Ten principles of economics ppsx
Ten principles of economics ppsx
... important parts of the body fit together. Of course, these plastic models
CHAPTER 1 TEN PRINCIPLES OF ECONOMICS 7
thinking at the margin. Imagine that a plane is about to take off with ten empty
seats, ... less of the other. When the economy moves from
point A to point C, for instance, society produces more computers but at the ex-
pense of producing fewer cars.
Another of...
Ten Principles of Economics - Part 44
... amount of income—
$100,000 in our example—were fixed. But, in fact, it is not. Utilitarians reject com-
plete equalization of incomes because they accept one of the Ten Principles of
Economics ... extent, the goal of utilitarians is to ap-
ply the logic of individual decisionmaking to questions concerning morality and
public policy.
The starting point of utilitarianism is...
Ten Principles of Economics - Part 47
... effect on
labor supply of winning such a large prize is substantial.
Similar results were found in a study, published in the May 1993 issue of the
Quarterly Journal of Economics, of how receiving a ... cutting back on the luxury of meat
and buying more of the staple food of potatoes. Thus, it is argued that a higher
price of potatoes actually raised the quantity of potatoes...
Ten Principles of Economics - Part 49
... the health of our children, the
quality of their education, or the joy of their play. It does not include the beauty
of our poetry or the strength of our marriages, the intelligence of our public
debate ... Americans.
506 PART EIGHT THE DATA OF MACROECONOMICS
CASE STUDY
INTERNATIONAL DIFFERENCES IN GDP AND THE
QUALITY OF LIFE
One way to gauge the usefulness of GDP as a measu...
Ten Principles of Economics - Part 50
... Bureau of Labor Statistics did revise the basket of goods
B
EHIND EVERY MACROECONOMIC STATISTIC
are thousands of individual pieces of
data on the economy. This article fol-
lows some of the people ... a higher or lower standard of liv-
ing than today’s players.
MEASURING THE
COST OF LIVING
508 PART EIGHT THE DATA OF MACROECONOMICS
maternal mortality, higher rates of child ma...
Ten Principles of Economics - Part 1
... ideas. In the rest of this chapter, we look at Ten Principles of Economics.
These principles recur throughout this book and are introduced here to give you
an overview of what economics is all ... changes
small incremental adjustments to a
plan of action
CHAPTER 1 TEN PRINCIPLES OF ECONOMICS 7
thinking at the margin. Imagine that a plane is about to take off with te...
Ten Principles of Economics - Part 2
... CHAPTER 1 TEN PRINCIPLES OF ECONOMICS 15
monetary and fiscal policy are potentially so powerful, how policymakers should
use these instruments to control the economy, if at all, is a subject of continuing
debate.
QUICK ... task. The
field of economics is based on a few basic ideas that can be applied in many dif-
ferent situations.
Throughout this book we will refer back to the...
Ten Principles of Economics - Part 3
... source of the inefficiency were eliminated, the economy
could move from point B to point A, increasing production of both cars (to 700)
and computers (to 2,000).
One of the Ten Principles of Economics ... less of the other. When the economy moves from
point A to point C, for instance, society produces more computers but at the ex-
pense of producing fewer cars.
Another of...
Ten Principles of Economics - Part 51
... well-being of others?
Explain.
2. Suppose that the residents of Vegopia spend all of their
income on cauliflower, broccoli, and carrots. In 2001
they buy 100 heads of cauliflower for $200, 50 bunches
of ... that nominal and
real interest rates often do not
move together.
S
OURCE
: U.S. Department of Labor;
U.S. Department of Treasury.
CHAPTER 23 MEASURING THE COST OF LIVING 51...