TAILIEUCHUNG - Lecture Principles of microeconomics - Chapter 2: Thinking like an economist

In this chapter you will: See how economists apply the methods of science, consider how assumptions and models can shed light on the world, learn two simple models - the circular flow and the production possibilities frontier, distinguish between microeconomics and macroeconomics,. | Thinking Like an Economist Chapter 2 Economics trains you to. . . . Be mindful about the choices that you make. Evaluate the cost of individual and social choices. Examine and understand how certain events and issues are related. But there is the issue of terminology, some math, and GRAPHS, GRAPHS AND SOME MORE GRAPHS! 2 The Economist as a Scientist The economic way of thinking . . . Involves thinking analytically and objectively. Makes use of the scientific method. Involves the use of abstract models to focus the discussion on a main idea or theme in the complexity of the real world. To apply the scientific method in economics, assumptions are used to make the world easier to understand. Ceteris Paribus Assumption-All else equal. Role Play Scenario-Purchasing something at a store. 3 Economic Models Economists use models to simplify reality in order to improve our understanding of the world. As simplifications of reality, models need assumptions. A Model of Boids Flying Models start .

• Kinh tế học
• Principles of microeconomics
• Lecture Principles of microeconomics
• Thinking like an economist
• Economic models
• Circular flow diagram
• Production possibilities frontier
• Ten principles of economics
• Scarce resources
• Scarcity implies choice
• Choice implies cost
• 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