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1、CHAPTER 1Economics: Foundations and Models1. Chapter Summary2. Learning Objectives3. Chapter OutlineTeaching Tips/Topics for Discussion4. Solved Problems5. Solutions to Review Questions and Problems and Applications1. Chapter Summary People must make choices as they try to attain their goals. These
2、choices reflect trade-offs people make because we live in a world of scarcity; although our wants are unlimited, the resources available to satisfy our wants are limited. Economic models are simplified versions of some aspects of economic life. Economists construct models and use them to analyze eco
3、nomic issues. Economics focuses on the decisions buyers and sellers make through markets. Economists assume people (1) are rational, (2) respond to economic incentives, and (3) make optimal decisions at the margin.Each society faces the economic problem of having a limited amount of resources, and s
4、o can produce a limited amount of goods and services. Each society faces trade-offs, particularly when answering three questions: (1) What goods and services will be produced? (2) How will the goods and services be produced? (3) Who will receive the goods and services produced? Societies organize th
5、eir economies in two main ways to answer these questions. A society can have a centrally planned economy characterized by extensive government decision making. Or a society can have a market economy in which the decisions of households and firms interacting in markets allocate resources. All the hig
6、h-income democracies have predominately market economies with some central government control. Market economies tend to allocate resources more efficiently than do centrally planned economies, but efficient outcomes may not be perceived as fair. Determining what is a fair or equitable outcome calls
7、for the application of normative economic analysis what ought to be. Positive economic analysis is concerned with what is. While most or all economists can agree on the results of positive economic analysis, they may disagree widely on normative economic issues. Microeconomics is the study of how in
8、dividual choices are made by households, business firms, and government. Macroeconomics is the study of the economy as a whole.The Appendix to Chapter 1 provides a review of basic mathematical tools and techniques that will be applied through the textbook. 2. Learning ObjectivesStudents should be ab
9、le to: Discuss these three important ideas: People are rational. People respond to incentives. Optimal decisions are made at the margin. Discuss how an economy answers these questions: What goods and services will be produced? How will they be produced? Who will receive the goods and services? Under
10、stand the role of models in economic analysis. Distinguish between microeconomics and macroeconomics. Become familiar with important economic terms.3. Chapter Outline What Happens When U.S. Firms Move to China?1.In 2004, Massachusetts-based 3Com Corporation introduced a new network switch for corpor
11、ate security systems that was manufactured in China and designed by Chinese engineers. This is an example of outsourcing; that is, firms choosing to produce goods and services in other countries and employing people in those countries.Teaching tips: This introduction, or chapter opener, describes an
12、 economic issue related to the theme of the chapter. An article from the magazine The Economist is cited at the end of the chapter in a feature titled An Inside Look. An Inside Look includes questions that require students to think critically about the issues covered in the article. These two featur
13、es also appear in subsequent chapters. They can be used as the basis for classroom discussion, homework assignments, and examination questions. Introduction1.People must make choices as they try to attain their goals. The choices people make reflect the trade-offs made necessary by scarcity.A. Scarc
14、ity is the situation in which unlimited wants exceed the limited resources available to fulfill those wants.B. Economics is the study of the choices people make to attain their goals, given their scarce resources.C. An economic model is a simplified version of reality used to analyze real world econ
15、omic situations.Teaching tips: It is important to define economics and explain what scarcity means at the beginning of the course, especially because many students will not have studied economics previously. Some students will better understand what scarcity means if they are given examples of thing
16、s that are not scarce. Some examples of “free resources” sand on a beach, fresh air can be suggested. The list of free resources is very much shorter than the list of scarce resources. Building a Foundation: Economics and Individual Decision Making 1.A market is a group of buyers and sellers of a go
17、od or service and the institution or arrangement by which they come together to trade. 2.There are three important ideas students should understand in order to understand how people make choices and interact in markets: People are rational, people respond to economic incentives, and optimal decision
18、s are made at the margin.3.Marginal analysis involves comparing marginal benefits and marginal costs.Teaching tips: One need not spend a lot of class time with explanations, since subsequent chapters will reinforce students understanding of what markets are and the “three ideas.” But providing examp
19、les of unconventional markets for example, an online book vendor will help students realize that markets may not have well-defined geographic dimensions, and interaction between buyers and sellers can be very impersonal. Students often assume that rational people who respond to economic incentives a
20、re necessarily greedy and selfish. This is not always true. Many rational people contribute to charities and receive satisfaction from working with and helping others.The Economic Problem That Every Society Must Solve1.Any society faces the economic problem that it has only a limited amount of econo
21、mic resources and so can produce only a limited amount of goods and services.A. Society faces trade-offs. A trade-off is the idea that because of scarcity, producing more of one good or service means producing less of another good or service.B. Trade-offs force society to answer three fundamental qu
22、estions:I. What goods and services will be produced?II. How will the goods and services be produced? III. Who will receive the goods and services?2.Societies organize their economies in two main ways:A. A centrally planned economy is an economy in which the government decides how economic resources
23、will be allocated.B. A market economy is an economy in which the decisions of households and firms interacting in markets allocate economic resources.Teaching tips: Use one commodity for example, corn, wheat, rice, or potatoes and ask students for answers to the three questions and who in the United
24、 States is responsible for answering them. Most people take for granted that these questions must be answered continually for these and millions of other goods and services. The Modern “Mixed” Economy1.The high rates of unemployment and business bankruptcies of the Great Depression caused a dramatic
