Chapter 1 Economics and the Economy David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 8th Edition, McGraw-Hill Education, 2005 PowerPoint presentation.

Slides:

Advertisements

Similar presentations

Ten Principles of Economics

Advertisements

EC111 Introduction to Economics Announcements: Course materials for Ec111: You should read/should have attended the introductory.

Lesson 1: BASIC ECONOMIC CONCEPTS Lecturer: A’lam Asadov

Chapter 1 Introduction.

The Scope and Method of Economics

Class One Economics July.

comes from a Greek word for “One who manages a household.”

© The McGraw-Hill Companies, 2008 Chapter 16 Government spending and revenue David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition,

A Lecture Presentation in PowerPoint to Accompany

Chapter 1 Economics and the Economy

Chapter 1 Economics and the Economy

© The McGraw-Hill Companies, 2008 Chapter 7 Costs and supply David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition, McGraw-Hill, 2008.

© The McGraw-Hill Companies, 2008 Chapter 2 The tools of economic analysis David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition, McGraw-Hill,

Copyright © 2004 South-Western/Thomson Learning 1 Ten Principles of Economics.

© The McGraw-Hill Companies, 2008 Chapter 3 Demand, supply and the market David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition, McGraw-Hill,

© The McGraw-Hill Companies, 2008 Chapter 15 Welfare economics David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition, McGraw-Hill,

Macroeconomics Introduction Frederick University 2014.

Introduction to Economics

Dr Marek Szczepa ń ski L.1 INRODUCTION TO MACROECONOMICS.

MICROECONOMICS TOPIC 1 Higher Economics THE BASIC ECONOMIC PROBLEM Microeconomics.

© The McGraw-Hill Companies, 2005 Chapter 7 Costs and supply David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 8th Edition, McGraw-Hill, 2005.

Economics Economics seeks to understand the functioning of market places. An area of the subject known as microeconomics examines consumers, firms and.

Introduction: Economic Issues Introduction: Economic Issues.

Topic #2: Thinking Like an Economist Dr David Penn Associate Professor of Economics and Director of the Business and Economic Research Center.

© The McGraw-Hill Companies, 2005 Chapter 29 Open economy macroeconomics David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 8th Edition, McGraw-Hill,

Introduction to Economics Lectures&Seminars/ DeianDoykov/ SityU/ Foundation Year/ Semester

Good Anything that can be grown or manufactured (made) Food Clothes Cars.

Introduction to Economics Eco-101 Lecture # 01 Introduction to Economics and its important Aspects Instructor: Farhat Rashid.

Chapter 21 The determination of national income David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 6th Edition, McGraw-Hill, 2000 Power Point.

Tutorial 1 Introduction to Economics 1. LEARNING OUTCOMES The term “economy” 2. Difference between microeconomics and macroeconomics; 3.The three basic.

Microeconomics Pre-sessional September 2015 Sotiris Georganas Economics Department City University London.

Nature and Methods of Economics: The Study of Economics Fall 2013.

Roadmap for Economics. What is Economics? The Social Science concerned with the efficient use of limited or scarce resources to achieve maximum satisfaction.

© The McGraw-Hill Companies, 2008 Chapter 33 International trade David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition, McGraw-Hill,

© The McGraw-Hill Companies, 2008 Chapter 20 Output and aggregate demand David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition, McGraw-Hill,

Module The Study of Economics

© The McGraw-Hill Companies, 2008 Chapter 15 Welfare economics David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition, McGraw-Hill,

© The McGraw-Hill Companies, 2005 Chapter 21 Fiscal policy and foreign trade David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 8th Edition,

Chapter 10 The labour market David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 7th Edition, McGraw-Hill, 2003 Power Point presentation by Alex.

Microeconomics Unit 1. Economics is … Social science Efficient use of limited or scarce resources Maximum satisfaction of human economic wants Study of.

© The McGraw-Hill Companies, 2008 Chapter 16 Government spending and revenue David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition,

Macroeconomics is ... the study of the economy as a whole

Chapter 16 Introduction to welfare economics David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 6th Edition, McGraw-Hill, 2000 Power Point presentation.

