Me intro-091004113611-phpapp01
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Economics studies how society manages its scarce resources and how people make decisions and interact with each other in the economy. It analyzes forces that affect the overall economy like growth, unemployment, and inflation. Economics is built upon 10 key principles regarding individual decision making, interaction, and how the overall economy works. These principles examine concepts like tradeoffs, costs, incentives, markets, and the relationship between inflation, unemployment, and monetary/fiscal policy. Understanding these fundamental principles provides the building blocks for more advanced economic analysis.
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Me intro-091004113611-phpapp01
- 1. “ Welcome to the Wonderful World of ” Economics
- 2. “ The word "economics“ has its origin in the Greek "oikonomikós" (relating to household ” management), from "oikos" (house).
- 3. “ Economics studies how society manages its scarce resources. ---------------------------------------- How people make decisions: How much they work, ” What they buy, How much they save or invest...
- 4. “ Economics studies how society manages its scarce resources. ---------------------------------------- How people interact with each other: How buyers and sellers ” Together determine the price, and quantity of goods sold...
- 5. “ Economics studies how society manages its scarce resources ---------------------------------------- How the Economy as a Whole Works: Analyze the forces and trends that affect the economy: Growth in average income, unemployment, inflation etc.
- 6. “ ” How People Make Decisions
- 7. Four Principles of Individual Decision-Making 1 People Face Trade-offs a Guns or Butter? b Efficiency or Equity? Good decisions are made c when options are known
- 8. Four Principles of Individual Decision-Making 2 Cost is What You Give-Up a Not all costs are perceived b Some costs are ignored Opportunity Cost is whatever must be given c up to obtain some item
- 9. Four Principles of Individual Decision-Making Rational People Think 3 at the Margin a Decisions are rarely black and white Marginal changes are small incremental b adjustments to a plan of action Marginal costs and marginal benefits are c compared to make decisions
- 10. Four Principles of Individual Decision-Making 4 People Respond to Incentives Behaviour changes, as costs a or benefits change There are direct and indirect b costs and benefits Incentives and opportunity costs c are compared in decision making
- 11. “ ” How People Interact
- 12. Three Principles of Individual Interaction Trade Makes Everyone 1 Better Off a Competition and Trade is not a Win-Lose Affair b Isolation to Specialisation c Partners in Progress
- 13. Three Principles of Individual Interaction Markets Usually Organize 2 Economic Activities Efficiently Market Economy: Resource allocation with a decentralised decision making as individual and firms interact for goods and services b Adam Smith: “Invisible Hand” leads to desirable outcomes Communism: Controls prevent self-correction c and affect welfare of society as a whole
- 14. Three Principles of Individual Interaction Governments Can Sometimes 3 Improve Market Outcomes a Market failure is the failure of efficient allocation of resources Externality: the impact of one person’s b actions on the well being of another Market Power: The ability of a single entity c (or group) with substantial influence
- 15. “ ” How the Economy as a Whole Works
- 16. Three Principles of the Economy as a Whole A County’s Standard of Living 1 Depends on Ability to Produce Goods and Services a Standard of living is linked to productivity b Keys: Education , Tools and Technology c Government Budget deficits lower investment and productivity
- 17. Three Principles of the Economy as a Whole Prices Rise when Government 2 Prints too Much Money a Inflation: Increase in the overall level of prices Culprit: Growth in the quantity b of money supply (money value?) Keeping inflation low is part of c good public policy
- 18. Three Principles of the Economy as a Whole Society Faces Short-run 3 Trade off between Inflation and Unemployment Reduction in inflation causes a temporary increase in unemployment Restriction of money supply decreases b spending leading to less sales Monetary Policy and Fiscal Policy c Are the instruments of control
- 19. “ Remember the 10 Building Blocks ------------------------------------------------ Even the most sophisticated economic analysis is built using the ten principles used here…
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- Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
- Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
- Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
- Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
- Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
- Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
- Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
- Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
- Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
- Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
- Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
- Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
- Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
- Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
- Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.
- Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
- Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
- Presentation Notes Now lets look at three incentives, and the related opportunities, that face community foundations, all connected to a need for better accountability. Each is discussed in more detail on the following slides. Discussion Question Do you feel any other pressures for better accountability?
- Presentation Notes One of the issues in our field is widespread frustration with existing grant tracking software (i.e. FIMS, Foundation Power, Microedge etc.), noting that it has been difficult if not impossible to adapt it to track impact information.