TAILIEUCHUNG - Lecture Principles of microeconomics - Chapter 1: Ten principles of economics

Lecture Principles of microeconomics - Chapter 1: Ten principles of economics. In this chapter you will: Learn that economics is about the allocation of scarce resources, examine some of the tradeoffs that people face, learn the meaning of opportunity cost,. | Ten Principles of Economics Chapter 1 Economy. . . . . . The word economy comes from a Greek word for “one who manages a household.” Society and Scarce Resources: The management of society’s resources is important because resources are scarce. Scarcity implies choice and choice implies cost. Scarcity . . . . . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have. Economics Economics is the study of how society manages its scarce resources. Economists study. . . How people make decisions. How people interact with each other. The forces and trends that affect the economy as a whole. Ten Principles of Economics 1. People face tradeoffs. 2. The cost of something is what you give up to get it. 3. Rational people think at the margin. 4. People respond to incentives. How People Make Decisions 7 Ten Principles of Economics 5. Trade can make everyone better off. 6. Markets are usually a good way to organize economic activity.

• Kinh tế học
• Principles of microeconomics
• Lecture Principles of microeconomics
• Ten principles of economics
• Scarce resources
• Scarcity implies choice
• Choice implies cost
• Thinking like an economist
• Economic models
• Circular flow diagram
• Production possibilities frontier
• The gains from trade
• Production possibilities
• Comparative advantage
• Absolute advantage
• Market forces
• Supply and demand
• Market economies
• Competitive markets
• Price elasticity of demand
• Price elasticity
• Midpoint method
• Demand curves
• Controls on prices
• Price ceiling
• Price floor
• Market outcomes
• Market failures
• Negative externalities
• Positive externalities
• Market inefficiency
• Public goods
• Common resources
• Types of goods
• Cost benefit analysis
• Tax system
• Federal government
• Marginal tax rate
• Budget surplus
• Costs of production
• Total revenue
• Total cost
• Opportunity costs
• Firms in competitive markets
• Average revenue
• Marginal revenue
• Sunk costs
• Monopoly resources
• Government created monopolies
• Natural monopolies
• Monopoly’s revenue
• Monopolistic competition
• Nash equilibrium
• Equilibrium for oligopoly
• Game theory
• Long run equilibrium
• Perfect competition
• Production possibility frontier
• Opportunity cost
• Rational people
• Indirect effects
• Law of demand
• Factors change demand
• Law of supply
• Market demand
• Demand intersect
• Demand determine prices
• Change in demand
• Change in supply
• Elastic demand curve
• Policy analysis with supply
• Policy analysis with demand
• Wealth creation
• Production cost
• Total surplus
• International trade
• Additional benefits of trade
• Average costs
• Break even price
• Increasing marginal costs
• Long run analysis
• Firms profit graphically
• Accounting profit
• Market effectiveness
• Monopolist pricing
• Price discrimination
• Antitrust laws
• Disruptive innovation in oligopolies
• Predatory pricing