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Peoplemakedecisionsbycomparingcostsandl.se n 博 • 2 5 . aotlowpeoplemakedicic.ions atthemargin margind yougiveuptogetiti.Marginalchangesincostsorbe.net reve.me , 3 . 0 3 8 . 05 . 0 8 marginl.pe Principle.lt :P plefuetradeoffs t.tn eopleRespondtoIncentivesz.Thecostofsomethingiswh.at itsmotivatepeople3.Rationalpeoplethinkatthe.mg z.Thedecisiontochooseonealternatidoveranothe.ir • torespond4.Peoplerespond.to incentiuwnn in 激励 ouurswhenthatuternativesmarginalbenefit.ae PrincipleliPeopleFaceT.ae _ exceeditsmarginatcostschooseoneMakingde.ci sionsrequirestradingoffonegoalagainstano-hvtrade.cn 权衡鵍 Youhaeztningsbuyouhcue.to s : Efficengvs Equity Themoreasocietyspendsongunstoprotatitsshorestomfore.iq naggressors.thelessitcanspendonbutten.to Ex PrincipleziThecostofsomethinglswhatYouGireUPTGetz.tt 2、 Decisionsrequirecomparingcostsandbenefitsofalternatin.es Theopportunitycostofanitemìswhatyougiveupto obtainthatitem • Opportunity 幽 负担 的 成本 Thecostofsomethingiswnatyougiveuptoge.tlt , 理性的 @@ vuteePeopleThinkattheMargin-eunaasa.es " : Princple5.Tradec.cn/UakeEveryoneBetter0ff plegainfomtneirabilitytotradeuitnoneanothe.ir ItsAbilitytoProduceGoodsandservic.es z.Gmpetitionresuitsingainsfromtradingmt.i.AM ostauvariationsinlivingstandardsare3.ir adeauouspeopletospe.ci alizeinwhatthegaoexplainedbydifferenc.es · Principle8iACountrysstandardoflivingDependsonl.pe • · incountrieciproductivesz.Productivityisthe.am ountofgoodsandseruie PrinciplebiMarketsAreusuagaGoodwaytoproducedf.com anizeEconomicA.li ùty eachhourofaworkerstime.org fori.HouseholdsdecidewhattobugandwhotoworkaoP.in ciple ric.es/2iseWhentheGovernmenIz.Firmsaeeidewhotohire andwanttoproducePrintsTooMuc.hn/Uoney.market--innisible 膨 9 :P Inflationisanincreaseintheoverauleuofpric.es guidedeeisionmaken hand · " ⼈ 胀 prinnineewnomg.z.Onecauseofinflationisthegrowl.tn inthe PrincipleiGovernmentscansometimesImprovequanl.ityofmoneg 产权 3.Whenthegovenmentcreateslargequantitiesofi.lu arketsworkonlyifpeetyigeareenforad.money.tn evalueofmonegfausz.Marketfailureoccurswhenthe.mu rketfails to.auocateresourcese.fi cienty PrincipleloisocietyFacesashort-runTradeoff3.lv hentnemarketfailsgowrnmentcanintervenebetwe.eu Inflationandlhemployment.to promoteefcienagandequity t.int/ationorUnemploymentlMarketfailuremaybecausedbyan externalityand CItsashort-runtrade-offjmarketpowe.ir Market Outames 实施 • ) 2.Thetrade-offplaysakeyroleintheanalysisofthebusinesscyc.ie fluctuationsinaonomicactivity.suchasempl oyme.int andproduction - Summary • · MicroaonomicsandMacroeeonomic.cn Miifocusontneinuaupartsoftheuonomy Theprinciplesofpersonalde.ci sionmakingare tneeuonomyasawholelwiaephenomenal.Peoplefacetrade.no tfs inflation.unemplogment.economicgrowtn7.z.Thec.co Mcilook.at stofsometningiswhatyougiveuptogait3.Rationalpeople.li atthemargin4Peoplerespondtoincentives.ee nk Theprinciplesofeconomicinteractionare.it Tradecanmakeeveryonebetteroffcutivitgz.Marketsare.us ugagoodwaytoorganizee.co Governmentscansometimesimpr.ve marcountrgsstandardofl ketoutcomes@Theprivinigaependsoni ncipleoftheaonomyasawhol e ar e i l . 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Anyotherchangeaffec.tthecurve) · PriceofinputsAspricechanges.quantitysuppliedchange.sk priceofinputsiinl.me Lawof Supply 52 " supplylpricefincomeT.Marketsupplyreferc.to samedireetion < thesumofau , individuatsuppliesforauseuensofaparticulargoodorservic.ee TechnologicalchangeGraphicauy.in diviaualsupplycurvesarensiszsummedhorizontagtoobta.in themarket • suppycurve Changesinsupply S2 ⼈ < ' ) , ⼀ s, " i , , > 凿 > Amovementalong.si thesupplyaure.is A→ B 㰼 _ _ _ , -_- I i ! ! ! Qi Q2 03 a → , 薄 , change.in quantity · B : C (A changeinpric.es Suppued A Whatwouldcauseachange.in suppy B-ciAshiftinthesupplyl.ie ofinputs > curveisachangeinz.Technologic.at change ngotherchanyupply3.Pricesofsubstitutesinproauction4.NU : mberoffirmsinthemarket5.Expectedfuturepric.es 的 (A LQT otatre.ve Elasticity-c.PT/2=PXQ. nue , posìtive substitutes P 171 ˋ complementsnegaive.to ^ _ _ P _ X _ _ _ Q _ demanaedIncomeetasticityofdemand-Pchanqe.in P ⽉ quantitg 1 万万庎 _ i 1 Pcnanqeinina.me 实乃 PchangeinquantgsuppliedIRe. ve nuen … … Pric.ee/asticity0fSUPDly=pcnanqeinpricei 么 1 ! → ) Pchanqe.in quantitydemant Q Pric.ee/asticityOfdemand=pcnanqeinpricerElasticityEqualso 2nelasticsupplyzfdemandis.ci a ⼈ supply elastìc ! t.IE/asticityisreaucesreuenueproportionauygreatertnan ussthanitheinc.ie ⻔ anincreaseinpricethedecreas.in quantìty Mtect aseinprice inelastic Ineastity ! , , anincreaseinpricetnedecteaseinquantityv.it Ewisuppy EIasticsupplyincreasesrwenuedemanded.sn allertnan ⼈ 5 个 -_ - -_- 5 Elasticity S IElasticityistheincuaseinprice.at Equals T .fi1 1 Geaterthanlcross-priceaasticityofde.mu 不 -_ - -_- , nd , 1 4 1 -_- - 1 1 perfectElasticsuppythes.am substitute.si Goodsandservicesthatcanbe.usedfor - _ - '" epurpose ElasticityequalsGmplemenl.si Goodsandservicesthatareusedtogethe.ir Zntinitg ˋ > Determinantsofthepric.ee/asticityofSupply • ( Beacmfrontland Abiityofseuerstochanqetheamountotthegoodtheyproduc.es Books.ca isinelasti rs.ormanufacturedqoodsareasticinthelongrunQ.tl etastid.Timeperiodsupplyismore.t 1 • Midpoint Formula Qlt Qz ⼆ 2 B-p.PH172 2 Summary subsititutes positivec.com plements neqativeNormaiandanecessitypositivebutlessthan.IN ormalandaluxurypositiveandgreatertnaniinferio.ir Negatìve