UNIT 1: Basic Economic Concepts - Phillipa's home...

Unit 1: Basic

Economic Concepts Length: 2.5 Weeks

Chapters: 1 and 2

Assignment: Problem Set #1

I WON THE LOTTERY! I’ll give you anything you want other than money.

What do you want?

Would your list ever end?

Why not?

Scarcity!!!

What is Economics?

Economics is the study of _________.

• Economics is the science of scarcity.

• Scarcity means that we have unlimited wants

but limited resources.

• Since we are unable to have everything we

desire, we must make choices on how we will

use our resources.

choices

In economics we will study the choices of

individuals, firms, and governments.

Textbook Definition Economics- Social science concerned with the

efficient use of scarce resources to achieve

maximum satisfaction of economic wants.

(Study of how individuals and societies deal

with ________)

Examples:

You must choose between buying jeans or buying shoes.

Businesses must choose how many people to hire

Governments must choose how much to spend on

welfare.

scarcity

Micro vs. Macro

MICROeconomics- Study of small economic units such as

individuals, firms, and industries (ex: supply

and demand in specific markets, production

costs, labor markets, etc.)

MACROeconomics- Study of the large economy as a whole or

economic aggregates (ex: economic growth,

government spending, inflation,

unemployment, international trade etc.)

Positive vs. Normative Positive Statements- Based on facts. Avoids value

judgements (what is).

Normative Statements- Includes value judgements

(what ought to be).

How is Economics used?

• Economists use the scientific method to make

generalizations and abstractions to develop

theories. This is called theoretical economics.

• These theories are then applied to fix problems

or meet economic goals. This is called policy

economics.

5 Key Economic Assumptions 1. Society’s wants are unlimited, but ALL resources

are limited (scarcity).

2. Due to scarcity, choices must be made. Every choice

has a cost (a trade-off).

3. Everyone’s goal is to make choices that maximize

their satisfaction. Everyone acts in their own “self-

interest.”

4. Everyone makes decisions by comparing the

marginal costs and marginal benefits of every

choice.

5. Real-life situations can be explained and analyzed

through simplified models and graphs.

Would you see the movie three times?

Notice that the total benefit is more than the

total cost but you would NOT watch the movie

the 3rd time.

Thinking at the Margin

# Times

Watching Movie Benefit Cost

1st $30 $10

2nd $15 $10

3rd $5 $10

Total $50 $30

Marginal Analysis In economics the term marginal = additional Marginal analysis (aka: thinking on the margin)

making decisions based on increments Example: • When you decide to go to the mall you consider the

additional benefit and the additional cost (your opportunity cost).

• Once you get to the mall, you continue to use marginal analysis when you shop, buy food, and talk to friends.

• Since your marginal benefits and costs can quickly change your analyzing them every second.

• What if your ex-girlfriend shows up?

The Point: You will continue to do something as long as

the marginal benefit is greater than the marginal cost 13

All Resources are Scarce!

This video was made in 2008.

Did it come true?

Every Thing in Life is About Scarcity!

Scarcity

Analyzing Choices

Given the following assumptions, make a rational

choice in your own self-interest (hold everything

else constant)…

1. You want to visit your friend for a week. You will return Sunday night.

2. You work every weekday earning $100 per day

3. You have three flights to choose from:

Thursday Night Flight = $275

Friday Early Morning Flight = $300

Friday Night Flight = $325

Which flight should you choose? Why? 19

Trade-offs vs. Opportunity Cost ALL decisions involve trade-offs.

Opportunity cost- most desirable alternative

given up when you make a choice. .

Trade-offs - ALL the alternatives that

we give up when we make a choice (Examples: going to the movies)

What are trade-offs of deciding to go to college?

What is the opportunity cost of going to college?

GEICO assumes you understand

opportunity cost. Why? 20

Econ of College

Guns and Butter "Every gun that is made, every warship launched, every

rocket fired signifies, in the final sense, a theft from those

who hunger and are not fed, those who are cold and are not

clothed. This world in arms is not spending money alone. It

is spending the sweat of its laborers, the genius of its

scientists, the hopes of its children.”

“The cost of one modern heavy bomber is this: a modern

brick school in more than 30 cities. It is two electric power

plants, each serving a town of 60,000 population. It is two

fine, fully equipped hospitals. It is some fifty miles of

concrete pavement.”

