... 33.7Germany29.4Brazil 19 .7United States 19 .3Canada 18 .5Russia 17 .4Pakistan 15 .3Indonesia 14 .7Mexico 12 .8India 10 .3SOURCE: World Development Report 19 98/99. 242 PART FOUR THE ECONOMICS OF THE PUBLIC...