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[经济学]Analysis of China’s economics
Chen Yibo201205: PMI 50.4, Crisis?Analysis of China’s economics
Outline
What is economics
What status we are facing
Estimate economics’ develop direction
What investment strategy
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Scarcity, Choice, and Opportunity Cost
Human wants are unlimited, but resources are not.
Three basic questions must be answered in order to understand an economic system:
What gets produced?
How is it produced?
Who gets what is produced?
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Scarcity, Choice, and Opportunity Cost
Every society has some system or mechanism that transforms that society’s scarce resources into useful goods and services.
5 of 40
Scarcity, Choice, and Opportunity Cost
The basic resources that are available to a society are factors of production:
Land
Labor
Capital
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Scarcity, Choice, and Opportunity Cost
Production is the process that transforms scarce resources into useful goods and services.
Resources or factors of production are the inputs into the process of production; goods and services of value to households are the outputs of the process of production.
7 of 40
Scarcity and Choicein a One-Person Economy
Nearly all the basic decisions that characterize complex economies must also be made in a single-person economy.
Constrained choice and scarcity are the basic concepts that apply to every society.
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Scarcity and Choicein a One-Person Economy
Opportunity cost is that which we give up or forgo, when we make a decision or a choice.
9 of 40
Scarcity and Choicein an Economy of Two or More
A producer has an absolute advantage over another in the production of a good or service if it can produce that product using fewer resources.
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Scarcity and Choicein an Economy of Two or More
A producer has a comparative advantage in the production of a good or service over another if it can produce that product at a lower opportunity cost.
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Comparative Advantageand the Gains From Trade
Colleen has an absolute advantage in the production of both wood and food because sh
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