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2. Every field of study has its own terminology Mathematics Psychology Law axioms integrals vector spaces ego id cognitive dissonance torts venues Promissory estoppel 3. Every field of study has its own terminology Economics Supply Demand Elasticity Consumer Surplus Comparative advantage Opportunity cost Deadweight loss 4. Economics trains you to. . . .
5. The Economist as a Scientist
6. The Scientific Method
Observation, Theory and More Observation! 7. The Role of Assumptions
8. The Economic Way of Thinking
9. Economic Models
10. The Circular-Flow Model The circular-flow model is a simple way to visually show the economic transactions that occur between households and firms in the economy. 11. The Circular-Flow Diagram Firms Households Market forFactorsof Production Market forGoodsand Services Spending Revenue Wages, rent, and profit Income Goods & Services sold Goods & Services bought Labor, land, and capital Inputs for production 12. The Circular-Flow Diagram
13. The Circular-Flow Diagram
14. The Circular-Flow Diagram
15. The Production Possibilities Frontier Theproduction possibilities frontieris a graph showing the various combinations of output that the economy can possibly produce given the available factors of production and technology. 16. The Production Possibilities Frontier Quantity of Computers Produced Quantity of Cars Produced 3,000 1,000 0 2,000 700 1,000 300 A B 2,200 600 C D 17. The Production Possibilities Frontier Quantity of Computers Produced Quantity of Cars Produced 3,000 1,000 2,000 2,200 A 700 600 300 0 1,000 B C D Production possibilities frontier 18. Concepts Illustrated by the Production Possibilities Frontier
19. The ProductionPossibilities Frontier Quantityof Computers Produced Quantity of Cars Produced 3,000 2,000 A 700 0 1,000 An outward shift in the production possibilities frontier 4,000 E 2,100 750 20. Microeconomics and Macroeconomics
21. Two Roles of Economists
22. Positive versus Normative Analysis
23. Economists in Washington . . .
24. Why Economists Disagree
25. Examples of What Most Economists Agree On
26. Summary
27. Summary
28. Graphical Review 29. The Circular-Flow Diagram Firms Households Market forFactorsof Production Market forGoodsand Services Spending Revenue Wages, rent, and profit Income Labor, land, and capital Inputs for production Goods & Services sold Goods & Services bought 30. The Production Possibilities Frontier Quantity of Computers Produced Quantity of Cars Produced 3,000 0 1,000 2,000 700 1,000 300 A B 2,200 600 C D 31. The Production Possibilities Frontier Quantity of Computers Produced Quantity of Cars Produced 3,000 1,000 2,000 2,200 A 700 600 300 0 1,000 B C D Production possibilities frontier 32. The ProductionPossibilities Frontier 4,000 Quantityof Computers Produced Quantity of Cars Produced 3,000 2,000 A 700 0 1,000 E 2,100 750 An outward shift in the production possibilities frontier