Ch01 - Chapter 1 Economics and the Economy David Begg,...

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Chapter 1 Economics and the Economy David Begg, Stanley Fischer and Rudiger Dornbusch, Economics , 6th Edition, McGraw-Hill, 2000 Power Point presentation by Peter Smith
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1.2 What is Economics? ECONOMICS . .. is the study of how society decides: What For whom How to produce. ..
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1.3 The price of oil 0 5 10 15 20 25 30 35 40 1965 1975 1985 1995 US$ per barrel Tripled in 1973-74, and doubled again in 1979-80 … and affected people all over the world.
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1.4 An increase in the price of oil affects What to produce less oil-intensive products How to produce less oil-intensive techniques For whom to produce oil producers have more buying power, importers have less
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1.5 The distribution of world population and GNP, 1998 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Population GNP LIC MIC HIC
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1.6 Scarcity forces choices to be made Opportunity cost a crucial concept in economic analysis the quantity of other goods that must be sacrificed to obtain another unit of a good
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1.7
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Ch01 - Chapter 1 Economics and the Economy David Begg,...

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