Copyright © 2004 South-Western/Thomson Learning Economic Models Economics trains you to.... Think in terms of alternatives. Evaluate the cost of individual.

Principles of Microeconomics Lecture 1 Overview of Economics

Economics. Economics  Social science  Economics The study how society chooses what to produce, who to produce for and how much to produce. The study.

Chapter 3 Demand, supply and the market David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 8th Edition, McGraw-Hill, 2005 PowerPoint presentation.

CHAPTER 1 Economics and the economy ©McGraw-Hill Education, 2014.

© The McGraw-Hill Companies, 2005 Chapter 27 Unemployment David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 8th Edition, McGraw-Hill, 2005.

© The McGraw-Hill Companies, 2008 Chapter 19 Introduction to macroeconomics David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition,

© The McGraw-Hill Companies, 2008 Chapter 29 Open economy macroeconomics David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition, McGraw-Hill,

© The McGraw-Hill Companies, 2008 Chapter 30 Economic growth David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition, McGraw-Hill, 2008.

© The McGraw-Hill Companies, 2005 Chapter 33 International trade David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 8th Edition, McGraw-Hill,

© The McGraw-Hill Companies, 2008 Chapter 1 Economics and the Economy David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition, McGraw-Hill.

© The McGraw-Hill Companies, 2008 Chapter 27 Unemployment David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition, McGraw-Hill, 2008.

© The McGraw-Hill Companies, 2008 Chapter 5 Consumer choice and demand decisions David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 9th Edition,

Copyright © 2004 South-Western/Thomson Learning Economic Models Economics trains you to.... Think in terms of alternatives. Evaluate the cost of individual.

Ms. Kronlokken.  Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation.

Chapter 20 Output and aggregate demand

ECONOMICS - scarcity and choices.

Microeconomics VS Macroeconomics

ECN 201: Principles of Microeconomics Nusrat Jahan Lecture-1

1 What is Economics? For use with Mankiw and Taylor, Economics 4th edition © Cengage EMEA 2017.

ECONOMICS - scarcity and choices.

Principles of Economics

Principles of Economics

Introduction to Economics

Chapter 1 Introduction.

Good Anything that can be grown or manufactured (made) Food Clothes Cars.

Presentation transcript:

Chapter 1 Economics and the Economy David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 8th Edition, McGraw-Hill Education, 2005 PowerPoint presentation by Alex Tackie and Damian Ward

1 What is Economics? ECONOMICS... is the study of how society decides: –What –For whom –How to produce...

2 The price of oil Tripled in , and doubled again in … and affected people all over the world.

3 An increase in the price of oil affects What to produce –less oil-intensive products How to produce –less oil-intensive techniques For whom to produce –oil producers have more buying power, importers have less

4 The distribution of world population and GNP, 2003

5 Scarcity forces choices to be made Opportunity cost a crucial concept in economic analysis the quantity of other goods that must be sacrificed to obtain another unit of a good

6 The production possibility frontier (1) For each level of the output of one good, the production possibility frontier shows the maximum amount of the other good that can be produced.

7 The production possibility frontier (2) Film output (G) Food output (F) Production possibility frontier  G = 8  F= 4 A B    F/  G = opportunity cost (=1/2)

8 The operation of markets Market a shorthand expression for the process by which … –households’ decisions about consumption of alternative goods –firms’ decisions about what and how to produce –and workers’ decisions about how much and for whom to work … are all reconciled by adjustment of prices

9 Resource allocation Resource allocation is crucial for a society and is handled in different ways in different societies, e.g.: –Command economy –Mixed economy –Free market

10 Market orientation Command economy Free market economy Cuba China Hungary Sweden UK USA

11 Normative and Positive Economics Positive economics deals with objective explanation –e.g. if a tax is imposed on a good its price will tend to rise Normative economics offers prescriptions based on value judgements –e.g. a tax should be imposed on tobacco to discourage smoking

12 Micro and Macro (1) Microeconomics –offers a detailed treatment of individual economic decisions concerning particular commodities –Footballers’ wages and the price of oil, for example, are both microeconomic issues

13 Micro and Macro (2) Macroeconomics –emphasises the interactions in the economy as a whole –Gross domestic product, the aggregate price level and unemployment, for example, are all macroeconomic issues