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1、2012.09.18Welcome to the Economics World!Lecture One1InstructorXIONG,Yanyan Ph.D.The Chinese University of Hong KongM.A.&B.A.Zhejiang UniversityDepartment of International Economics and TradeE-mail:Cell phone:138 5193 8484 (8:00-20:00)Meeting with an appointmentStudentsYou are the best among the bes
2、t!Passionate,ambitious,challengeablePlease try your best!Email address of the classIntroduction2There are some rules which should be kept in mind.1.No-excused absence is not acceptable.Ask for leave formally by email before the class.A sick leaveA private affair leave Zero grade for attendance if th
3、ree and more lectures are missed.2.Late attendance is not allowed.Can not enter the classroom from the front door if you are late.Please enter the classroom from the back door as quietly and quickly as possible.Class Rules33.Preview the lessons before the class.Please read the textbook in advance.4.
4、No eating in the classroomPlease do not have your breakfast during the class.Have it at the break.5.Can not listen to music,watch videos,or play any electronic equipment during the class.Of cause,you can use a laptop to make some notes.6.Keep a clear mind!Class Rules4ABOUT THIS COURSEAn introductory
5、 course:the fundamentals of microeconomicsAims to provide a solid foundation for economic analysis and thinkingMain contentsSyllabus56Central ConceptSupply and demand,equilibriumConsumer behaviorFirms behavior,market structuresFactor marketsMore advanced topics,applied microeconomicsLEARNING OBJECTI
6、VESPart one:basic conceptsCh1-Ch3Part two:supply,demand,and product marketCh4-Ch11Part three:factor markets:labor,land,and capitalCh12-Ch15Part four:applications of economic principlesCh16-Ch17Syllabus7Course Components and RequirementLectures Six problem sets(homework)Recitations(tutorial)Midterm e
7、xamFinal examSyllabus8 LecturesTextbook:Paul A.Samuelson and William D.Nordhaus,Microeconomics(19 edition),Post&Telecom Press in 2012A bilingual edition jointly published by McGraw-Hill Education(Asia)Post&Telecom Press Syllabus9 Recitations22 lectures6 recitationsGo over problem sets Review key con
8、ceptsUnder the instruction of the instructor Syllabus10GRADING Final grade consists of Attendance grade:10%Performance grade:20%Midterm exam grade:30%Final exam grade:40%Each student will be graded in terms of individual attendance rate,performance in the recitations,and grades obtained in midterm a
9、nd final exams.Syllabus11OFFICE HOURTuesday 9:30 am 11:30amTeachers Lounge,No.1 Teaching BuildingWith an appointmentExaminationMid and finalBoth open-bookOnly with textbook,other materials forbiddenAnswers in EnglishSyllabus12The Central Concepts of EconomicsChapter 1 131.Why study economicsScarcity
10、 and efficiencyMicroeconomics and macroeconomicsThe logic of economics2.The three problems of economic organizationFundamental questions of economic organizationMarket,command,and mixed economies3.Societys technological possibilitiesInputs and outputsThe production-possibility frontier(abbreviation:
11、PPF)Chapter Outline141.1 Why did you choose to study economics?Get a good jobUnderstand more deeply what lies behind reports on inflation and unemploymentUnderstand the government policiesHandle our daily lifeJust interested in itWhat do I expect you to gain from this course?Understand the fundament
12、al laws of economicsDevelop an economic way of looking at and thinking about the world around you1 Why Study Economics151.2.1 Do you know what does Economics discuss?Explores the behavior of the financial markets,including interest rates,exchange rates,and stock pricesExamines the reasons why some p
13、eople or countries have high income while others are poorStudies business cycles why there are economic prosperity and economic recession-along with policies to moderate themStudies the international trade and finance,the impacts of globalization,the effects of RMB appreciation on total tradeAsks ho
14、w government policies can be used to pursue important goals such as rapid economic growth,efficient use of resources,full employment,price stability,and a fair distribution of income1.2 Scarcity and Efficiency161.2.2 Definition of EconomicsEconomics is the study of how societies use scarce resources
15、 to produce valuable goods and services and distribute them among different individuals.1.2 Scarcity and Efficiency171.2.3 ScarcityGoods are scarceResources are scarceLandLabor supply:24 hours per day(work,leisure)If not people can get whatever amount of goods they want Firms do not worry about the
16、cost of productionAll goods would be freeAll prices would be zero,no market1.2 Scarcity and Efficiency181.2.3 Our society is a world of scarcity.Why?Goods are limited relative to desiresGoods are always limited,but desires are unlimitedIf you add up all the wants,you quickly find that there are simp
