TAILIEUCHUNG - Lecture Economics: The basics (2/e): Chapter 1 - Michael Mandel

Chapter 1 - Introduction. After reading the material in this chapter, you should be able to: Understand the importance of markets, identify three of the main forces shaping today’s economy, explain the debate over the role of government in the economy, define economics and discuss how prosperity is measured name some key disagreements in economics. | Chapter 1 Introduction McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives Understand the importance of markets. Identify three of the main forces shaping today’s economy. Explain the debate over the role of government in the economy. Define economics and discuss how prosperity is measured Name some key disagreements in economics. 1- Objectives of Textbook Tools of Economics Role of Market Economy Changing Nature of Economy 1- Tools of Economics View the world from the perspective of an economist To accomplish this, need to understand the key tools of analysis Some of these tools include: supply and demand elasticity production function the multiplier 1- Role of Market Economy In a market, buyers and sellers come together to voluntarily exchange goods and services for money. Market transactions are activities that produce and exchange goods and services for which other people are willing to pay. In this text we will study how markets work and how prices are set. 1- Changing Nature of Economy Individuals, businesses, and even countries are subject to limits and constraints. But these limits and constraints are constantly changing. Goods that were once expensive are now commonplace. Countries that were once poor are rapidly growing. 1- Key Forces Shaping Today’s Economy Need to understand forces driving change Three main forces at work: Technological change Globalization Financial markets 1- Key Forces Shaping Today’s Economy Technological change is an improvement in knowledge that increases the range of products and services the economy can deliver. Examples: electricity, cars, and the Internet Technology creates new ways of producing goods and services. Technology is the critical factor in raising living standards. Technology is also a possible solution to the energy crisis and global climate change. 1- Key Forces Shaping Today’s Economy Globalization is the exchange of .

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• Lecture Economics
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