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1、会计学1曼昆微观经济学原理曼昆微观经济学原理The principles of The principles of HOW PEOPLE HOW PEOPLE MAKE DECISIONSMAKE DECISIONS第1页/共26页3HOW PEOPLE MAKE DECISIONSHOW PEOPLE MAKE DECISIONSAll decisions involve tradeoffs.Examples:n nGoing to a party the night before your midterm leaves Going to a party the night before y
2、our midterm leaves less time for studying.less time for studying.n nHaving more money to buy stuff requires working longer Having more money to buy stuff requires working longer hours,which leaves less time for leisure.hours,which leaves less time for leisure.n nProtecting the environment requires r
3、esources Protecting the environment requires resources that could otherwise be used to produce that could otherwise be used to produce consumer goods.consumer goods.Principle#1:People Face Tradeoffs第2页/共26页4HOW PEOPLE MAKE DECISIONSHOW PEOPLE MAKE DECISIONSn nSociety faces an important tradeoff:Soci
4、ety faces an important tradeoff:efficiency vs.equality efficiency vs.equality n nEfficiencyEfficiency:when society gets the most from its scarce:when society gets the most from its scarce resourcesresourcesn nEqualityEquality:when prosperity is distributed uniformly:when prosperity is distributed un
5、iformly among societys membersamong societys membersn nTradeoff:To achieve greater equality,Tradeoff:To achieve greater equality,could redistribute income from wealthy to poor.could redistribute income from wealthy to poor.But this reduces incentive to work and produce,shrinks But this reduces incen
6、tive to work and produce,shrinks the size of the economic“pie.”the size of the economic“pie.”Principle#1:People Face Tradeoffs第3页/共26页5HOW PEOPLE MAKE DECISIONSHOW PEOPLE MAKE DECISIONSn nMaking decisions requires comparing the costs and benefits of alternative choices.n nThe opportunity cost of any
7、 item is whatever must be given up to obtain it.n nIt is the relevant cost for decision making.Principle#2:The Cost of Something Is What You Give Up to Get It第4页/共26页6HOW PEOPLE MAKE DECISIONSHOW PEOPLE MAKE DECISIONSExamples:The opportunity cost ofgoing to college for a year is not just the going t
8、o college for a year is not just the tuition,books,and fees,but also the tuition,books,and fees,but also the foregone wages.foregone wages.seeing a movie is not just the price of the seeing a movie is not just the price of the ticket,ticket,but the value of the time you spend in but the value of the
9、 time you spend in the theater.the theater.Principle#2:The Cost of Something Is What You Give Up to Get It第5页/共26页7HOW PEOPLE MAKE DECISIONSHOW PEOPLE MAKE DECISIONSRational people n nsystematically and purposefully do the systematically and purposefully do the best they can to achieve their objecti
10、ves.best they can to achieve their objectives.n nmake decisions by evaluating costs and make decisions by evaluating costs and benefits of benefits of marginal changesmarginal changes incremental adjustments to an existing incremental adjustments to an existing plan.plan.Principle#3:Rational People
11、Think at the Margin第6页/共26页8HOW PEOPLE MAKE DECISIONSHOW PEOPLE MAKE DECISIONSExamples:n nWhen a student considers whether to go to college for an additional year,he compares the fees&foregone wages to the extra income he could earn with the extra year of education.n nWhen a manager considers whethe
12、r to increase output,she compares the cost of the needed labor and materials to the extra revenue.Principle#3:Rational People Think at the Margin第7页/共26页9HOW PEOPLE MAKE DECISIONSHOW PEOPLE MAKE DECISIONSn nIncentive:something that induces a person to act,i.e.the prospect of a reward or punishment.n
13、 nRational people respond to incentives.Examples:n nWhen gas prices rise,consumers buy When gas prices rise,consumers buy more hybrid cars and fewer gas more hybrid cars and fewer gas guzzling SUVs.guzzling SUVs.n nWhen cigarette taxes increase,When cigarette taxes increase,teen smoking falls.teen s
14、moking falls.Principle#4:People Respond to Incentives第8页/共26页You are selling your 1996 Mustang.You have already spent$1000 on repairs.At the last minute,the transmission dies.You can pay$600 to have it repaired,or sell the car“as is.”In each of the following scenarios,should you have the transmissio
15、n repaired?Explain.A.A.Blue book value is$6500 if Blue book value is$6500 if transmission works,transmission works,$5700 if it doesnt$5700 if it doesntB.B.Blue book value is$6000 if Blue book value is$6000 if transmission works,transmission works,$5500 if it doesnt$5500 if it doesntA C T I V E L E A
16、 R N I N G A C T I V E L E A R N I N G 1 1 Applying the principlesApplying the principles10第9页/共26页The principles of HOW PEOPLE INTERACT第10页/共26页12HOW PEOPLE INTERACTHOW PEOPLE INTERACTn nRather than being self-sufficient,people can specialize in producing one good or service and exchange it for oth
17、er goods.n nCountries also benefit from trade&specialization:n nGet a better price abroad for goods Get a better price abroad for goods they producethey producen nBuy other goods more cheaply from Buy other goods more cheaply from abroad than could be produced at abroad than could be produced at hom
18、ehomePrinciple#5:Trade Can Make Everyone Better Off第11页/共26页13HOW PEOPLE INTERACTHOW PEOPLE INTERACTn nMarket:a group of buyers and sellers(need not be in a single location)n n“Organize economic activity”means determining n nwhatwhat goods to produce goods to produce n nhowhow to produce them to pro
