Ec102 - April 13

INTRODUCTION TEN PRINCIPLES OF ECONOMICS NORMATIVE VS POSITIVE CIRCULAR FLOW DIAGRAM PRODUCTION POSSIBILITIES FRONTIER` April 13, 2011 Ec102 D

Overview ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Group Quiz #1 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

ECONOMICS ,[object Object],[object Object],[object Object],[object Object]

1. PEOPLE FACE TRADE-OFFS ,[object Object],[object Object],[object Object],[object Object]

2. COST OF SOMETHING IS WHAT YOU GIVE UP TO GET IT ,[object Object],[object Object],[object Object],[object Object],[object Object]

3. RATIONAL PEOPLE THINK AT THE MARGIN ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

4. PEOPLE RESPOND TO INCENTIVES ,[object Object],[object Object],[object Object]

5. TRADE CAN MAKE EVERYONE BETTER OFF

6. MARKETS ARE A GOOD WAY TO ORGANIZE THE ECONOMY ,[object Object],[object Object],[object Object],[object Object]

7. Governments can sometimes improve market outcomes ,[object Object],[object Object],[object Object]

8. A country’s standard of living depends on its ability to produce goods and services ,[object Object]

9. Prices rise when governments print too much money ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

10. Society faces a short-run trade-off between inflation and unemployment ,[object Object],[object Object],[object Object]

METHODOLOGY OF ECONOMICS ,[object Object],[object Object],[object Object],[object Object],[object Object]

METHODOLOGY OF ECONOMICS ,[object Object],[object Object],[object Object]

POSITIVE ECONOMICS ,[object Object],[object Object]

POSITIVE ECONOMICS ,[object Object],[object Object],[object Object]

POSITIVE ECONOMICS ,[object Object],[object Object],[object Object],[object Object],[object Object]

CETERIS PARIBUS ,[object Object],[object Object],[object Object],[object Object]

CIRCULAR FLOW DIAGRAM ,[object Object],[object Object]

CIRCULAR FLOW DIAGRAM ,[object Object],[object Object],[object Object]

CIRCULAR FLOW DIAGRAM ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

CIRCULAR FLOW DIAGRAM ,[object Object],[object Object],[object Object],[object Object],[object Object]

CIRCULAR FLOW DIAGRAM ,[object Object],[object Object],[object Object],[object Object]

Ec102 - April 13

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