EconomicsNotes微观经济学英文笔记需求.docx

Pavane ' s Economics Notes [4 th Feb 2009] Economics is the study of how we use our limited means to satisfy our un limited wan ts. Limited M eans ---- All people have limited time, skills and money so they have to make choices to how to use them to the best adva ntage for them. Choice —— Si nee we can ' t have everyth ing we want as we have limited means we have to make decisions. (Decisions betwee n alter natives) OPPORTUNITY COST ---- The n ext best alter native forgone whe n a decisi on is made. [5 th Feb 2009] Opport unity cost Un limited wants Choice Scarcity Limited mea ns The economics problem is scarcity. This means that we have limited means but unlimited wants. Because of this we have to make a choice. Every choice has an opportunity cost. N EEDS ——Those thi ngs we require in order to susta in life. e.g. food, clothi ng and shelter Wants Opport un ity costThings we Opport un ity cost Things we LimitedMea ns Limited Mea ns desire to make our life more enjoyable. e.g. cell pho ne, stereo, SPA Wants cha nge as we get older because our tastes change and new things are introduced as techno improves. Un limited wan ts [17 th Feb 2009] Values ---- Core beliefs or pri nciples that in flue nee your decisi ons. >>Hon esty >>ln tegrity >>Fair-trad ing >>C on siderati on of others INFLUENTS ON VALUES Culture, Environment, Education, Upbringing (Family) Intern et, Finance Demand ——Dema nd is the amount of a good or service that a pers on is willi ng and able to purchase at each price. The law of D emand : ---- As the price of a good or service rises, the qua ntity demanded falls or as the price falls the quantity demanded in creases, ceteris paribus. Ceteris paribus ---- All other factors remai n con sta nt. [17 th Feb 2009] Hugh ' s weekly Quantity Demanded sc hedule Price [$] Quan tity dema nded 0.50 30 1.00 20 1.50 12 2.00 7 >>T Title is clear starting what the graph shows and the time period. >>A Eve n and appropriate scale on your axis. >>L Label axes with it