econintro

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Published on November 13, 2009

Author: vinitsharma

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Slide 1: Introduction: Economic Issues The Economic Problem : The Economic Problem Economic problems production and consumption scarcity: the central economic problem Macroeconomic issues growth unemployment inflation balance of trade deficits cyclical fluctuations The Economic Problem : The Economic Problem Microeconomic issues choices: what how for whom the concept of opportunity cost rational decision making weighing up marginal costs and marginal benefits the social implications of choice The Economic Problem : The Economic Problem The production possibility curve what the curve shows Slide 5: Units of clothing (millions) Units of food (millions) A production possibility curve Slide 6: Units of clothing (millions) Units of food (millions) Units of food Units of clothing (millions) (millions) a 8m 0.0 7m 2.2m 6m 4.0m 5m 5.0m 4m 5.6m 3m 6.0m 2m 6.4m 1m 6.7m 0 7.0m a A production possibility curve Slide 7: Units of clothing (millions) Units of food (millions) Units of food Units of clothing (millions) (millions) 8m 0.0 b 7m 2.2m 6m 4.0m 5m 5.0m 4m 5.6m 3m 6.0m 2m 6.4m 1m 6.7m 0 7.0m b A production possibility curve Slide 8: Units of clothing (millions) Units of food (millions) Units of food Units of clothing (millions) (millions) 8m 0.0 7m 2.2m c 6m 4.0m 5m 5.0m 4m 5.6m 3m 6.0m 2m 6.4m 1m 6.7m 0 7.0m c A production possibility curve Slide 9: Units of clothing (millions) Units of food (millions) Units of food Units of clothing (millions) (millions) 8m 0.0 7m 2.2m 6m 4.0m 5m 5.0m 4m 5.6m 3m 6.0m 2m 6.4m 1m 6.7m 0 7.0m A production possibility curve Slide 10: Units of clothing (millions) Units of food (millions) A production possibility curve Slide 11: Units of clothing (millions) Units of food (millions) x A production possibility curve The Economic Problem : The Economic Problem The production possibility curve what the curve shows microeconomics and the p.p. curve: The Economic Problem : The Economic Problem The production possibility curve what the curve shows microeconomics and the p.p. curve: choices and opportunity cost The Economic Problem : The Economic Problem The production possibility curve what the curve shows microeconomics and the p.p. curve: choices and opportunity cost increasing opportunity cost Slide 15: Units of clothing (millions) Units of food (millions) Increasing opportunity costs x y z The Economic Problem : The Economic Problem The production possibility curve what the curve shows microeconomics and the p.p. curve: choices and opportunity cost increasing opportunity cost macroeconomics and the p.p. curve: The Economic Problem : The Economic Problem The production possibility curve what the curve shows microeconomics and the p.p. curve: choices and opportunity cost increasing opportunity cost macroeconomics and the p.p. curve: production within the curve Slide 18: O Making a fuller use of resources Food Clothing The Economic Problem : The Economic Problem The production possibility curve what the curve shows microeconomics and the p.p. curve: choices and opportunity cost increasing opportunity cost macroeconomics and the p.p. curve: production within the curve shifts in the curve Slide 20: O Growth in potential output Food Clothing Slide 21: O Food Clothing Now Growth in potential output Slide 22: O Food Clothing Growth in potential and actual output Slide 23: O Food Clothing Growth in potential and actual output The Economic Problem : The Economic Problem The circular flow of income firms and households The circular flow of goods and incomes : The circular flow of goods and incomes The Economic Problem : The Economic Problem The circular flow of income firms and households goods markets real flows: goods and services The circular flow of goods and incomes : The circular flow of goods and incomes The circular flow of goods and incomes : The circular flow of goods and incomes Goods and services The Economic Problem : The Economic Problem The circular flow of income firms and households goods markets real flows: goods and services money flows: consumer expenditure The circular flow of goods and incomes : The circular flow of goods and incomes Goods and services Slide 31: Goods and services £ Consumer expenditure The circular flow of goods and incomes The Economic Problem : The Economic Problem The circular flow of income firms and households goods markets real flows: goods and services money flows: consumer expenditure factor markets The Economic Problem : The Economic Problem The circular flow of income firms and households goods markets real flows: goods and services money flows: consumer expenditure factor markets real flows: services of labour and other factors Slide 34: Goods and services £ Consumer expenditure The circular flow of goods and incomes Slide 35: Goods and services £ Consumer expenditure Services of factors of production (labour, etc) The circular flow of goods and incomes The Economic Problem : The Economic Problem The circular flow of income firms and households goods markets real flows: goods and services money flows: consumer expenditure factor markets real flows: services of labour and other factors money flows: wages and other incomes Slide 37: Goods and services £ Consumer expenditure Services of factors of production (labour, etc) The circular flow of goods and incomes Slide 38: Goods and services £ Consumer expenditure Wages, rent dividends, etc. £ Services of factors of production (labour, etc) The circular flow of goods and incomes The Economic Problem : The Economic Problem The circular flow of income (cont.) macroeconomic issues the size of total flows microeconomic issues individual markets choices within goods and factor markets

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