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Lecture Macro economic: Chapter 1 - Lương Mỹ Thùy Dương
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Lecture "Macro economic: Chapter 1" provides students with the knowledge: Economic concept and economic systems, the market Forces of Supply and Demand, the theory of consumer choice, the Costs of production, competitive Markets Firms print,... You are invited the same reference.
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Nội dung Text: Lecture Macro economic: Chapter 1 - Lương Mỹ Thùy Dương
- MicroEconomic
Lecturer: LƯƠNG MỸ THÙY DƯƠNG
- MicroEconomic
Topic 1: Economic concept and Economic systems
Topic 2: The Market Forces of Supply and Demand
Topic 3: The Theory of Consumer Choice
Topic 4: The Costs of Production
Topic 5: Firms in Competitive Markets
Topic 6: Monopoly
Topic 7:BookMonopolistic
© McGraw-Hill Company Australia, 1999 Competition and Oligopoly
PPS t/a Economics for Business 2/e 1-2
- REFERENCE BOOKS
1-Economics for Business – Lan Fraser – John
Glonea – Simon Fraser.
2-Economics – Paul A. Samuelson and William D.
Nordhaus.
3-Kinh tế Vi mô - Trường Đại học Công nghiệp
TP.HCM
4-Kinh tế Vi mô - Trường Đại học Kinh tế TP.HCM.
5-Nguyên lý kinh tế học – David Begg.
- Economic Concepts
- Topic Plan
• Economic concept.
• Basic Economic Problems.
• Economic Systems.
- What is Economics ?
- Economics
Is the study of how societies use scarce
resources to produce valuable
commodities and distribute them among
different people.
- Scarcity
• Resources are scarce in relation to the
unlimited needs and wants of consumers.
- Resources
• Also called Factors of Production
• All inputs which are used in the production
and distribution of goods and services.
- Types of Resources
1. LAND :
All natural endowments.
Examples- soils, crops, minerals
2. LABOUR :
Physical and mental work of people.
Examples- teachers
- Types of Resources
3. CAPITAL :
Any good used to produce others.
Examples- Factories, machinery
4. ENTERPRISE :
Management of the other three factors of
production.
Examples- Business managers
- Characteristics of Resources
• Scarce
• Have alternative uses
• Quantity of a resource varies
• Quality of a resource varies
- Needs and Wants
Needs: goods/services essential for survival.
Wants: goods/services desired by
consumers.
Characteristics:
• Unlimited
• Recurrent
• Complementary
• Changeable
- Satisfying Needs and Wants
Production Distribution Consumption
- Production Possibility Theory
• A simplified economic model which portrays
scarcity, choice and opportunity cost.
The Static Production Possibility Frontier
• Analyses the economy at a fixed point in time
• Is based on the following assumptions:
– There is a fixed quantity of resources
– The economy only produces 2 products
– Resources can be used interchangeably
– All resources within the economy are used
– Resources are used at maximum efficiency
- An example of the Static PPF model
Production Possibility Schedule
A B C D E
Tractors 0 100 200 300 400
VCRs 800 600 400 200 0
- The PPF Graph
E PPF
400-
D
300-
Tractors
C
200-
B
100-
A
200 400 600 800
Video Recorders
- Maximum Output Levels
• The PPF shows the maximum output of the
economy.
• If the economy devoted all of its resources
to the production of VCRs it is able to
produce 800 (+ zero tractors) - Production
Possibility A.
• Alternatively, if the economy chooses
Production Possibility C it is able to
produce 200 tractors and 400 VCRs.
- Opportunity Cost
The sacrifice in choosing to satisfy
one need or want rather than another
(the alternative forgone).
- Opportunity Costs
• The PPF shows that to produce more of one
product means producing less of another.
• Opportunity costs of production can be
measured eg if the economy moves from
point C to D (along the PPF) it will produce
an extra 100 tractors BUT 200 VCR’s must
be sacrificed.
• Hence the opportunity cost is 200 VCR’s.
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