Transcript - Research - Dewey International University

Subjects:
Introduction to Economics
Dr. Sou Veasna (ស៊ូ វាសនា)
[email protected]
Tel: 092 333 856
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Golden Beach, Tainan, Taiwan (14-Feb-2013)
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©2013 Cengage
Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Bali, Indonesia
(August-2013)
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©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Angping, Tainan, Taiwan (September, 2013)
Angping, Tainan, Taiwan (September, 2013)
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Angping, Tainan, Taiwan (September, 2013)
Couse Syllabus
• Subject: Introduction to Economics
• Credit: 3 credits and 45 hours
• Grading and Class evaluation
– Class participation:
15%
– Homework/Assignment/Quiz
15%
– Mid-term exam
25%
– Final exam
45%
_________________________________
100%
Chapter 1-Introduction to Economics
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Why Study Economics?
• There are four main reasons to study
economics (Case et al., 2012):
to learn a way of thinking
to understand society and socialwelfare,
to understand global economic
perspectives, and
to be an informed individual and public
organizations and societies.
To learn a way of thinking
• Opportunity Cost—is the highest-valued
alternative that must be sacrificed in order to get
something else.
Marginal Cost
• the increase in total cost that results from
carrying out one additional unit of an activity
𝑴𝑪 =
∆𝑻𝑪 𝑻𝑪𝟐−𝑻𝑪𝟏
=
∆𝑸 𝑸𝟐−𝑸𝟏
Definition of economics
• Economics is the study of
how individual people and
societies allocate the
scarcity resources to
satisfy unlimited wants (Brue,
McConnell, Flynn, & Grant, 2010;
Frank & Bernanke, 2009; Mateer,
Coppock, & Brian, 2016).
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LO3
1-19
Scarcity (កម្រ)?
• Scarcity refers to the limited nature of
resources, given society’s unlimited
wants and needs (Mateer et al., 2016).
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Economics
Economics
Economic
Concepts
សសដ្ឋកិច្ច
Microeconomics មីក្កូសសដ្ឋកិច្ច
Macroeconomics ម៉ា ក្កូសសដ្ឋកិច្ច
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LO3
1-21
Microeconomics
• Microeconomics is the study of the
individual firms/organization that makes up
the economy which focuses on (Brue et al.,
2010; Mateer et al., 2016)៖
→ Individual firms
→ Households
→ Demand and supply
→ Elasticity
→ Cost of productions
→ Market competitions
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How
Much
It
Cost?
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iPhone 7
$220
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Macroeconomics
• Macroeconomics is the
study of the overall
aspects of examines the
economic behavior of
aggregates—income,
employment, output, and
so on—on a national
scale which focuses on៖
(Case, Fair, & Oster, 2012; Mateer
et al., 2016).
 Unemployment
 Inflation Rate
 Fiscal Policy
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Macroeconomics
→GNP—Gross National Products
→Monetary Policy
Balance of Payment—Imports & Exports
→GDP—Gross Domestic Products
→GDP per capita
→Social wealth-fare…and so on.
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What is Market?
• Market—Gathering the buyers and the sellers
interact and engage in exchange .
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The Circular Flow Model
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