The Economic Problem - Markville Secondary School经济问题-马克维尔中学.pptVIP

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The Economic Problem - Markville Secondary School经济问题-马克维尔中学.ppt

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The Economic Problem - Markville Secondary School经济问题-马克维尔中学.ppt

Understanding Economics3rd editionby Mark Lovewell, Khoa Nguyen and Brennan Thompson Chapter 1 The Economic Problem Copyright ? 2005 by McGraw-Hill Ryerson Limited. All rights reserved. Copyright ? 2005 by McGraw-Hill Ryerson Limited. All rights reserved. Learning Objectives In this chapter, you will: consider the economic problem that underlies the definition of economics learn about the way economists specify economic choice examine the production choices an entire economy faces, as demonstrated by the production possibilities model analyze the three basic economic questions and how various economic systems answer them Copyright ? 2005 by McGraw-Hill Ryerson Limited. All rights reserved. Economics Defined Economics is the study of how to distribute scarce resources among competing ends. Microeconomics focuses on individual consumers and businesses. Macroeconomics takes a broad view of the economy. Copyright ? 2005 by McGraw-Hill Ryerson Limited. All rights reserved. The Economic Problem Economists deal with the economic problem. Economic agents must continually make choices. Their wants are unlimited. They face a limited supply of economic resources (human, natural, capital) Copyright ? 2005 by McGraw-Hill Ryerson Limited. All rights reserved. Economic Models Economic models: simplify economic reality show how dependent variables are affected by independent variables include inverse and/or direct relationships incorporate a variety of assumptions such as ceteris paribus are classified as part of either positive economics or normative economics Copyright ? 2005 by McGraw-Hill Ryerson Limited. All rights reserved. Economic Choice Economists assume that economic decision-makers maximize their own utility. Decision-makers must keep in mind the opportunity cost of each alternative. Opportunity cost is defined as the utility of the best forgone alternative. Copyright ? 2005 by McGraw-Hill Ryerson Limited. All rights reserved. The Production Possibilities Model The