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Yan YAN
Chapter 1: The Fundamentals of Economics（A. Introduction）
You want to buy a clock in the grocery near the campus. The price is $20. A friend tells you that it is $10 in the supermarket in downtown. Would you buy the clock in the supermarket？
You want to buy a computer which is $2510. while it is $2500 in the supermarket in downtown. Wherever you buy the computer, it would return to the producer if there is any problem. Where would you buy it？
Chapter 1: The Fundamentals of Economics（A. Introduction）
Scarcity and Efficiency
What is economics ?
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.
What is efficiency ?
Efficiency denotes the most effective use of a society’s resource in satisfying people’s wants and needs.
In economics, we say that an economy is producing efficiently when it cannot make anyone economically better off without making someone else worse off.
Chapter 1: The Fundamentals of Economics（A. Introduction）
Microeconomics and Macroeconomics
What is Microeconomics ?
It is concerned with the behavior of individual entities such as markets, firms and households.
Founder: Adam smith, <The Wealth of Nations>
What is Macroeconomics ?
It is concerned with the overall performance of the economy.
Funder: John Maynard, <General Theory of Employment>
Chapter 1: The Fundamentals of Economics（A. Introduction）
The logic of economics
The post hoc fallacy
It involves the inference of causality. It occurs when we assume that, because one event occurs another event, the first event caused the second event.
‰，是全国最低的省份，由此我们就推定生活在广东一定有利于身体健康。
Failure to hold other things constant
It refers to the failure to hold other things constant when thinking about an issue.
税率对收入的影响
Fallacy of composition
When you assume that what is true for the part is also true for the whole, you are committing the fallacy of composition.
一个农场主丰收 VS. 所有农场主都丰收
Chapter 1: The Fundamentals of Economics (B. The Three problems of economic organization)
There are three problems of economic organization:
What commodities are produced and in what quantities?
How are goods produced?
For whom are goods produced?
There are three types of economies:
Market economy
Command economy
Mixed economy
Chapter 1: The Fundamentals of Economics (C. Society’s technological possibilities)
inputs and outputs
Inputs are commodities or services that are used to produce goods and services.
Outputs are the various useful goods or services that result from the production process and are either consumed or employed in further production.
饺子的投入与产出：
投入：面粉、肉、蔬菜、调味品、包饺子的技术、擀面杖…………
产出：饺子
Chapter 1: The Fundamentals of Economics (C. Society’s technological possibilities)
Factors of production: Another name for inputs
It can be classified into three board categories: land, labor and capital
Land( natural resource): represents the gift of nature to our productive process.
Labor: consists of the human time spent in production—working in automobile factories, tiling the land, teaching school, or baking pizzas.
Capital resource from the durable goods of an economy, produced in order to produce yet other goods.
建造房子需要什么生产要素？
Chapter 1: The Fundamentals of Economics (C. Society’s technological possibilities)
The Production-Possibility Frontier
Suppose the income is fixed, we can choose to produce gun or butter.(shown in the chart)
Possibility
Butter
Guns
A
0
15
B
1
14
C
2
12
D
3
9
E
4
5
F
5
0
Chapter 1: The Fundamentals of Economics (C. Society’s technological possibilities)