25、 increase in government intervention in the economy in the United States and other market economies. A. Some government intervention is designed to raise the incomes of the elderly, the sick, and people with limited skills.B. In recent years, government intervention has expanded to meet social goals
26、 such as protection of the environment and the promotion of civil rights.C. Some economists argue that government intervention makes it more accurate to refer to the U.S. and other nations as mixed economies rather than market economies.I. A mixed economy is an economy in which most economic decisio
27、ns result from the interaction of buyers and sellers in markets, but in which the government plays a significant role in the allocation of resources.II. In recent years, China has moved from being a centrally planned economy to being a more mixed economy. Production of most goods is determined in ma
28、rkets.2.Market economies tend to be more efficient than planned economies. There are two types of efficiency.A. Productive efficiency occurs when a good or service is produced at the lowest possible cost.B. Allocative efficiency is a state of the economy in which production reflects consumer prefere
29、nces; in particular, every good or service is produced up to the point where the last unit produced provides a marginal benefit to consumers equal to the marginal cost of producing it.C. Voluntary exchange is the situation that occurs in markets when both the buyer and seller of a product are made b
30、etter off by the transaction. 3.Markets promote efficiency but dont guarantee it. Inefficiency arises from various sources. A. It may take time for firms to achieve productive efficiency.B. Governments may reduce efficiency by interfering with voluntary exchanges in markets.C. The production of some
31、 goods may damage the environment when firms ignore the costs of environmental damage.4.Society may not find efficient economic outcomes to be desirable. Many people prefer economic outcomes that they consider fair or equitable even if these outcomes are less efficient.A. Equity is the fair distribu
32、tion of economic benefits.B. Equity is harder to define than efficiency.C. Programs designed to increase equity may reduce efficiency.Teaching tips: Ask students for examples of government regulation of private markets in the United States. Responses may include the prohibition of prostitution (in a
33、ll but one county in Nevada); the prohibition of cocaine and other “street drugs”; minimum age requirements for the purchase of alcoholic beverages; in some regions, the prohibition of resale of tickets to concerts and sporting events; or the prohibition of the sale of new drugs before their efficac
34、y is demonstrated through government supervised tests. One can ask students whether one of these examples promotes equity or fairness. The difficulty of defining equity will soon become apparent.To show how students may value equity less than they claim, an economics teacher at a college in Western
35、New York once told her students at the beginning of her course that their grades would be auctioned to the highest bidders. Since grades are typically normally distributed, she offered to sell a few A grades, a few more B grades, etc. Although this announcement produced some shock and grumbling, the
36、 auction proceeded and frenzied bidding took place for the A grades. As prices for A grades rose, bidding switched to B grades. Because few students bothered to bid for C grades, one enterprising students bid on several such grades in the belief that those who lost out on getting an A or B would hav
37、e to buy their C grades from him for a higher price than he paid! After about a week, the instructor informed the class the auction was intended only as an economics lesson; they would have to earn their grades the old-fashioned way. Economic Models1.Models are simplified versions of reality used to
38、 analyze real-world situations. To develop a model, economists generally follow five steps.A. Decide on the assumptions to be used in developing the model.B. Formulate a testable hypothesis.C. Use economic data to test the hypothesis.D. Revise the model if it fails to explain well the economic data.
39、E. Retain the revised model to help answer similar economic questions in the future.2.Models are based on our making assumptions because models must be simplified to be useful. For example, when using models, we make behavioral assumptions about the motives of consumers and firms. Economists assume
40、consumers will buy goods and services that will maximize their satisfaction.Economists assume firms will act to maximize their profits.3. An economic variable is something measurable that can have different values, such as the wages of software programmers. A. A hypothesis in an economic model is a
41、statement that may be correct or incorrect about an economic variable. B. An economic hypothesis is usually about a causal relationship; for example, “outsourcing leads to lower wages for software programmers.”4.Positive analysis is analysis concerned with what is. Normative analysis is analysis con
42、cerned with what ought to be. Teaching tips: In each chapter, between two and four Making the Connection features present relevant, stimulating, and provocative business news stories. Students have probably heard much about outsourcing over the past few years. Encourage your students to read Making
43、the Connection 1-1. A classroom discussion on outsourcing can be based on this reading; you may ask one or more students to find a current newspaper or magazine article that supports the opposing arguments of Paul Samuelson and Jagdish Bhagwati. Microeconomics and Macroeconomics1.Microeconomics is t
44、he study of how households and businesses make choices, how they interact in markets, and how the government attempts to influence their choices. 2Macroeconomics is the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth. Teaching tips: Encourage st
45、udents to read the “Dont Let This Happen to You!” feature that highlights common pitfalls. This feature appears in the other chapters of the textbook. In this chapter, students are warned not to confuse positive and normative analysis, a pitfall to which many students fall prey. 4. Solved ProblemsTe
46、aching tip: We always tell our students that learning economics requires hands-on problem solving with paper and pencil or pen. As we all know, many students have great difficulty in handling applied problems. The chapters of the textbook include worked-out problems titled “Solved Problems” tied to
47、select chapter-opening learning objectives. This feature helps students focus on the main ideas of each chapter and gives them a model of how to solve an economic problem by breaking it down step by step.Encourage students to check their understanding of the Solved Problems in the book by completing
48、 the parallel problems that appear in the “Problems and Applications” section at the end of each chapter. Here are three additional Solved Problems that you can present in class.Solved Problem 1-2 Supports Learning Objective 2: Discuss how an economy answers these questions: What goods and services will be produced? How will they be produced? Who will receive the goods and services?Giving Advice to New Government LeadersSuppose that a developing nation experienced a change in government leadership. Prior to this change the nat
