最新版微观经济学课件英文版princ-ch02-presentation.ppt
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1、 2009 South-Western,a part of Cengage Learning,all rights reservedC H A P T E REconomicsPremium PowerPoint Slides by Ron Cronovich2What are economists two roles?How do they differ?What are models?How do economists use them?What are the elements of the Circular-Flow Diagram?What concepts does the dia
2、gram illustrate?How is the Production Possibilities Frontier related to opportunity cost?What other concepts does it illustrate?What is the difference between microeconomics and macroeconomics?Between positive and normative?1THINKING LIKE AN ECONOMIST2The Economist as ScientistEconomists play two ro
3、les:1.Scientists:try to explain the world2.Policy advisors:try to improve itIn the first,economists employ the scientific method,the dispassionate development and testing of theories about how the world works.THINKING LIKE AN ECONOMIST3Assumptions&ModelsAssumptions simplify the complex world,make it
4、 easier to understand.Example:To study international trade,assume two countries and two goods.Unrealistic,but simple to learn and gives useful insights about the real world.Model:a highly simplified representation of a more complicated reality.Economists use models to study economic issues.THINKING
5、LIKE AN ECONOMIST4Some Familiar ModelsA road mapTHINKING LIKE AN ECONOMIST5Some Familiar ModelsA model of human anatomy from high school biology classTHINKING LIKE AN ECONOMIST6Some Familiar ModelsA model airplaneTHINKING LIKE AN ECONOMIST7Some Familiar ModelsThe model teeth at the dentists officeDo
6、nt forget to floss!THINKING LIKE AN ECONOMIST8Our First Model:The Circular-Flow DiagramThe Circular-Flow Diagram:a visual model of the economy,shows how dollars flow through markets among households and firmsTwo types of“actors”:householdsfirms Two markets:the market for goods and services the marke
7、t for“factors of production”THINKING LIKE AN ECONOMIST9Factors of ProductionFactors of production:the resources the economy uses to produce goods&services,includinglabor land capital(buildings&machines used in production)THINKING LIKE AN ECONOMIST10FIGURE 1:The Circular-Flow DiagramHouseholds:Own th
8、e factors of production,sell/rent them to firms for income Buy and consume goods&servicesHouseholdsFirmsFirms:Buy/hire factors of production,use them to produce goods and services Sell goods&servicesTHINKING LIKE AN ECONOMIST11FIGURE 1:The Circular-Flow DiagramMarkets for Factors of ProductionHouseh
9、oldsFirms IncomeWages,rent,profitFactors of productionLabor,land,capital SpendingG&S boughtG&S soldRevenueMarkets for Goods&ServicesTHINKING LIKE AN ECONOMIST12Our Second Model:The Production Possibilities FrontierThe Production Possibilities Frontier(PPF):a graph that shows the combinations of two
10、goods the economy can possibly produce given the available resources and the available technology Example:Two goods:computers and wheatOne resource:labor(measured in hours)Economy has 50,000 labor hours per month available for production.PPF ExampleProducing one computer requires 100 hours labor.Pro
11、ducing one ton of wheat requires 10 hours labor.5,00004,0001002,5002501,00040050,000040,00010,00025,00025,00010,00040,0000500050,000EDCBAWheatComputersWheatComputersProductionEmployment of labor hoursTHINKING LIKE AN ECONOMIST14Point on graphProductionCom-putersWheatA5000B4001,000C2502,500D1004,000E
12、05,000ABCDEPPF ExampleA.On the graph,find the point that represents(100 computers,3000 tons of wheat),label it F.Would it be possible for the economy to produce this combination of the two goods?Why or why not?B.Next,find the point that represents(300 computers,3500 tons of wheat),label it G.Would i
13、t be possible for the economy to produce this combination of the two goods?1516Point F:100 computers,3000 tons wheatPoint F requires 40,000 hours of labor.Possible but not efficient:could get more of either good w/o sacrificing any of the other.F17Point G:300 computers,3500 tons wheatPoint G require
14、s 65,000 hours of labor.Not possible because economy only has 50,000 hours.GTHINKING LIKE AN ECONOMIST18The PPF:What We Know So FarPoints on the PPF(like A E)possibleefficient:all resources are fully utilizedPoints under the PPF(like F)possiblenot efficient:some resources underutilized(e.g.,workers
15、unemployed,factories idle)Points above the PPF(like G)not possibleTHINKING LIKE AN ECONOMIST19The PPF and Opportunity CostRecall:The opportunity cost of an item is what must be given up to obtain that item.Moving along a PPF involves shifting resources(e.g.,labor)from the production of one good to t
16、he other.Society faces a tradeoff:Getting more of one good requires sacrificing some of the other.The slope of the PPF tells you the opportunity cost of one good in terms of the other.THINKING LIKE AN ECONOMIST20The PPF and Opportunity CostThe slope of a line equals the“rise over the run,”the amount
17、 the line rises when you move to the right by one unit.1000100slope=10Here,the opportunity cost of a computer is 10 tons of wheat.21In which country is the opportunity cost of cloth lower?FRANCEENGLAND22FRANCEENGLANDEngland,because its PPF is not as steep as Frances.THINKING LIKE AN ECONOMIST23Econo
18、mic Growth and the PPFWith additional resources or an improvement in technology,the economy can produce more computers,more wheat,or any combination in between.Economic growth shifts the PPF outward.THINKING LIKE AN ECONOMIST24The Shape of the PPFThe PPF could be a straight line,or bow-shapedDepends
19、 on what happens to opportunity cost as economy shifts resources from one industry to the other.If opp.cost remains constant,PPF is a straight line.(In the previous example,opp.cost of a computer was always 10 tons of wheat.)If opp.cost of a good rises as the economy produces more of the good,PPF is
20、 bow-shaped.THINKING LIKE AN ECONOMIST25Why the PPF Might Be Bow-ShapedMountain BikesBeerAs the economy shifts resources from beer to mountain bikes:PPF becomes steeperopp.cost of mountain bikes increases THINKING LIKE AN ECONOMIST26AWhy the PPF Might Be Bow-ShapedAt point A,most workers are produci
21、ng beer,even those that are better suited to building bikes.So,do not have to give up much beer to get more bikes.Mountain BikesBeerAt A,opp.cost of mtn bikes is low.THINKING LIKE AN ECONOMIST27BWhy the PPF Might Be Bow-ShapedAt B,most workers are producing bikes.The few left in beer are the best br
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