Principles of Economics 附赠Solution Chapter 01

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1、Chapter1/TenPrinciplesofEconomics❖131TENPRINCIPLESOFECONOMICSWHAT’SNEWINTHESEVENTHEDITION:Thereisanadditionalexampleaboutmarginalbenefitsandmarginalcosts.LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:Øthateconomicsisabouttheallocationofscarceresources.Øthatindividualsfacetrad

2、e-offs.Øthemeaningofopportunitycost.Øhowtousemarginalreasoningwhenmakingdecisions.Øhowincentivesaffectpeople’sbehavior.Øwhytradeamongpeopleornationscanbegoodforeveryone.Øwhymarketsareagood,butnotperfect,waytoallocateresources.Øwhatdeterminessometrendsintheoveralleconomy.CONTEXTANDPURPOSE:Chapter

3、1isthefirstchapterinathree-chaptersectionthatservesastheintroductiontothetext.Chapter1introducestenfundamentalprinciplesonwhichthestudyofeconomicsisbased.Inabroadsense,therestofthetextisanelaborationonthesetenprinciples.Chapter2willdevelophoweconomistsapproachproblemswhileChapter3willexplainhowi

4、ndividualsandcountriesgainfromtrade.ThepurposeofChapter1istolayoutteneconomicprinciplesthatwillserveasbuildingblocksfortherestofthetext.Thetenprinciplescanbegroupedintothreecategories:howpeoplemakedecisions,howpeopleinteract,andhowtheeconomyworksasawhole.Throughoutthetext,referenceswillbemaderep

5、eatedlytothesetenprinciples.©2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1/TenPrinciplesofEconomics❖13KEYPOINTS:·Thefundamentallessonsaboutindividualdecisionmakingarethatpeoplefacetrade-offsamongalternativeg

6、oals,thatthecostofanyactionismeasuredintermsofforgoneopportunities,thatrationalpeoplemakedecisionsbycomparingmarginalcostsandmarginalbenefits,andthatpeoplechangetheirbehaviorinresponsetotheincentivestheyface.·Thefundamentallessonsaboutinteractionsamongpeoplearethattradeandinterdependencecanbemut

7、uallybeneficial,thatmarketsareusuallyagoodwayofcoordinatingeconomicactivityamongpeople,andthatthegovernmentcanpotentiallyimprovemarketoutcomesbyremedyingamarketfailureorbypromotinggreatereconomicequality.·Thefundamentallesso