Академический Документы
Профессиональный Документы
Культура Документы
Preliminaries
Prepared by:
Fernando & Yvonn Quijano
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
Preliminaries
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e. 2 of 18
1.1 THE THEMES OF MICROECONOMICS
Trade-Offs
Consumers
Consumers have limited incomes, which can be spent on a
wide variety of goods and services, or saved for the future.
Workers
Workers also face constraints and make trade-offs. First,
people must decide whether and when to enter the
workforce. Second, workers face trade-offs in their choice of
employment. Finally, workers must sometimes decide how
Chapter 1: Preliminaries
many hours per week they wish to work, thereby trading off
labor for leisure.
Firms
Firms also face limits in terms of the kinds of products that
they can produce, and the resources available to produce
them.
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e. 3 of 18
1.1 THE THEMES OF MICROECONOMICS
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e. 4 of 18
1.2 WHAT IS A MARKET?
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e. 5 of 18
1.2 WHAT IS A MARKET?
Market Price
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e. 6 of 18
1.2 WHAT IS A MARKET?
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e. 7 of 18
Importance of Microeconomics
• As a consumer –
To understand how to optimally allocate your
resources/income on different goods & services to
maximize utility
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e. 8 of 18
Importance of Microeconomics
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e. 9 of 18