A Lecture Presentation in PowerPoint
to pany
Principles of Economics
Second Edition
by
N. Gregory Mankiw
Prepared by Mark P. Karscig, Department of Economics &
Finance, Central Missouri State University.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Ten Principles of
Economics
Chapter 1
Copyright © 2001 by Harcourt, Inc.
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Economy. . .
. . . The word es from a
Greek word for “one who manages a
household.”
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
A household and an economy
face many decisions:
Who will work?
What goods and how many of them
should be produced?
What resources should be used in
production?
At what price should the goods be
sold?
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Society and Scarce Resources:
The management of society’s
resources is important because
resources are scarce.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Scarcity . . .
. . . means that society has limited
resources and therefore cannot
produce all the goods and services
people wish to have.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Economics
Economics is the study of how
society manages its scarce
resources.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Economists study. . .
How people make decisions.
How people interact with each other.
The forces and trends that affect the
economy as a whole.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Ten Principles of Economics
How People Make Decisions
1. People face tradeoffs.
2. The cost of something is what you
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