“We pay for a single fighter plane with a half million bushels

of wheat. We pay for a single destroyer with new homes

that could have housed more than 8,000 people.”

-Dwight Eisenhower

Speaking against the military build up of the cold war 22

The USS Dwight Eisenhower

Launched in 1975 and cost $679 million ($4.5 billion in 2007 dollars)

Economic

Terminology

Utility =

Marginal =

Satisfaction!

Additional!

Allocate = Distribute!

Price vs. Cost What’s the price? vs. How much does that cost?

Price= Amount buyer (or consumer) pays

Cost= Amount seller pays to produce a good

Investment Investment= the money spent by BUSINESSES

to improve their production

Ex: $1 Million new factory

25 •Consumer Goods- created for direct consumption

(example: pizza)

•Capital Goods- created for indirect consumption

(oven, blenders, knives, etc.)

•Goods used to make consumer goods

The Four Factors of Production ALL resources can be classified as one of the

following four factors of production:

1. Land -All natural resources that are used to produce

goods and services. (Ex: water, sun, plants, animals)

2. Labor -Any effort a person devotes to a task for

which that person is paid. (Ex: manual laborers,

lawyers, doctors, teachers, waiters, etc.)

3. Capital - Physical Capital- Any human-made resource that is used

to create other goods and services ( Ex: tools, tractors, machinery, buildings, factories, etc.)

Human Capital- Any skills or knowledge gained by a worker through education and experience

4. Entrepreneurship -ambitious leaders that

combine the other factors of production to create goods

and services.

• Examples-Henry Ford, Bill Gates, Inventors, Store

Owners, etc.

The Four Factors of Production

Entrepreneurs:

1. Take The Initiative

2. Innovate

3. Act as the Risk Bearers

So they can obtain _________.

Profit = Revenue - Costs

PROFIT

Society has unlimited wants but limited resources

The Economizing Problem… Scarcity

WE HAVE A PROBLEM!!

The Production

Possibilities Curve

(PPC) Using Economic Models…

Step 1: Explain concept in words

Step 2: Use numbers as examples

Step 3: Generate graphs from numbers

Step 4: Make generalizations using graph

What is the Production Possibilities Curve?

• A production possibilities curve (or frontier) is a model that shows alternative ways that an economy can use its scarce resources

• This model graphically demonstrates scarcity, trade-offs, opportunity costs, and efficiency.

4 Key Assumptions

• Only two goods can be produced

• Full employment of resources

• Fixed Resources (Ceteris Paribus)

• Fixed Technology 30

Computers

NOW GRAPH IT: Put bikes on y-axis and

computers on x-axis

Production “Possibilities” Table

Each point represents a specific

combination of goods that can be

produced given full employment of

resources.

Computers

0 2 4 6 8 10

Inefficient/

Unemployment

Impossible/Unattainable (given current resources)

Efficient

Production Possibilities How does the PPG graphically demonstrates scarcity,

trade-offs, opportunity costs, and efficiency?

2 Bikes

2.The opportunity cost of moving from b to d is…

4.The opportunity cost of moving from f to c is…

3.The opportunity cost of moving from d to b is…

7 Bikes

4 Computer

0 Computers

5.What can you say about point G?

Unattainable

1. The opportunity cost of

moving from a to b is…

Example:

Opportunity Cost

The Production Possibilities

Curve (or Frontier)

PIZZA 0 1 2 3 4 CALZONES 4 3 2 1 0

• List the Opportunity Cost of moving from a-b,

b-c, c-d, and d-e.

• Constant Opportunity Cost- Resources are

easily adaptable for producing either good.

• Result is a straight line PPC (not common)

Production Possibilities

A B C D E

PIZZA 20 19 16 10 0 ROBOTS 0 1 2 3 4

• List the Opportunity Cost of moving from a-b,

b-c, c-d, and d-e.

• Law of Increasing Opportunity Cost-

• As you produce more of any good, the

opportunity cost (forgone production of

another good) will increase.

• Why? Resources are NOT easily adaptable

to producing both goods.

• Result is a bowed out (Concave) PPC

A B C D E Production Possibilities

Constant vs. Increasing

Opportunity Cost

Cactus

Pineapples

Identify which product would have a straight line

PPC and which would be bowed out?

