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PowerPoint® Lecture Presentation to accompany Principles in Action Arthur O’Sullivan and Steven M. Sheffrin Prepared by Aaron Robinson, RCHS

PRINCIPLES OF ECONOMICS ,[object Object],[object Object],[object Object]

PRINCIPLES OF ECONOMICS ,[object Object],Turn to page 3 and create a two column table. Provide two examples for each key term Key Term 13 Examples (don’t use economics) Need Water, clean air Want Mercedes, 60” flat screen Entrepreneur Jerry Yang, Michael Dell

Need Want Goods Services Land Labor Physical capital Human capital entrepreneur

Factors of Production ,[object Object],[object Object],[object Object],[object Object]

Physical/Human Capital ,[object Object],[object Object]

[object Object],Complete the following… Page 6, 2,6,9,10.

Our First Model: The Circular-Flow Diagram ,[object Object],[object Object],[object Object]

Our Second Model: The Production Possibilities Frontier ,[object Object]

Figure 2 The Production Possibilities Frontier Copyright©2003 Southwestern/Thomson Learning Quantity of Cars Produced 0 3,000 1,000 Quantity of Computers Produced Production possibilities frontier A B C 2,200 600 1,000 300 700 2,000 D

Our Second Model: The Production Possibilities Frontier ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Microeconomics and Macroeconomics ,[object Object],[object Object],[object Object],[object Object]

THE ECONOMIST AS POLICY ADVISOR ,[object Object],[object Object]

TEN PRINCIPLES OF ECONOMICS ,[object Object],[object Object],[object Object],[object Object],[object Object]

TEN PRINCIPLES OF ECONOMICS ,[object Object],[object Object],[object Object],[object Object]

Principle #1: People Face Tradeoffs. ,[object Object]

Principle #1: People Face Tradeoffs. ,[object Object],[object Object],[object Object],[object Object],[object Object],Making decisions requires trading off one goal against another.

Principle #1: People Face Tradeoffs ,[object Object],[object Object],[object Object]

Principle #2: The Cost of Something Is What You Give Up to Get It. ,[object Object],[object Object],[object Object],[object Object],[object Object]

Principle #2: The Cost of Something Is What You Give Up to Get It. ,[object Object]

Principle #3: Rational People Think at the Margin. ,[object Object],People make decisions by comparing costs and benefits at the margin.

Principle #4: People Respond to Incentives. ,[object Object],[object Object]

Principle #5: Trade Can Make Everyone Better Off. ,[object Object],[object Object],[object Object]

Principle #6: Markets Are Usually a Good Way to Organize Economic Activity. ,[object Object],[object Object],[object Object]

Principle #7: Governments Can Sometimes Improve Market Outcomes. ,[object Object],[object Object]

Principle #7: Governments Can Sometimes Improve Market Outcomes. ,[object Object],[object Object],[object Object]

Principle #8: The Standard of Living Depends on a Country’s Production. ,[object Object],[object Object],[object Object]

Principle #8: The Standard of Living Depends on a Country’s Production. ,[object Object],[object Object]

Principle #9: Prices Rise When the Government Prints Too Much Money. ,[object Object],[object Object],[object Object]

Principle #10: Society Faces a Short-run Tradeoff Between Inflation and Unemployment. ,[object Object],[object Object],[object Object]

Summary ,[object Object],[object Object],[object Object],[object Object]

Summary ,[object Object],[object Object],[object Object]

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