Introduction to microeconomics lecture notes ppt

Economics may have a reputation as a dismal science, but in fact it addresses some of the most fundamental problems we face: How to make the best decision given that resources are limited. You can use the tools of microeconomics to decide how best to spend your income; how best to divide your time among leisure activities; or how many people to hire in the business you run. Life is full of choices. Microeconomics can help you decide how to make them. Economics can't help you make a selection from this box of chocolates, but can be a vital tool in other decision-making situations.

Image courtesy of ninanord on Flickr. Keywords : Microeconomics; prices; normative economics; positive economics; microeconomic applications. Before watching the lecture video, read the course textbook for an introduction to the material covered in this session:.

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This concept quiz covers key vocabulary terms and also tests your intuitive understanding of the material covered in this session. Complete this quiz before moving on to the next session to make sure you understand the concepts required to solve the mathematical and graphical problems that are the basis of this course.

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Introduction to Microeconomics (Lecture 1: Intro to Micro: Demand and Supply) Murray N. Rothbard

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Introduction to macroeconomics.ppt

Made for sharing. Download files for later. Send to friends and colleagues. Modify, remix, and reuse just remember to cite OCW as the source. Introduction to Microeconomics. Course Home Syllabus. Unit 1: Supply and Demand.

Unit 2: Consumer Theory. Unit 3: Producer Theory. Unit 4: Welfare Economics. Unit 5: Monopoly and Oligopoly. Unit 6: Topics in Intermediate Microeconomics. Unit 7: Equity and Efficiency. Flash and JavaScript are required for this feature. Need help getting started?

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Click to allow Flash After you enable Flash, refresh this page and the presentation should play. View by Category Toggle navigation. Products Sold on our sister site CrystalGraphics. Title: Microeconomics Lecture Tags: isocost lecture microeconomics. Latest Highest Rated. Most firms exist to make a profit. How much output to supply 2. Which production technology to use 3. How much of each input to demand The bases of decision making 1. The market price of output 2. The techniques of production that are available 3.

The prices of inputs Output price determines potential revenues. The techniques available tell me how much of each input I need, and input prices tell me how much they will cost.

Together, the available production techniques and the prices of inputs determine costs. Typically capital is fixed in the short run. Fixed factor An input whose quantity cannot be changed in the short run. Variable factor An input whose quantity can be changed over the time period under consideration.

The long run is the length of time over which all of the firms factors of production can be varied, but its technology is fixed.Learn more about Scribd Membership Home.

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introduction to microeconomics lecture notes ppt

For Later. Related titles. Carousel Previous Carousel Next. Jump to Page. Search inside document. Ten Principles of Economics.

Microeconomics (1)

What Economics Is All About. Principle 1: People Face Tradeoffs. All decisions involve tradeoffs. You Give Up to Get It.After you enable Flash, refresh this page and the presentation should play. Get the plugin now. Toggle navigation. Help Preferences Sign up Log in.

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To view this presentation, you'll need to allow Flash. Click to allow Flash After you enable Flash, refresh this page and the presentation should play. View by Category Toggle navigation. Products Sold on our sister site CrystalGraphics. Title: Introduction to Economics. Tags: economics introduction.

Download: Introduction To Microeconomics Pdf.pdf

Latest Highest Rated. Macroeconomics The study of the overall economy and its ups and downs. Market vs. Command Economy Invisible Hand vs. The worlds people have consumed as many goods and services since as all previous generations put together If everyone on our planet consumed resources at the rate of U.

Nonrenewable Resources Conservation can the supply of renewable resources Mining one ton of a nonrenewable resource depletes that resource by one ton Before society has depleted a certain resource we may have abandoned using it. In economics we study how we use scarce resources Choices can be painful 11 Land 12 Labor The available time of workers 13 Capitalmachinery, buildings, and other man-made productive assets 14 Human Capital The educational achievements and skill of workers 15 How Do We Satisfy Our Wants?

Suppose we had an infinite supply of resources. Would a problem exist? The basic problem in economics is not a lack of resources, but our limitless wants. Limited Resources 17 Core Economic Principle 1 People Choose We always want more than we can get and productive resources human, natural, capital are always limited. Therefore, because of this major economic problem of scarcity, we usually choose the alternative that provides the most benefits with the least cost.

Needs Needs Survival needs, food, shelter, clothing, etc. Wants Anything else 19 Were perpetually in a state of hunger.

We always want more stuff. As a result, scarcity governs us. Scarcity forces us to make choices and prioritize needs and wants. When we choose one thing, we refuse something else at the same time.

Is a decision at the margin. Either-or vs.Pagoso, Rosemary P. Dinio, George A. Economics studies the impact on growth of government spending, taxes, and budget deficits. Economics examines the movements in income and employment during different stages of the business cycle with the goal of developing government policies that will improve economic growth.