17、ly not enough goods and services to satisfy even a small fraction of everyones consumption desires.1.2 Scarcity and Efficiency191.2.3 How do we do,given unlimited wants with limited resources?If you have 20 yuan,and can afford 4 bananas or a bookYou want both,but you can only get one of themHow will
18、 you choose?You will probably choose the goods that brings you more satisfaction.An economy make the best use of its limited resource.Efficiency denotes the most effective use of a societys resources in satisfying peoples wants and needs.1.2 Scarcity and Efficiency20Economic efficiency requires that
19、 an economy produce the highest combination of quantity and quality of goods and services given its technology and scarce resources.An economy is producing efficiently when no individuals economic welfare can be improved unless someone else is made worse off.There is no redundant resources left to i
20、mprove an individuals satisfaction;unless you take something from others;but other people will be unsatisfied.Just remember it at this momentExplain it more later1.2 Scarcity and Efficiency211.2.4 What does economics do?To acknowledge the reality of scarcity And then figure out how to organize socie
21、ty in a way which produces the most efficient use of resourcesThat is where economics makes its unique contribution!1.2 Scarcity and Efficiency22 Within the study of economics,a significant distinction is made between the behavior of individual components of an economy on the one handIndividuals,hou
22、seholds,firms,industries,etcand the functioning of the economy taken as a whole,on the other1.3 Microeconomics and Macroeconomics231.3.1 MicroeconomicsAdam Smith the founder The Wealth of Nations,in 1776Looks at the small building blocks of a larger systemAsking,How are vegetable prices set?How do p
23、eople negotiate their employment contracts?What are the effects of RMB appreciation on firms exports and imports?Will people with better education earn more?1.3 Microeconomics and Macroeconomics241.3.2 MacroeconomicsConcerned with the overall performance of the economyJohn Maynard Keynes General The
24、ory of Employment,Interest and Money,in 1936Asking,What is the relationship between the rate of unemployment and the rate of inflation?What should we expect to see as a consequence of enormous federal government budget deficits?Why China can growth at as high as 10%for the last three decades?1.3 Mic
25、roeconomics and Macroeconomics25Economic life is very complicated activities,with people buying,selling,bargaining,investing,and persuading.The ultimate purpose of economic science is to understand this complex undertaking.How do economists use economics theory and method to explain our complicated
26、real world?1.4 The Logic of Economics26Even though economics is a social science,economists often use a scientific approach to tackle economic problems.Scientists(chemists or physicists)can do experiments in the laboratory,and obtain various data by controlling for different external situations.Econ
27、omists can do quasi-experiments in the real world,but can hardly control for all conditions.You can get the GDP figures in last year from the statical yearbook.But you can not get another GDP in the last year by doing an experiment.Say,if we do the economic behavior in another way:consumers change t
28、he quantities of goods they buy,firms change the quantities of goods they produce,governments change the tax ratio What would the GDP be?We dont know.It could not happen again.The past is passed.1.4 The Logic of Economics271.4.1 What the economists do?Identify economic problemFormulate theoriesColle
29、ct and analyze dataUse econometrics,a specialized branch of statistics,in an attempt to accept or refute economic theories,and to find relationship between economic variables As in any scientific investigation,efforts are made to control for other factors related to the problem under consideration.1
30、.4 The Logic of Economics28For example,we are interested in explaining the relationship between the price of apples and the quantity purchased by you.Will you buy less apples if the price of apples rises?Yes?No,buy more?Or at least not less?If you happen to have a chance to earn some moneyMaybe you
31、now will can afford more apples,even the price of apples increasesSo,unless we hold income constant,we may conclude that when price increases,consumers will demand less apples.1.4 The Logic of Economics29It is very important to hold other things constant(or sometimes say,“other things equal”),when w
32、e study the relationship between two economic variables.This way is very important for economic thinking.1.4 The Logic of Economics301.4.2 Common FallaciesHere are some common fallacies encountered in economic reasoning.The post hoc fallacyThe fallacy of composition1.4.2.1 The post hoc fallacyInvolv
33、es the inference of causalityTo find a causality between two economic variables are very crucial in economic studies.1.4 The Logic of Economics31The post hoc fallacy occurs when we assume that,because one event occurred before another event,the first event caused the second event.A hen comes from an
