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SｈerryYao

５302９9

AＰMICＲOREVIEＷ

ＢａsｉcＥcｏnomicCｏncｅｐts(8%14%）

Ｓcaｒcｉｔy,ｃhｏiｃe,ａndopportｕnｉｔycｏst

Ｓcaｒｃｉty：thelｉmitｅdnatｕrｅofsocietｙ’sresourcｅs

Ecoｎoｍics：thestｕdyofhｏwｓocieｔｙｍanagｅｓitsscarceｒeｓourceｓ

Peoplｅfaceｔｒadeｏff（ｅfficｉeｎcyorｅqualitｙ)

Opportｕｎitycosｔ:whateveｒｍustbegivenuｐtoobtａinsomｅiｔem

Ｐrodｕctionpｏssibilitiescuｒvｅ

Theｐｒｏductionpｏssｉbｉlｉｔiｅscurveshowstｈｅbiｎatiｏnsofoutpuｔthattheeｃonomycaｎpossiblypｒｏduｃｅgiｖentｈeavaｉlablefactｏrsｏfpｒodｕctiｏnａndtheavailableｐｒoｄuctiontechｎologｙ

Ｑy

１、ＴheoｐｐｃoｓtoｆＱxequalsｔheslopeoｆcｕｒvｅ

2、TheoppcostｏfQｘｉshｉgｈer,ｔhecurｖeisｓtｅeｐer

3、oｐpcostisconｓtant,tｈeＰPFiｓstriｃtlｉne

４、Technｏｌｏgyａdvaｎcｅ→PPFshiｆｔ

I

Inefficient

Ｑｘ

ｐaratｉveaｄvantａｇe,ａｂsoluteaｄvanｔａｇe,speｃｉalｉzationａndtradｅ

pａrativeａｄｖantagｅ：ｔheaｂiｌitytopｒoｄｕｃeａgｏｏdatalowｅropportｕnityｃoｓtｔhananotｈerｐroducer

Ａbｓolｕteadvanｔage:tｈｅaｂiliｔytopｒoduceagooｄuｓingfewｅrinpuｔｓthanａｎotherprｏduceｒｓ

Tradｅcaｎｂｅｎefｉｔeverｙoｎｅinsｏｃietybecaｕｓｅitalloｗｓｐeoplｅtospecialiｚeiｎａctｉvitiesinｗhicｈtｈｅｙhａvｅapaｒativｅadｖantage、

Ecoｎomicsyｓtem

Ｐroｐｅrtｙriｇhtsaｎdtherｏleofinｃentｉvｅs

Prｏpeｒｔyrightｓ:ｔｈeａbiｌｉｔyｏｆａninｄｉｖidualtoｏwnanｅxerciseconｔｒｏｌovｅｒｓcarcｅrｅsourcｅｓ

Maｒｋｅtpｏｗer

Marｋetfａiｌｕre：alｌocａteresｏｕrceｓｉnefｆiciｅntly←

Nｅgativeexｔernalｉｔｙ

Ｉncentive:somｅthingthatｉnducesａpｅｒｓontoact(theproｓｐeｃtoｆａpunishmｅntorareｗard)

Maｒｇinalａnalysis

Maｒgiｎalcｈaｎｇe:asmalｌiｎcrｅmeｎtaladjuｓｔｍenttoａｐｌanｏfacｔion

Ｐｅopleｍａkechoiceｗheｎmaｒginalbenefit＞maｒgiｎalcｏsｔ

２、ＴheNatureandFuｎctionsｏfProｄｕctMarkets(55%７０%）

SｕｐplｙａndDeｍand(1５%２０％)

Marketequilｉbｒium

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