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ten principles of economics ppt

Tài liệu Ten Principles of Economics - Part 5 ppt

Tài liệu Ten Principles of Economics - Part 5 ppt

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... the various mixes of outputthat an economy can produce. It illustrates one of the Ten Principles of Economics inChapter 1: People face tradeoffs. Here the farmer faces a tradeoff between produc-ing ... ac-tivities of millions of people with varying tastes and abilities. As a starting pointfor this analysis, here we consider the reasons for economic interdependence. One of the Ten Principles of Economics ... easier to see in the case of babies and mini-vans. Couples often buy a minivan in anticipation of the birth of a child. TheViolentCrimes (per 1,000people)Police Officers(per 1,000 people)0Figure...
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Tài liệu Ten Principles of Economics - Part 7 pptx

Tài liệu Ten Principles of Economics - Part 7 pptx

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... sum of all theindividual demands for a particular good or service.Catherine’s DemandPrice of Ice-CreamConePrice of Ice-CreamConeNicholas’s Demand0 1 2 3 4 5 6 7 8 9 10 11 12Quantity of Ice-Cream ... competitive?DEMANDWe begin our study of markets by examining the behavior of buyers. Here we con-sider what determines the quantity demanded of any good, which is the amount of the good that buyers are ... arrangesales.More often, markets are less organized. For example, consider the market forice cream in a particular town. Buyers of ice cream do not meet together at any onetime. The sellers of ice cream...
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Tài liệu Ten Principles of Economics - Part 10 ppt

Tài liệu Ten Principles of Economics - Part 10 ppt

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... percentagechange in the price of the secondgoodprice elasticity of supplya measure of how much the quantitysupplied of a good responds to achange in the price of that good,computed as the ... attendance at the various museums around the country to see how theadmission price affects attendance. In studying either of these sets of data, thestatisticians would need to take account of ... affect attendance—weather, population, size of collection, and so forth—to isolate the effect of price. In the end, such data analysis would provide an estimate of the price elas-ticity of demand,...
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Tài liệu Ten Principles of Economics - Part 57 pptx

Tài liệu Ten Principles of Economics - Part 57 pptx

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... demanded. Unemployment of this sort is sometimes called structural unem-ployment, and it is often thought to explain longer spells of unemployment. As wewill see, this kind of unemployment results ... finding a job. Almost half of all spells of unemployment end when the unemployed person leaves the labor force.Because people move into and out of the labor force so often, statistics on un-employment ... politicianscampaigning for office often speak about how their proposed policies will helpcreate jobs.In the preceding two chapters we have seen some of the forces that determinethe level and growth of a country’s...
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Tài liệu Ten Principles of Economics - Part 59 pptx

Tài liệu Ten Principles of Economics - Part 59 pptx

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... diagram of the labor market, show the effect of an increase in the minimum wage on the wage paid toworkers, the number of workers supplied, the number of workers demanded, and the amount of unemployment.7. ... surplus of workers, it might seem profitable to reduce the wage it is offering. But by reducingthe wage, the firm induces an adverse change in the mix of workers. In this case,at a wage of $10, ... variety of interesting problems for eco-nomic theory. Some of theseproblems were highlighted inour description of the theory of efficiency wages. These prob-lems, however, go beyond thestudy of...
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Tài liệu Ten Principles of Economics - Part 62 ppt

Tài liệu Ten Principles of Economics - Part 62 ppt

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... shows the quantity of money in the economy and an index of the pricelevel. The slope of the money line represents the rate at which the quantity of money was growing, and the slope of the price line ... stabilizes, the price level stabilizes as well.These episodes illustrate well one of the Ten Principles of Economics: Prices risewhen the government prints too much money. CHAPTER 28 MONEY ... velocity of money, we divide the nominal value of output(nominal GDP) by the quantity of money. If P is the price level (the GDP deflator),Y the quantity of output (real GDP), and M the quantity of...
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Tài liệu Ten Principles of Economics - Part 15 ppt

