Principles+of+Economics+7th+Edition+Mankiw-Solution+Manual Chapter 02

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1、Chapter2/ThinkingLikeanEconomist❖332wTHINKINGLIKEANECONOMISTWHAT’SNEWINTHESEVENTHEDITION:ThereisanewIntheNewsfeatureon"ActualEconomistsandVirtualRealities."FigureA-1hasbeenupdated.LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:Øhoweconomi

2、stsapplythemethodsofscience.Øhowassumptionsandmodelscanshedlightontheworld.Øtwosimplemodels—thecircularflowandtheproductionpossibilitiesfrontier.Øthedifferencebetweenmicroeconomicsandmacroeconomics.Øthedifferencebetweenpositiveandnormativestatements.Øtherol

3、eofeconomistsinmakingpolicy.Øwhyeconomistssometimesdisagreewithoneanother.CONTEXTANDPURPOSE:Chapter2isthesecondchapterinathreechaptersectionthatservesastheintroductionofthetext.Chapter1introducedtenprinciplesofeconomicsthatwillberevisitedthroughoutthetext.C

4、hapter2developshoweconomistsapproachproblemswhileChapter3willexplainhowindividualsandcountriesgainfromtrade.ThepurposeofChapter2istofamiliarizestudentswithhoweconomistsapproacheconomicproblems.Withpractice,theywilllearnhowtoapproachsimilarproblemsinthisdisp

5、assionatesystematicway.Theywillseehoweconomistsemploythescientificmethod,theroleofassumptionsinmodelbuilding,andtheapplicationoftwospecificeconomicmodels.Studentswillalsolearntheimportantdistinctionbetweentworoleseconomistscanplay:asscientistswhenwetrytoexp

6、laintheeconomicworldandaspolicymakerswhenwetrytoimproveit.©2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter2/ThinkingLikeanEconomist❖33KEYPOINTS:·Economiststrytoaddressthei

7、rsubjectwithascientist’sobjectivity.Likeallscientists,theymakeappropriateassumptionsandbuildsimplifiedmodelstounderstandtheworldaroundthem.Twosimpleeconomicmodelsarethecircular-flowdiagramandtheproductionpossibilitiesfrontier.·Thefieldofeconomicsisdividedin

8、totwosubfields:microeconomicsandmacroeconomics.Microeconomistsstudydecisionmakingbyhouseholdsandfirmsandtheinteractionamonghouseholdsandfirmsinthemarketplace.Macroeconomistsstudytheforcesandtrendsthata