Economics looks at trade patterns among nations and analyzes the impact of trade barriers Economics examines growth in developing countries and suggests ways to encourage the efficient use of resources. Microeconomics the branch of economics that deals with parts of the economy such the household and the business firm; also known as price theory. Is concerned primarily with the market activities on individual economic units such as costumers, resource owners, and business firms.

Scarcity means that society has limited resources and therefore cannot produce all the goods and services people wish to have. Principles of Economics 1. People Face Trade offs. Efficiency means society gets the most that it can be form its scarce resources Equity means the benefits of those resources are distributed fairly among the members of the society.

introduction to microeconomics lecture notes ppt

People respond to incentives Marginal changes in costs or benefits motivate people to respond. Trade can make everyone better off. People gain from their ability to trade with one another Competition results in gains from trading Trade allows people to specialize in what they do best. Markets are usually a good way to organize economic activity. In a market economy, households decide what to buy and who to work for.

introduction to microeconomics lecture notes ppt

Firms decide who to hire and to produce. Governments can sometimes improve market outcome. When market fails breaks down government can intervene to promote efficiency and equity. Market failure may be caused by an externality, which is the impact of one person or firms actions on the well-being of a bystander Market failure may also be caused by market power, which is the ability of a single person or firm to unduly influence market prices.

Productivity-is the amount of goods and services produced each hour of workers time. Prices rise when the government prints too much money. Inflation is an increase in an overall level of prices in the country One cause of inflation is the growth in the quantity of money When the government creates large quantities of money, the value of the money falls. Society faces a short-run tradeoff between inflation and unemployment Inflation Unemployment. Economic Models are composed of a series of statements of assumption or given and statements of implications or deductions.

Let us illustrate by using the Law of Supply. Verbally, the Law of Supply can be expressed in. These suppliers would be encouraged to sell more and higher prices and would sell less at lower prices. This is because higher prices, other things being constant, mean higher profits, and lower prices mean lower profits. Thus, prices and quantity offered for sale are directly related, that is, the higher the prices, the more supply; the lower the price, the less supply.Introduction to Macroeconomics Microeconomics examines the behavior of individual decision-making units business firms and households.

Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices. Aggregate behavior refers to the behavior of. Introduction to Macroeconomics Microeconomists generally conclude that markets work well. Macroeconomists, however, observe that some important prices often seem sticky. Sticky prices are prices that do not always adjust rapidly to maintain the equality between quantity supplied and quantity demanded.

Introduction to Macroeconomics Macroeconomists often reflect on the microeconomic principles underlying macroeconomic analysis, or the microeconomic foundations of macroeconomics. The Great Depression was a period of severe economic contraction and high unemployment that began in and continued throughout the s.

The Roots of Macroeconomics Classical economists applied microeconomic models, or market clearing models, to economy-wide problems. However, simple classical models failed to explain the prolonged existence of high unemployment during the Great Depression. This provided the impetus for the development of macroeconomics. Keynes believed governments could intervene in the economy and affect the level of output and employment. During periods of low private demand, the government can stimulate aggregate demand to lift the economy out of recession.

Recent Macroeconomic History Fine-tuning was the phrase used by Walter Heller to refer to the governments role in regulating inflation and unemployment. The use of Keynesian policy to finetune the economy in the s, led to disillusionment in the s and early s. Recent Macroeconomic History Stagflation occurs when the overall price level rises rapidly inflation during periods of recession or high and persistent unemployment stagnation.

Macroeconomic Concerns Three of the major concerns of macroeconomics are: Inflation Output growth Unemployment. Inflation and Deflation Inflation is an increase in the overall price level.

Hyperinflation is a period of very rapid increases in the overall price level. Hyperinflations are rare, but have been used to study the costs and consequences of even moderate inflation. Deflation is a decrease in the overall price level. Prolonged periods of deflation can be just as damaging for the economy as sustained inflation. The main measure of how an economy is doing is aggregate output: Aggregate output is the total quantity. Two consecutive quarters of decrease in output signal a recession.

A prolonged and deep recession becomes a depression.

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Policy makers attempt not only to smooth fluctuations in output during a business cycle but also to increase the growth rate of output in the long-run. Unemployment The unemployment rate is the percentage of the labor force that is unemployed. The unemployment rate is a key indicator of the economys health. The existence of unemployment seems to imply that the aggregate labor market is not in equilibrium.

Why do labor markets not clear when other markets do? Government in the Macroeconomy There are three kinds of policy that the government has used to influence the macroeconomy: 1. Fiscal policy 2. Monetary policy 3. Growth or supply-side policies.Notes from twenty lectures are available here as ordinary Web pages with graphics, as Flash videos with an audio narration and as PowerPoint presentations.

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