chapter 2 basic economic problem

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1、Chapter2BasicEconomicProblemScarcityChoiceandopportunitycostEconomicsystemsBasiclogicofthissection(1)Economicbasicproblem:theresourcesarescarceandhumanbeings’wantsareunlimited.Thus,individualsandsocietyhavetomakechoicesamongmanyoptions.Makingchoicesmeansthattheyhavetopayo

2、pportunitycost.Thesechoicesincludewhat(which),howandforwhom.Peoplemakedifferentchoicesdependingondifferentvalues,ideas,prioritiesandsituations,thusdevelopingdifferenteconomicsystems.Althoughresourceslimitproductionultimately,thecombinationofgoodsandservicesproducedbyaneco

3、nomyisnotlimitedwithingivenboundaries.Productionpossibilityisintroduced.Basiclogicofthissection(2)Howtotellhowmuchthosechoicesbringaboutsatisfactiontopeople?Threeapproachescanbeusedtogaugethesatisfaction:marginalutilitytheory,consumerpreferenceandindifferenceanalysis.Allm

4、ajorsocietiesusemarketsystem.Marketbringstogetherbuyers(demanders)andsellers(suppliers).Incompetitivemarkets,pricesadjusttotheequilibriumlevelatwhichquantitydemandedequalsquantitysupplied.Thelawofdemandshowsthatthereisaninverserelationshipbetweenpriceandquantitydemanded,a

5、ndthelawofsupplyshowsthatapositiverelationshipexistsbetweenpriceandquantitysupplied.Buttheydonotshowhowmuchtheychange.Priceelasticityofdemandandsupplyanswersthisquestion.1.Scarcity:UnlimitedWantsandLimitedResourcesBasicEconomicProblemBasiceconomicproblemarisesfromscarcity

6、(稀缺)andistheresultofdifferentchoicesmadebyindividualsandsocieties.Or,twofundamentalfactstogetherconstitutethebasiceconomicproblemandprovideafoundationforeconomics:society’swantsarevirtuallyunlimitedandtheresourcesforproducingthegoodsandservicestosatisfysociety’swantsareli

7、mitedorscarce.Alleconomicissuesdependsdirectlyonthesetwofacts.ScarcityEconomistsseeresourcesasscarceinthesensethatnoeconomyhassufficientresourcestobeabletoproduceallthegoodsandserviceseveryonewants.Comparedwithunlimitedwants,resourcesarescarce.Wants(想要)Thedesiresofconsume

8、rs(includingbusinessandgovernment)toobtainandusevariousgoodsandservicesthatprovideutility(效用)—th