19、duce them n nhow muchhow much of each to produce of each to producen nwhowho gets them gets themPrinciple#6:Markets Are Usually A Good Way to Organize Economic Activity第12页/共26页14HOW PEOPLE INTERACTHOW PEOPLE INTERACTn nA market economy allocates resources through the decentralized decisions of many
20、 households and firms as they interact in markets.n nFamous insight by Adam Smith in The Wealth of Nations(1776):Each of these households and firms Each of these households and firms acts as if“led by acts as if“led by an invisible handan invisible hand”to promote general economic well-to promote ge
21、neral economic well-being.being.Principle#6:Markets Are Usually A Good Way to Organize Economic Activity第13页/共26页15HOW PEOPLE INTERACTHOW PEOPLE INTERACTn nThe invisible hand works through the price system:The invisible hand works through the price system:n nThe interaction of buyers and sellers The
22、 interaction of buyers and sellers determines prices.determines prices.n nEach price reflects the goods value to Each price reflects the goods value to buyers and the cost of producing the buyers and the cost of producing the good.good.n nPrices guide self-interested households Prices guide self-int
23、erested households and firms to make decisions that,in and firms to make decisions that,in many cases,maximize societys many cases,maximize societys economic well-being.economic well-being.Principle#6:Markets Are Usually A Good Way to Organize Economic Activity第14页/共26页16HOW PEOPLE INTERACTHOW PEOPL
24、E INTERACTn nImportant role for govt:enforce property rights(with police,courts)n nPeople are less inclined to work,produce,invest,or purchase if large risk of their property being stolen.Principle#7:Governments Can Sometimes Improve Market Outcomes第15页/共26页17HOW PEOPLE INTERACTHOW PEOPLE INTERACTn
25、nMarket failure:when the market fails to allocate societys resources efficientlyn nCauses:n nExternalitiesExternalities,when the production or consumption,when the production or consumption of a good affects bystanders(of a good affects bystanders(e.g.e.g.pollution)pollution)n nMarket powerMarket po
26、wer,a single buyer or seller has substantial,a single buyer or seller has substantial influence on market price(influence on market price(e.g.e.g.monopoly)monopoly)n nIn such cases,public policy may promote efficiency.Principle#7:Governments Can Sometimes Improve Market Outcomes第16页/共26页18HOW PEOPLE
27、 INTERACTHOW PEOPLE INTERACTn nGovt may alter market outcome to promote equityn nIf the markets distribution of economic well-being is not desirable,tax or welfare policies can change how the economic“pie”is divided.Principle#7:Governments Can Sometimes Improve Market Outcomes第17页/共26页The principles
28、 of HOW THE ECONOMY AS A WHOLE WORKS第18页/共26页20HOW THE ECONOMY AS A WHOLE WORKSHOW THE ECONOMY AS A WHOLE WORKSn nHuge variation in living standards across countries and over time:n nAverage income in rich countries is Average income in rich countries is more than ten times average income more than
29、ten times average income in poor countries.in poor countries.n nThe U.S.standard of living today is The U.S.standard of living today is about about eight times larger than 100 years ago.eight times larger than 100 years ago.Principle#8:A countrys standard of living depends on its ability to produce
30、goods&services.第19页/共26页21HOW THE ECONOMY AS A WHOLE WORKSHOW THE ECONOMY AS A WHOLE WORKSn nThe most important determinant of living standards:productivity,the amount of goods and services produced per unit of labor.n nProductivity depends on the equipment,skills,and technology available to workers
31、.n nOther factors(e.g.,labor unions,competition from abroad)have far less impact on living standards.Principle#8:A countrys standard of living depends on its ability to produce goods&services.第20页/共26页22HOW THE ECONOMY AS A WHOLE WORKSHOW THE ECONOMY AS A WHOLE WORKSn nInflation:increases in the gen
32、eral level of prices.n nIn the long run,inflation is almost always caused by excessive growth in the quantity of money,which causes the value of money to fall.n nThe faster the govt creates money,the greater the inflation rate.Principle#9:Prices rise when the government prints too much money.第21页/共2
33、6页23HOW THE ECONOMY AS A WHOLE WORKSHOW THE ECONOMY AS A WHOLE WORKSn nIn the short-run(1 2 years),many economic policies push inflation and unemployment in opposite directions.n nOther factors can make this tradeoff more or less favorable,but the tradeoff is always present.Principle#10:Society face
34、s a short-run tradeoff between inflation and unemployment第22页/共26页CHAPTER SUMMARYCHAPTER SUMMARYThe principles of decision making are:n nPeople face tradeoffs.n nThe cost of any action is measured in terms of foregone opportunities.n nRational people make decisions by comparing marginal costs and ma
35、rginal benefits.n nPeople respond to incentives.24第23页/共26页CHAPTER SUMMARYCHAPTER SUMMARYThe principles of interactions among people are:n nTrade can be mutually beneficial.n nMarkets are usually a good way of coordinating trade.n nGovt can potentially improve market outcomes if there is a market fa
36、ilure or if the market outcome is inequitable.25第24页/共26页CHAPTER SUMMARYCHAPTER SUMMARYThe principles of the economy as a whole are:n nProductivity is the ultimate source of living standards.n nMoney growth is the ultimate source of inflation.n nSociety faces a short-run tradeoff between inflation and unemployment.26第25页/共26页