57 %
43 %
Information about MICRO ECONOMICS PPT CHAP-1

Published on July 26, 2008

Author: aurnob.roy



Ten Principles of Economics : Ten Principles of Economics Chapter 1 Economy. . . : Economy. . . . . . The word economy comes from a Greek word for “one who manages a household.” Society and Scarce Resources: : Society and Scarce Resources: The management of society’s resources is important because resources are scarce. Scarcity implies choice and choice implies cost. Scarcity . . . : Scarcity . . . . . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have. Economics : Economics Economics is the study of how society manages its scarce resources. Economists study. . . : Economists study. . . How people make decisions. How people interact with each other. The forces and trends that affect the economy as a whole. Ten Principles of Economics : Ten Principles of Economics 1. People face tradeoffs. 2. The cost of something is what you give up to get it. 3. Rational people think at the margin. 4. People respond to incentives. How People Make Decisions Ten Principles of Economics : Ten Principles of Economics 5. Trade can make everyone better off. 6. Markets are usually a good way to organize economic activity. 7. Governments can sometimes improve economic outcomes. How People Interact Ten Principles of Economics : Ten Principles of Economics 8. The standard of living depends on a country’s production. 9. Prices rise when the government prints too much money. 10. Society faces a short-run tradeoff between inflation and unemployment. How the Economy as a Whole Works

Add a comment

Related presentations

Related pages

Business Economics ppt chap 1 | shalini nayak -

Business Economics ppt chap 1. ... Micro Economics Micro economics is that branch of economics that deals with the study of the behavior and action of ...
Read more

Macroeconomics - Arnold - Chapter 1 -

Chap 1 ME. by Anurag Singhal. ... Lecture 1.ppt. 1. Central Problem of Economics. ... Micro Economics Question Bank2010 - With Answers.
Read more

Principles of MACRO Economics - P. Schmidt

Principles of MICRO Economics ECN 221. Syllabus. ... Gregory Mankiws "Ten Principles of Economics" ... (Mankiw chap. 1)
Read more

Chapter 1: The Nature of Economics ECON 152 – PRINCIPLES ...

Download ppt "Chapter 1: The Nature of Economics ... Define economics, distinguish between micro ... of Economics by Fred M Gottheil Chap. 1, ...
Read more

Sample Questions | CLEP

Principles of Microeconomics. Exam Details; Sample Questions; Study Resources; The following sample questions do not appear on an actual CLEP examination.
Read more


CHAPTER 1 ECONOMIC MODELS ... virtually all used in economics textbooks are comparative statics models. These models try to show what happens over time ...
Read more

Chapter 1 - The Nature of Economics1 Learning Objectives ...

We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little ...
Read more

Microbiology Lecture Notes Chapter 1 - Bakersfield College

Microbiology Lecture Notes Chapter 1 A Brief History of Microbiology. I. Microbes the foundation of all life on earth ... Return to Micro Home Page.
Read more