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1、Preliminaries microeconomics Branch of economics that deals with the behavior of individual economic unitsconsumers,firms,workers,and investorsas well as the markets that these units comprise.macroeconomics Branch of economics that deals with aggregate economic variables,such as the level and growth
2、 rate of national output,interest rates,unemployment,and inflation.第1页/共17页THE THEMES OF MICROECONOMICS1.1Trade OffsConsumersWorkersFirmsConsumers have limited incomes,which can be spent on a wide variety of goods and services,or saved for the future.Workers also face constraints and make trade-offs
3、.First,people must decide whether and when to enter the workforce.Second,workers face trade-offs in their choice ofemployment.Finally,workers must sometimes decide how many hours per week they wish to work,thereby trading off labor for leisure.Firms also face limits in terms of the kinds of products
4、 that they can produce,and the resources available to produce them.第2页/共17页1.1Prices and MarketsMicroeconomics describes how prices are determined.In a centrally planned economy,prices are set by the government.In a market economy,prices are determined by the interactions of consumers,workers,and fi
5、rms.These interactions occur in marketscollections of buyers and sellers that together determine the price of a good.THE THEMES OF MICROECONOMICS第3页/共17页1.1Theories and ModelsIn economics,explanation and prediction are based on theories.Theories are developed to explain observed phenomena in terms o
6、f a set of basic rules and assumptions.A model is a mathematical representation,based on economic theory,of a firm,a market,or some other entity.Positive versus Normative Analysis positive analysis Analysis describing relationships of cause and effect.normative analysis Analysis examining questions
7、of what ought to be.THE THEMES OF MICROECONOMICS第4页/共17页WHAT IS A MARKET?1.2 market Collection of buyers and sellers that,through their actual or potential interactions,determine the price of a product or set of products.market definition Determination of the buyers,sellers,and range of products tha
8、t should be included in a particular market.arbitrage Practice of buying at a low price at one location and selling at a higher price in another.第5页/共17页1.2Competitive versus Noncompetitive MarketsMarket Price perfectly competitive market Market with many buyers and sellers,so that no single buyer o
9、r seller has a significant impact on price.market price Price prevailing in a competitive market.WHAT IS A MARKET?第6页/共17页1.2Market DefinitionThe Extent of a Market extent of a market Boundaries of a market,both geographical and in terms of range of products produced and sold within it.Market defini
10、tion is important for two reasons:A company must understand who its actual and potential competitors are for the various products that it sells or might sell in the future.Market definition can be important for public policy decisions.WHAT IS A MARKET?第7页/共17页1.2Markets are usually defined in terms
11、of therapeutic classes of drugs.For example,there is a market for antiulcer drugs that is very clearly defined.Sometimes,however,pharmaceutical market boundaries are more ambiguous,like painkillers.There are many types of painkillers,and some work better than others for certain types of pain.WHAT IS
12、 A MARKET?第8页/共17页1.2In 1990,the Archer-Daniels-Midland Company(ADM)acquired the Clinton Corn Processing Company(CCP).The U.S.Department of Justice(DOJ)challenged the acquisition on the grounds that it would lead to a dominant producer of corn syrup with the power to push prices above competitive le
13、vels.ADM fought the DOJ decision,and the case went to court.The basic issue was whether corn syrup represented a distinct market.ADM argued that sugar and corn syrup should be considered part of the same market because they are used interchangeably to sweeten a vast array of food products.WHAT IS A
14、MARKET?第9页/共17页REAL VERSUS NOMINAL PRICES1.3 nominal price Absolute price of a good,unadjusted for inflation.real price Price of a good relative to an aggregate measure of prices;price adjusted for inflation.Consumer Price Index Measure of the aggregate price level.Producer Price Index Measure of th
15、e aggregate price level for intermediate products and wholesale goods.第10页/共17页Table 1.1 The Real Prices of Eggs and of a College Education19701980199020002007Consumer Price Index38.882.4130.7172.2205.8Nominal PricesGrade A large eggs$0.61$0.84$1.01$0.91$1.64College education$2530$4912$12,018$20,186
16、$27,560Real Prices($1970)Grade A large eggs$0.61$0.40$0.30$0.21$0.31College education$2,530$2,313$3,568$4,548$5,1961.3The real price of eggs in 1970 dollars is calculated as follows:While the nominal price of eggs rose during these years,the real price of eggs actually fell.REAL VERSUS NOMINAL PRICE
17、S第11页/共17页REAL VERSUS NOMINAL PRICESTable 1.1 The Real Prices of Eggs and of a College Education19701980199020002007Consumer Price Index38.882.4130.7172.2205.8Nominal PricesGrade A large eggs$0.61$0.84$1.01$0.91$1.64College education$2530$4912$12,018$20,186$27,560Real Prices($1980)Grade A large eggs
18、$2.05$1.33$1.01$0.69$1.041.3The real price of eggs in 1990 dollars is calculated as follows:第12页/共17页REAL VERSUS NOMINAL PRICESTable 1.1 The Real Prices of Eggs and of a College Education19701980199020002007Consumer Price Index38.882.4130.7172.2205.8Nominal PricesGrade A large eggs$0.61$0.84$1.01$0.
19、91$1.64College education$2530$4912$12,018$20,186$27,560Real Prices($1980)Grade A large eggs$2.05$1.33$1.01$0.69$1.041.3The percentage change in real price is calculated as follows:第13页/共17页REAL VERSUS NOMINAL PRICES1.3The Minimum WageIn nominal terms,the minimum wage has increased steadily over the
20、past 70 years.However,in real terms its expected 2010 level is below that of the 1970s.Figure 1.1第14页/共17页WHY STUDY MICROECONOMICS?1.4Corporate Decision Making:Fords Sport Utility VehiclesThe design and efficient production of Fords SUVs involved not only some impressive engineering,but a lot of eco
21、nomics as well.First,Ford had to think carefully about how the public would react to the design and performance of its new products.Next,Ford had to be concerned with the cost of manufacturing these cars.Finally,Ford had to think about its relationship to the government and the effects of regulatory
22、 policies.第15页/共17页WHY STUDY MICROECONOMICS?1.4Public Policy Design:Automobile Emission Standards for the Twenty-First CenturyThe design of a program like the Clean Air Act involves a good deal of economics.First,the government must evaluate the monetary impact of the program on consumers.The government must determine how new standards will affect the cost of producing cars.Finally,the government must ask why the problems related to air pollution are not solved by our market-oriented economy.第16页/共17页感谢您的观看。第17页/共17页