N. Gregory Mankiw《微观经济学》Chap 2 Ten Principles of Economics.pptVIP

N. Gregory Mankiw《微观经济学》Chap 2 Ten Principles of Economics.ppt

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Market failure Market failure occurs when the market fails to allocate resources efficiently. (1) may be caused by an externality, which is the impact of one person or firm’s actions on the well-being of a bystander. Please give some example of externality (2) may also be caused by market power, which is the ability of a single person or firm to unduly influence market prices. * 12 * 15 * 16 * 16 * 17 * 21 * 22 * 23 * 24 * 14 * 15 * 15 * 21 * 15 * 7 * 7 * 7 Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. Ten Principles of Economics Chapter 1 1. People face tradeoffs. To get one thing, we usually have to give up another thing. “There is no such thing as a free lunch!” Guns v. butter Food v. clothing Leisure time v. work Efficiency v. equity Efficiency means society gets the most that it can from its scarce resources. Equity means the benefits of those resources are distributed fairly among the members of society. Efficiency v. Equity 2. The cost of something is what you give up to get it. Decisions require comparing costs and benefits of alternatives. Whether to go to college or to work? Whether to study or go out on a date? Whether to go to class or sleep? The opportunity cost of an item is what you give up to obtain that item. Example:The Production Possibilities Frontier The production possibilities frontier is a graph showing the various combinations of output that the economy can possibly produce given the available factors of production and technology. The Production Possibilities Frontier Quantity of Computers Produced Quantity of Cars Produced 3,000 0 1,000 2,000 700 1,000 300 A B 2,200 600 C D The Production Possibilities Frontier Quantity of Computers Produced Quantity of Cars Produced 3,000 1,000 2,000 2,200 A 700 600 300 0 1,000 B C D Production possibilities frontier 4,000 The Production Possibilities Frontier Quantity of Computers Produced Quantity of Cars Produced 3,000 2,000 A 700 0 1,000 E 2,100 750 An outward

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