1 Bike 2.The PER UNIT opportunity cost of moving from b to c is…

4.The PER UNIT opportunity cost of moving from d to e is…

3.The PER UNIT opportunity cost of moving from c to d is…

1.5 (3/2) Bikes

2 Bikes

2.5 (5/2) Bikes

= Opportunity Cost

Units Gained

1. The PER UNIT opportunity cost

of moving from a to b is…

Example:

PER UNIT Opportunity Cost How much each marginal

unit costs

NOTICE: Increasing Opportunity Costs 38

The Production Possibilities

Curve and Efficiency

Productive Efficiency-

• Products are being produced in the

least costly way.

• This is any point ON the Production

Possibilities Curve

Allocative Efficiency-

• The products being produced are the

ones most desired by society.

• This optimal point on the PPC depends

on the desires of society.

Two Types of Efficiency

Productive and Allocative Efficiency B

Computers

0 2 4 6 8 10

Which points are productively efficient?

Which are allocatively efficient?

Productively Efficient combinations are A through D

Allocative Efficient combinations depend on

the wants of society (What if this represents a

country with no electricity?)

Why two types of efficiency?

Size 20 running

Size 10 running shoes

Is combination “A” efficient? Yes and No. It is productively efficient but it is not the

combination society wants

Shifting the Production

Possibilities Curve

4 Key Assumptions Revisited

• Only two goods can be produced

• Full employment of resources

• Fixed Resources (4 Factors)

• Fixed Technology

What if there is a change?

3 Shifters of the PPC 1. Change in resource quantity or quality

2. Change in Technology

3. Change in Trade 44

Pizzas

What happens if

there is an increase

in population?

Pizzas

What happens if

there is an increase

in population?

Pizzas

What if there is a

technology improvement

in pizza ovens

Pizzas

What if there is a

technology improvement

in pizza ovens

Panama – Favors

Consumer Goods

Mexico – Favors

Capital Goods

Consumer goods

Current

Future

Consumer goods

Future

Current

Capital Goods and Future Growth

Mexico Panama 49

Countries that produce more capital goods will have

more growth in the future.

PPC Practice Draw a PPC showing changes for each of the

following:

Pizza and Robots (3)

1. New robot making technology

2. Decrease in the demand for pizza

3. Mad cow disease kills 85% of cows

Consumer goods and Capital Goods (4)

4. Destruction of power plants leads to severe electricity shortage

5. Faster computer hardware

6. Many workers unemployed

7. Significant increases in education

New robot making technology

Pizzas

Question #1

A shift only for Robots

Decrease in the demand for pizza

Pizzas

Question #2

The curve doesn’t shift!

A change in demand

doesn’t shift the curve

Mad cow disease kills 85% of cows

Pizzas

Question #3

A shift inward only for

Destruction of power plants C

ital G

Consumer Goods (Butter)

Question #4

Decrease in resources

decrease production

possibilities for both

Faster computer hardware C

ital G

Question #5

Quality of a resource

improves shifting the

curve outward

Many workers unemployed C

ital G

Question #6

The curve doesn’t shift!

Unemployment is just a

point inside the curve

Significant increases in education

Question #7

The quality of labor is

improved. Curve shifts

outward.

International Trade Why do people trade?

Why do people trade?

1. Assume people didn’t trade. What things would

you have to go without?

Everything you don’t produce yourself!

(Clothes, car, cell phone, bananas, health care, etc)

The Point: Everyone specializes in the production

of goods and services and trades it to others

2. What would life be like if cities couldn’t trade

with cities or states couldn’t trade with states?

Limiting trade would reduce people’s choices and

make people worse off.

The Point: More access to trade means more

choices and a higher standard of living. 59

Absolute and Comparative

Advantage

Absolute Advantage

One nation can produce more output

with the same resources as the other

Comparative Advantage

One nation can produce a good at a lower

opportunity cost than the other

Per Unit Opportunity Cost Review

Assume it costs you $50 to produce 5 t-shirts. What is

your PER UNIT cost for each shirt?

$10 per shirt

Now, take money our of the equation. Instead of

producing 5 shirts you could have made 10 hats.

1. What is your PER UNIT OPPORTUNITY COST for

each shirt in terms of hats given up?

