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1、PrinciplesofEconomicsbyN.GregoryMankiwAbouttheauthourN.GregoryMankiwisprofessorofeconomicsatHarvardUniversity.Asastudent,hestudiedeconomicsatPrincetonUniversityandMIT.Asateacher,hehastaughtmacroeconomics,microeconomics,statistics,andprinciplesofeconomics.Heevenspentonesu
2、mmerlongagoasasailinginstructoronLongBeachIsland.Referencebooks1.EconomicsbyPindyck2.PrinciplesofeconomicsbyRobertH.FrankandBenS.Bernanke3.EconomicsbyPaulA.Samuelsonatitanofeconomics,diedin2009whenhewas94AssessmentComponentWeighting(%)Individualparticipation15%ClassAtten
3、dance15%FinalExamination–ClosedBook70%TOTAL100%IntroductionThinkingLikeanEconomistChapter2Economy......ThewordeconomycomesfromaGreekwordfor“onewhomanagesahousehold.”Scarcity......meansthatsocietyhaslimitedresourcesandthereforecannotproduceallthegoodsandservicespeoplewish
4、tohave.EconomicsEconomicsisthestudyofhowsocietymanagesitsscarceresources.Suchas:•howpeopledecidewhattobuy,howmuchtowork,save,andspend•howfirmsdecidehowmuchtoproduce,howmanyworkerstohire•howsocietydecideshowtodivideitsresourcesbetweennationaldefense,consumergoods,protecti
5、ngtheenvironment,andotherneedsMicroeconomicsandMacroeconomicsMicroeconomicsfocusesontheindividualpartsoftheeconomy.HowhouseholdsandfirmsmakedecisionsandhowtheyinteractinspecificmarketsMacroeconomicslooksattheeconomyasawhole.Howthemarkets,asawhole,interactatthenationallev
6、el.EveryfieldofstudyhasitsownterminologyEconomicsSupplyDemandElasticityConsumerSurplusComparativeadvantageOpportunitycostDeadweightlossTheScientificMethod1.TheRoleofAssumptionsEconomistsmakeassumptionsinordertomaketheworldeasiertounderstand.Observation,TheoryandMoreObser
7、vation!Usesabstractmodelstohelpexplainhowacomplex,realworldoperates.example:TheCircular-FlowModel2.modelTheCircular-FlowModelThecircular-flowmodelisasimplewaytovisuallyshowtheeconomictransactionsthatoccurbetweenhouseholdsandfirmsintheeconomy.TheCircular-FlowDiagramFirmsH
8、ouseholdsMarketforFactorsofProductionMarketforGoodsandServicesSpendingRevenueWages,rent,andprofitIncome
