Principles of Economics 6e by N. Gregory Mankiw - SM Chapter 01

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1、Chapter1/TenPrinciplesofEconomics❖131TENPRINCIPLESOFECONOMICSWHAT’SNEWINTHESIXTHEDITION:ThereisanewCaseStudyon“TheIncentiveEffectsofGasolinePrices.”Principle10ontheShort-RunTrade-offBetweenInflationandUnemploymenthasbeenupdatedtoreflectchangesintheeconomyin2008–2009andsomeoftheresponsefr

2、omtheObamaadministration.LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:Øthateconomicsisabouttheallocationofscarceresources.Øthatindividualsfacetrade-offs.Øthemeaningofopportunitycost.Øhowtousemarginalreasoningwhenmakingdecisions.Øhowincentivesaffectpeople’sbehavior.Øw

3、hytradeamongpeopleornationscanbegoodforeveryone.Øwhymarketsareagood,butnotperfect,waytoallocateresources.Øwhatdeterminessometrendsintheoveralleconomy.CONTEXTANDPURPOSE:Chapter1isthefirstchapterinathree-chaptersectionthatservesastheintroductiontothetext.Chapter1introducestenfundamentalpri

4、nciplesonwhichthestudyofeconomicsisbased.Inabroadsense,therestofthetextisanelaborationonthesetenprinciples.Chapter2willdevelophoweconomistsapproachproblemswhileChapter3willexplainhowindividualsandcountriesgainfromtrade.ThepurposeofChapter1istolayoutteneconomicprinciplesthatwillserveasbui

5、ldingblocksfortherestofthetext.Thetenprinciplescanbegroupedintothreecategories:howpeoplemakedecisions,howpeopleinteract,andhowtheeconomyworksasawhole.Throughoutthetext,referenceswillbemaderepeatedlytothesetenprinciples.©2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplic

6、ated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1/TenPrinciplesofEconomics❖13KEYPOINTS:·Thefundamentallessonsaboutindividualdecisionmakingarethatpeoplefacetrade-offsamongalternativegoals,thatthecostofanyactionismeasuredintermsofforgoneopportunities,thatrationalpeoplemake

7、decisionsbycomparingmarginalcostsandmarginalbenefits,andthatpeoplechangetheirbehaviorinresponsetotheincentivestheyface.·Thefundamentallessonsaboutinteractionsamongpeoplearethattradeandinterdependencecanbemutuallybeneficial,thatmarketsareusuallyagoodwayofcoordinatingeconom