TAILIEUCHUNG - Lecture Principles of microeconomics - Chapter 1: Thinking like an economist

This chapter introduces you to two of the most basic economic principles – the cost-benefit principle and the scarcity principle. You will learn why scarcity forces us to make choices, and how to evaluate those choices using costs and benefits. | Thinking Like an Economist Slide 1 - What is Chapter 1 about? Slide 1 - I. Economics: Studying Choice in a World of Scarcity Slide 1 - If you could always get everything you wanted, immediately and for free Then you wouldn’t have to choose Only say “More please” But the real world isn’t like that Scarcity of time, $, other resources makes CHOICE necessary Slide 1 - Costs Matter Economists count costs (and benefits) Someone must pay the costs Someone gets the benefits Scarcity is a general phenomenon Never enough time, money, energy . Economics - the study of how people make choices under conditions of scarcity and of the results of those choices for society Slide 1 - Scarcity Problem Implications Tradeoffs are widespread Having more of one good usually means having less of another AKA the “No free lunch Principle” Slide 1 - The Cost-Benefit Principle Take an action if, and only if, the extra benefits from taking the action will be at least as great as the .

• Kinh tế học
• Principles of microeconomics
• Lecture Principles of microeconomics
• Market imperfections
• Labour markets
• Costs matter
• Benefit principle
• 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