34、 egg?Or an egg comes from a hen?Who comes first:hen or egg?1.4 The Logic of Economics321.4.2.2 Failure to hold other things constant1.4.2.3 The fallacy of compositionWhen you assume that what is true for the part is also true for the whole,you are committing the fallacy of composition.In economics,w
35、e often find that the whole is different from the sum of the parts.1.4 The Logic of Economics331.4.2.3 The fallacy of compositionIf one farmer has a harvest crop,she has a higher income;If all farmers produce a record crop,farm incomes will fall.If you receive a great deal more money,you will be hap
36、py that you become rich;however,if everyone receives a great deal more money,the society will have an inflation problem,and is likely to be worse off.These examples contain no tricks or magic.Rather,they are the results of systems of interacting individuals.Often the behavior of the aggregate looks
37、very different from the behavior of individual people.1.4 The Logic of Economics342.1 Fundamental Questions of Economic OrganizationEvery society must have a way of determining What commodities are produced?How these goods are made?For whom they are produced?2 The Three Problems of Economic Organiza
38、tion352.1.1 What commodities are produced and in what quantities?-why its so fundamental and important?Since we are faced with both scarcity and the wants of the people,each society must decide“what”goods and services to produce.No country has enough resources to meet all the wants of all its citize
39、ns.Scarcity means that choices have to be made.2.1 Fundamental Questions of Economic Organization362.1.2 How are goods produced?-why its so important?“How”deals primarily with the production process.Typically,there may be several different ways of producing a particular product.A painter could use a
40、 compressor and spray gun to paint a building.-more capitalOr,he could hire several workers with paintbrushes to help with the work.-more laborDepending upon the availability(and the cost)of these alternative inputs(capital and labor),either method could prove to be the best way to do the job.Techno
41、logy,or the knowledge used to combine inputs,is also an important factor in determining how to produce outputs.2.1 Fundamental Questions of Economic Organization372.1.3 For whom are goods produced?We know what to produce and the desired goods are produced So now we must determine who will get the ou
42、tputs that are produced.This is a very difficult decision,and often issues of fairness and equity come into play when deciding how to distribute a nations output.2.1 Fundamental Questions of Economic Organization38There are two fundamentally different ways that societies use to address these three p
43、roblems.Market economyIndividuals and private firms make the major decisions about what,how,and for whom.Command economyAbove decisions are made by the governmentNo contemporary society falls completely into either of these polar categories.Rather,all societies are mixed economies,with elements of b
44、oth market and command decision making.2.2 Market,Command,and Mixed Economies39Today most decisions in the United States and other high-income economies are made in the market place.But the government plays an important role in overseeing the functioning of the marketPass laws that regulate economic
45、 lifeProduce educational and police servicesControl pollutionMost societies today operate mixed economies.2.2 Market,Command,and Mixed Economies40A book or a DVD,contains detailed information about 20th century economic history,especially the debate on market economy and commanding economy.2.2 Marke
46、t,Command,and Mixed Economies41Each economy has a stock of limited resources labor,technical knowledge,factories and tools,land,and energy.There are unlimited desires(wants,needs).So goods are scarce relative to wants.An economy have to Choose among different potential bundles of goods(what)Select f
47、rom different techniques of production(the how)Decide in the end who will consume the goods(for whom)3 Societys Technological Possibilities423.1 Inputs and OutputsFirms use inputs to produce goods and services,which are called outputs.Inputs:are commodities or services that are used to produce goods
48、 and services.Another term for inputs is factors of production.Land,labor,capitalOutputs:are the various useful goods or services that result from the production process and are either consumed or employed in further production.3 Societys Technological Possibilities433.1.1 LandThe land includes the
49、earth itself and all the precious(and scarce)natural resources that we get out of it.In our congested world we need to broaden our definition of“land”beyond natural resources and include environmental resources such as air,water,and climate.These,too,are becoming scarce and are often adversely affected by our production decisions.3.1 Inputs and Outputs44