chapter 1 powerpoint Essay

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1

What Is Economics?

After studying this chapter you will be able to
 Define economics and distinguish between microeconomics and macroeconomics
 Explain the two big questions of economics
 Explain the key ideas that define the economic way of thinking  Explain how economists go about their work as social scientists and policy advisers

Copyright © 2013 Pearson Canada Inc., Toronto, Ontario

You are studying economics at a time of extraordinary change. Your life will be shaped by the challenges you face and the opportunities that you create.
But to face those challenges and seize the opportunities they present, you must understand the powerful forces at play.
The economics that you’re about to learn will become your most reliable guide.

Copyright © 2013 Pearson Canada Inc., Toronto, Ontario

Definition of Economics
All economic questions arise because we want more than we can get.
Our inability to satisfy all our wants is called scarcity.
Because we face scarcity, we must make choices.
The choices we make depend on the incentives we face.
An incentive is a reward that encourages an action or a penalty that discourages an action.

Copyright © 2013 Pearson Canada Inc., Toronto, Ontario

Definition of Economics
Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices.
Economics divides in to main parts:

 Microeconomics
 Macroeconomics

Copyright © 2013 Pearson Canada Inc., Toronto, Ontario

Definition of Economics
Microeconomics is the study of choices that individuals and businesses make, the way those choices interact in markets, and the influence of governments.
An example of a microeconomic question is: Why are people buying more e-books and fewer hard copy books?
Macroeconomics is the study of the performance of the national and global economies.
An example of a macroeconomic question is: Why is the unemployment rate in Canada so high?

Copyright © 2013 Pearson Canada Inc., Toronto, Ontario

Two Big Economic Questions
Two big questions summarize the scope of economics:

 How do choices end up determining what, how, and for whom goods and services get produced?

 When do choices made in the pursuit of self-interest also promote the social interest?

Copyright © 2013 Pearson Canada Inc., Toronto, Ontario

Two Big Economic Questions
What, How, and For Whom?
Goods and services are the objects that people value and produce to satisfy human wants.
What?
In Canada, agriculture accounts for 2 percent of total production, manufactured goods for 20 percent, and services (retail and wholesale trade, health care, and education are the biggest ones) for 78 percent.
In China, agriculture accounts for 11 percent of total production, manufactured goods for 49 percent, and services for 40 percent.
Copyright © 2013 Pearson Canada Inc., Toronto, Ontario

Two Big Economic Questions
Figure 1.1 shows these numbers Canada and
China.
It also shows the numbers for Brazil.
What determines these patterns of production?
How do choices end up determining the quantity of each item produced in
Canada and around the world? Copyright © 2013 Pearson Canada Inc., Toronto, Ontario

Two Big Economic Questions
How?
Goods and services are produced by using productive resources that economists call factors of production.
Factors of production are grouped into four categories:

 Land
 Labour
 Capital
 Entrepreneurship
Copyright © 2013 Pearson Canada Inc., Toronto, Ontario

Two Big Economic Questions
The “gifts of nature” that we use to produce goods and services are land.
The work time and work effort that people devote to producing goods and services is labour.
The quality of labour depends on human capital, which is the knowledge and skill that people obtain from education, on-the-job training, and work experience.
The tools, instruments, machines, buildings, and other
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