Tài liệu Ten Principles of Economics - Part 15 ppt

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... outcomes:efficiencythe property of a resource allocation of maximizing the total surplusreceived by all members of societyequitythe fairness of the distribution of well-being among the members of society CHAPTER ... the producer surplus of all sellers.Quantity of Houses PaintedQuantity of Houses PaintedPrice of HousePainting500800$9000Supply6001234(b) Price = $800Price of HousePainting500800$90006001234(a) ... the equilibrium of sup-ply and demand maximizes the sum of consumer and producer surplus. In otherwords, the equilibrium outcome is an efficient allocation of resources. The job of the benevolent...
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Tài liệu Ten Principles of Economics - Part 17 ppt

Tài liệu Ten Principles of Economics - Part 17 ppt

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... tax revenue.This chapter has shed some light on how high the price of civilized society canbe. One of the Ten Principles of Economics discussed in Chapter 1 is that markets areusually a good ... raw land. Yet the value of land often comes fromimprovements, such as clearing trees, providing sewers,and building roads. Unlike the supply of raw land, the supply of improvements has an elasticity ... result of a triangle depends on the square of its size. If we double the size of a tax, forinstance, the base and height of the triangle double, so the deadweight loss rises bya factor of 4....
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Tài liệu Ten Principles of Economics - Part 18 ppt

Tài liệu Ten Principles of Economics - Part 18 ppt

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... the losses of the losers.Now that we have completed our analysis of trade, we can better understand one of the Ten Principles of Economics in Chapter 1: Trade can make everyone better off.If Isoland ... importer of a good, domesticconsumers of the good are better off, and domestic producers of the good areworse off.◆ Trade raises the economic well-being of a nation in the sense that the gains of the ... WELFARE◆ Trade raises the economic well-being of a nation in the sense that the gains of the winners exceed the losses of the losers.THE GAINS AND LOSSES OF AN IMPORTING COUNTRYNow suppose that...
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Tài liệu Ten Principles of Economics - Part 20 ppt

Tài liệu Ten Principles of Economics - Part 20 ppt

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... good are better off, andconsumers of the good are worse off. When a countryallows trade and becomes an importer of a good,consumers are better off, and producers are worse off. Inboth cases, ... lower tradebarriers of their own accord not onlyprofit themselves, but also often inducethe laggards to match their example. Themost potent force for the worldwidefreeing of trade, then, is ... well, but they do not do everything well. In this chap-ter we begin our study of another of the Ten Principles of Economics: Governmentscan sometimes improve market outcomes. We examine why markets...
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Tài liệu Ten Principles of Economics - Part 23 ppt

Tài liệu Ten Principles of Economics - Part 23 ppt

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... invention of a better battery, can bepatented. The inventor thus obtains much of the benefit of his invention, althoughcertainly not all of it. By contrast, a mathematician cannot patent a theorem; ... number of cars that can besupported without pollution outside of the central city and auctions off therights to license new cars each month.Different types of plates allow differentdegrees of ... con-gestion. Often, as in the case of local roads, tolls are not a practical solution becausethe cost of collecting them is too high.Sometimes congestion is a problem only at certain times of day....
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Tài liệu Ten Principles of Economics - Part 24 pptx

Tài liệu Ten Principles of Economics - Part 24 pptx

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... capability of American producersrelative to that of foreign firms. Is this argumentconsistent with your classification of basic researchin part (a)? (Hint: Can excludability apply to somepotential ... international agreement extended someaspects of [national] jurisdiction from 12 to 200miles offshore.” Using the concept of propertyrights, discuss how this agreement reduces thescope of the problem.d. ... started toTHE DESIGN OF THE TAX SYSTEM243 246 PART FOUR THE ECONOMICS OF THE PUBLIC SECTORTHE FEDERAL GOVERNMENTThe U.S. federal government collects about two-thirds of the taxes in our economy.It...
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Tài liệu Ten Principles of Economics - Part 65 pptx

Tài liệu Ten Principles of Economics - Part 65 pptx

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... could buycoffee in Seattle for, say, $4 a pound and then sell it in Boston for $5 a pound, mak-ing a profit of $1 per pound from the difference in price. The process of taking ad-vantage of differences ... 672 PART ELEVEN THE MACROECONOMICS OF OPEN ECONOMIESwould drive up the U.S. price of coffee and drive down the Japanese price. Con-versely, if a dollar could buy more coffee in Japan than in ... States, traderscould buy coffee in Japan and sell it in the United States. This import of coffee intothe United States from Japan would drive down the U.S. price of coffee and driveup the Japanese...
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