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Báo cáo, tài liệu tham khảo, đề thi đề cương môn kinh tế vi mô, kinh tế vi mô trong khoa học quản lí, tài nguyên thiên nhiên hay các ngành liên quan đến kinh tế, microeconomic đề cương ôn tập bằng tiếng anh cho các nghành kinh tế chuyên anh hoặc các ngành tương đương
TOPIC CORE ISSUES Core issues When you have completed your study of this topic, you will be able to CHECKLIST Define economics and explain the questions that economists try to answer Explain the core ideas that define the economic way of thinking CHECKLIST When you have completed your study of this topic, you will be able to Explain and illustrate the concepts of scarcity, production efficiency, and tradeoff using the production possibilities frontier Calculate opportunity cost Explain what makes production possibilities expand CHECKLIST When you have completed your study of this topic, you will be able to Describe what, how, and for whom goods and services are produced in Vietnam; and in the global economy Use the circular flow model to provide a picture of how households, firms, and governments interact 1.1 DEFINITION AND QUESTIONS ! Economics is the study of A. money B. stock market C. the economy D. choice 1.1 DEFINITION AND QUESTIONS All economic questions and problems arise because human wants exceed the resources available to satisfy them ! Scarcity Scarcity is the condition that arises because wants exceeds the ability of resources to satisfy them Faced with scarcity, we must make choices—we must choose among the available alternatives The choices we make depend on the incentives we face 1.1 DEFINITION AND QUESTIONS ! In economics, scarcity means that: A A shortage of a particular good will cause the price to fall B A production-possibilities curve cannot accurately represent the tradeoff between two goods C Society's desires exceed the want-satisfying capability of the resources available to satisfy those desires D The market mechanism has failed 1.1 DEFINITION AND QUESTIONS ! Economics Defined Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity, the incentives that influence those choices, and the arrangements that coordinate them Two big economic questions: • How choices determine what, how, and for whom goods and services get produced? • When choices made in self-interest also promote the social interest? 1.1 DEFINITION AND QUESTIONS ! What, How, and For Whom? Goods and services are the objects (goods) and actions (services) that people value and produce to satisfy human wants What goods and services get produced and in what quantities? How are goods and services produced? For Whom are the various goods and services produced? 1.1 DEFINITION AND QUESTIONS ! When Is the Pursuit of Self-Interest in the Social Interest? - The choices that are best for the individual who makes them are choices made in the pursuit of self-interest (for example: firm’s interest is likely its profit, consumer’s interest is generally referred to his utility) - The choices that are best for society as a whole are choices made in the social interest 1.7 THE CIRCULAR FLOWS ! Real Flows and Money Flows These are the real flows in the economy Money flows run in the opposite direction to the real flows 1.7 THE CIRCULAR FLOWS ! Real Flows and Money Flows • Firms pay households incomes for the services of factors of production • Households pay firms for the goods and services they buy • These are the money flows • Blue flows are incomes • Red flows are expenditures 1.7 THE CIRCULAR FLOWS ! Governments The government’s major expenditures are to provide: Goods and services Social Security and welfare benefits Transfers The government finances its expenditures mainly by collecting taxes (VAT, income tax, property tax…) 1.7 THE CIRCULAR FLOWS In 2010, VN government spent VND 636,780.40 Billions—about 25 percent of the total value of all the goods and services produced in that year Government revenue was VND 509,725.09 Billions (raised from taxes, social contribution, receivable grants and other sources) —the government had a deficit 1.7 THE CIRCULAR FLOWS ! Governments in the Circular Flow Households and firms pay taxes and receive transfers Governments buy goods and services from firms 1.7 THE CIRCULAR FLOWS ! Circular Flows in the Global Economy Households and firms in the VN economy interact with households and firms in other economies in two main ways: They buy and sell goods and services They borrow and lend We call these two activities: • International trade • International finance 1.7 THE CIRCULAR FLOWS International Trade Many of the goods that you buy were not made in Vietnam ―your motobike, PC, and Nike shoes The goods and services that we buy from firms in other countries are VN imports Much of what is produced in Vietnam doesn’t end up being sold here― rice, coffee, oil… The goods and services that we sell to households and firms in other countries are VN exports 1.7 THE CIRCULAR FLOWS International Finance When firms or governments want to borrow, they look for the lowest interest rate available Sometimes, that is outside Vietnam Also, when the value of our imports exceeds the value of our exports, we must borrow from the rest of the world 1.7 THE CIRCULAR FLOWS Households and firms in US economy interact with those in the rest of the world in goods markets and financial markets 1.7 THE CIRCULAR FLOWS The red flow shows the expenditure by Americans on imports of goods and services The blue flow show the expenditure by the rest of the world on U.S exports (other countries’ imports) 1.7 THE CIRCULAR FLOWS The green flow shows U.S lending to the rest of the world The orange flow shows U.S borrowing from the rest of the world 1.7 THE CIRCULAR FLOWS These international trade and international finance flows tie nations together Global booms and slumps are transmitted through these flows ... WAY OF THINKING Marginal Cost Marginal cost is the cost of a one-unit increase in an activity Marginal Benefit Marginal benefit is the what you gain when you get one more unit of something 1.2... ECONOMIC WAY OF THINKING ! Micro and Macro Views of the World Microeconomics: The study of the choices that individuals and businesses make and the way these choices interact and are influenced by... THE ECONOMIC WAY OF THINKING Making a Rational Choice When we take those actions for which marginal benefit exceeds or equals marginal cost ! Responding to Incentives An incentive is a reward