1 shirt costs 2 hats

2. What is your PER UNIT OPPORTUNITY COST for

each hat in terms of shirts given up?

1 hat costs a half of a shirt 62

= Opportunity Cost

Units Gained

Per Unit Opportunity Cost

Per Unit Opportunity Cost Review Ronald McDonald can produce 20 pizzas or 200 burgers

Papa John can produce 100 pizzas or 200 burgers

1. What is Ronald’s opportunity cost for one pizza in

terms of burgers given up?

2. What is Ronald’s opportunity cost for one burger in

terms of pizza given up?

3. What is Papa John’s opportunity cost for one pizza in

terms of burgers given up?

4. What is Papa John’s opportunity cost for one burger

in terms of pizza given up?

Ronald has a COMPARATIVE ADVANTGE in the

production of burgers

Papa John has a COMPARATIVE ADVANTAGE in the

production of pizza

1 pizza cost 10 burgers

1 burger costs 1/10 pizza

1 pizza costs 2 burgers

1 burger costs 1/2 pizza

Absolute and Comparative Advantage Absolute Advantage

•The producer that can produce the most output OR

requires the least amount of inputs (resources)

•Ex: Papa John has an absolute advantage in pizzas

because he can produce 100 and Ronald can only

make 20.

Comparative Advantage

•The producer with the lowest opportunity cost.

•Ex: Ronald has a comparative advantage in burgers

because he has a lowest PER UNIT opportunity cost.

Countries should trade if they have a relatively lower opportunity cost.

They should specialize in the good that is “cheaper” for them to produce.

Benefits of Specialize

and Trade

International Trade

0 5 10 15 20 25 30 5 10 15 20

Wheat (tons) Wheat (tons)

1.5 29

4.5 27

7.5 25

10.5 23

13.5 21

16.5 19

19.5 17

18.5 1

15.5 3

12.5 5

3.5 11

The US Specializes and

makes ONLY Wheat

Brazil Makes

ONLY Sugar

USA Brazil

Trade: 1 Wheat for 1.5 Sugar

TRADE SHIFTS THE PPC! S

0 5 10 15 20 25 30 5 10 15 20

AFTER TRADE

Wheat (tons) Wheat (tons)

International Trade

USA Brazil

5 10 15 20 25 30 5 10 15 20 Wheat (tons) Wheat (tons)

Brazil

Wheat Sugar

(1W costs 1S) (1S costs 1W)

(1W costs 2S) (1S costs 1/2W)

Which country has a comparative advantage in wheat?

1. Which country should EXPORT Sugar?

2. Which country should EXPORT Wheat?

3. Which country should IMPORT Wheat?

Output Questions:

Output: Other goes Over

Input Questions

(The variable is resources

or time)

Input: Other goes Under

Terms of Trade

Both countries can benefit from trade if they

each have relatively lower opportunity costs.

Terms of Trade- The agreed upon conditions

that would benefit both countries

Ex: Trade 1 ton of wheat for 1.5 tons of sugar

Pineapples Radios

1. Who has an absolute advantage in Radios? 2. What is the cost of one radio for India? 3. What is the per unit opportunity cost for 1

pineapple for Kenya? 4. Who has a comparative advantage in

pineapples? 5. Who has a comparative advantage in radios? 6. Who should import pineapples? 7. Trading 1 radio for how many pineapples would

benefit both countries?

Pineapples Radios

(1P costs 1/3R) (1R costs 3 P)

(1P costs 1R) (1R costs 1P)

Kenya wants Radios If the terms of trade for 1 radio is greater than 3 pineapples then Kenya is worse off and should make radios on their own. India wants Pineapples If the terms of trade for 1 radio is less than 1 pineapple then India is worse off and should make pineapples on their own.

What terms of trade benefit both countries?

Trading 1 radio for 2 pineapples will benefit both If Kenya produces radios by themselves, they give up 3 Pineapples for each radio. If they can trade 2 pineapples for each radio they are better off. If India produces pineapples by themselves, they give up 1 pineapple for one radio. If they can get 2 pineapples for one radio they are better off.

The countries trade at a lower opportunity cost than if they made the products themselves!

Pineapples Radios

(1P costs 1/3R) (1R costs 3 P)

(1P costs 1R) (1R costs 1P)

Comparative Advantage Practice Create a chart for each of the following problems. •First- Identify if it is a output or input question

•Second-Identify who has the ABSOLUTE ADVANTAGE

•Third-Identify who has a COMPARATIVE ADVANTAGE

•Fourth- Identify how they should specialize

1. Sara gives 2 haircuts or 1 perm and hour. Megan gives 3 haircuts

or 2 perms per hour.

2. Justin fixes 4 flats or 8 brakes per day. Tim fixes 1 flats or 5

brakes per day.

3. Hannah takes 30 minutes to wash dishes and 1 hour to vacuum

the house. Kevin takes 15 minutes to wash dishes and 45 minutes to

vacuum.

4. Americans produce 50 computers or 50 TVs per hour. Chinese

produce 30 computers or 40 TVs per hour. 75

Scarcity Means There Is Not Enough For

Everyone

Government must step in to help allocate

(distribute) resources 76

Scarcity Bus Ride Scenario:

A group of 40 college students get on a bus to go

to a dance 30 miles away.

Shortly after leaving, the bus finds that it is too

heavy to go over a large hill

10 students need to get off the bus

You and your partner need to find 5 different

ways to decide who should get off the bus.

1. Are any of the solutions fair?

2. How are resources allocated in communism?

3. How are resources allocated in capitalism?

4. What role do prices play in capitalism? 77

Every society must answer three questions:

The Three Economic Questions 1. What goods and services should be

produced?

2. How should these goods and services be produced?

3. Who consumes these goods and services?

The way these questions are answered

determines the economic system

An economic system is the method used by a

society to produce and distribute goods and

services. 78

Economic Systems 1. Centrally-Planned

(Command) Economy

2. Free Market Economy

3. Mixed Economy

Centrally-Planned

Economies (aka Communism)

Centrally Planned Economies

In a centrally planned economy (communism)

the government…

1. owns all the resources.

2. answers the three economic questions

Examples: Cuba, North Korea, former Soviet Union, and China?

Why do centrally planned economies face problems of poor-quality goods, shortages,

and unhappy citizens? Little incentive to work harder and central

planners have a hard time predicting preferences 81

Irrational Soviet Production Soviet companies were not guided by prices or profit. Gov’t officials

determined output quotas based on quantitative measurements. Businesses were paid based on meeting these quotas.

1. Why did a business make desk lamps that were filled with lead that were almost too heavy to carry?

2. Why did light bulb producers only make tiny night light size bulbs?

3. Why did oil companies drill many shallow holes when they knew that oil deposits are usually found in deep holes that require

slower drilling? 4. Why did a construction superintendent order his workers to

remove bathtubs from the first floor and install them in the third floor while he slowly lead inspectors through apartment building.

5. Why did black market vendors sell burned out light bulbs?

Production quota based on weight

Production quota based number of bulbs produced

Production quota based number of feet drilled

Quota on # of apartments complete at inspection

Business got resources before the public so workers would steal good light bulbs from work and replace them with burnt out bulbs

Advantages and Disadvantages

1. Low unemployment-everyone has a job

2. Great Job Security-the government doesn’t go out of business

3. Equal incomes means no extremely poor people

4. Free Health Care

What is GOOD about

Communism? What is BAD about

Communism? 1. No incentive to work

harder 2. No incentive to

innovate or come up with good ideas

3. No Competition keeps quality of goods poor.

4. Corrupt leaders 5. Few individual

freedoms 83

Free Market System (aka Capitalism)

Characteristics of Free Market

1. Little government involvement in the economy.

(Laissez Faire = Let it be)

2. Individuals OWN resources and answer the

three economic questions.

3. The opportunity to make PROFIT gives people

INCENTIVE to produce quality items

efficiently.

4. Wide variety of goods available to consumers.

5. Competition and Self-Interest work together to

regulate the economy (keep prices down and

quality up). Reword for Communism 86

Example of Free Market Example of how the free market regulates itself:

If consumers want smartphones and only one

company is making them…

•Other businesses have the INCENTIVE to start

making smartphones to earn PROFIT.

•This leads to more COMPETITION….

•Which means lower prices, better quality, and

more product variety.

•We produce the goods and services that society

wants because “resources follow profits”.

The End Result: Most efficient production of the

goods that consumers want, produced at the lowest

prices and the highest quality. 87

Example of Central Planners Example of why communism failed:

If consumers want smartphones and only one

company is making them…

•Other businesses CANNOT start making

computers.

•There is NO COMPETITION….

•Which means higher prices, lower quality, and

less product variety.

•More phones will not be made until the

government decides to create a new factory.

The End Result: There is a shortage of goods that

consumers want, produced at the highest prices

and the lowest quality. 88

The Invisible Hand The concept that society’s goals will be met as

individuals seek their own self-interest.

Example: Society wants fuel efficient cars…

•Profit seeking producers will make more.

•Competition between firms results in low

prices, high quality, and greater efficiency.

•The government doesn’t need to get involved

since the needs of society are automatically

Competition and self-interest act as an invisible

hand that regulates the free market. 89

Attacks Against Capitalism

1. Companies are greedy and do anything to screw over consumers!

• Companies have an incentive to satisfy the needs of consumers. If they don’t they will go out of business.

2. Capitalism causes companies to outsource US jobs overseas. America suffers because companies want more profit!

• How many of you lost your job to outsourcing? • How many of you benefit in the form of lower prices? 3. Capitalism only helps the rich. US companies enslave and

exploit third-world workers in sweatshops! • Sweatshop workers are not forced labor. They make the

decision to work there voluntarily. Why? • Although the working conditions are far below US

standards, working in a sweatshop is better that the alternative • Sweatshop wages in Vietnam, Honduras, and Nicaragua

are more than double the country’s average wage.

Attacks Against Capitalism

Sweatshops

Sweatshops Then

Sweatshops Now

Question: Who is to blame for

these people being so poor?

Answer: Low productivity.

If a country doesn’t produce very

much, it can’t afford to pay it’s

workers very much.

Why do these countries have

such low productivity?

Corrupt governments,

inadequate physical capital and

infrastructure, and

underdeveloped human capital.

What does foreign investment

bring to poor countries?

"My concern is not that there are too many sweatshops, but

that there are too few." -Jeffrey Sachs, Harvard University

Productivity Creates Wealth

3rd World Countries Developed Countries

Countries with free markets, property rights, and

The Rule of Law, have historically seen greater

economic growth because they are more productive

Index of Economic Freedom 93

Connection to the PPC

Communism in the

Long Run Free Markets in the

Long Run

Consumer goods

s CURRENT

FUTURE

Consumer goods C

FUTURE

CURRENT

Costa Rica Cuba

The difference between North and South Korea at night

North Korea's GDP is $13 Billion

South Korea's GDP is $1.6 Trillion 95

The Circular Flow

Model The Product Market-

•The “place” where goods and services

produced by businesses are sold to households.

The Resource (Factor) Market-

•The “place” where resources (land, labor,

capital, and entrepreneurship) are sold to

businesses. 96

97 Product Market

Resource Market

Businesses Individuals

SUPPLY DEMAND

DEMAND SUPPLY

98 Product Market

Resource Market

Businesses Individuals Government Public Goods Public Goods

$$$ Taxes Taxes

Transfer Payments Subsidies

Circular Flow Model Vocab Private Sector- Part of the economy that is run by

individuals and businesses

Public Sector- Part of the economy that is

controlled by the government

Factor Payments- Payment for the factors of

production, namely rent, wages, interest, and

profit

Transfer Payments- When the government

redistributes income (ex: welfare, social security)

Subsidies- Government payments to businesses

Circular Flow Model Review

1. Do individuals supply or demand?

2. Do business supply or demand?

3. Who demands in the product market?

4. Who supplies in the product market?

Both, they demand products and supply

resources

Both, the supply products and demand resources

Individuals and the government

Businesses

Free Response

Questions When you do a FRQ don’t forget to R.O.L.L.:

READ the entire question first

ORAGANIZE your answer

LIST your answers like the question

LABEL everything

5 Problem Set Hints: 1. NEVER use your computer to create graphs

2. Answer in the same FORMAT as the

questions. (A, B, C i, C ii. etc.)

3. Fully EXPLAIN or give examples when

asked to do so. It is better to over explain.

4. Answer the ENTIRE question explicitly.

5. NEVER straight copy your book or my

notes. Use your own words and examples.

Take out your Problem Set

UNIT 1: Basic Economic Concepts - Phillipa's home...

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