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Economist, Wall Street Journal,
Financial Times

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http://learn.sem.tsinghua.edu.cn/
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 Economics is a
Social Science

Economics is an interesting and useful
subject in social sciences


Its subject matter is society how people choose
to lead their lives and how they interact with one
another.

It approaches its subject with the dispassion of a
science.
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(Finance)

(corporate finance)

(asset pricing)

(money and banking)
(international finance)
(open economy
macroeconomics)
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Accounting

Management Information
System

Marketing

Human Resource
Management

Corporate Strategy
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Computer Science

Engineering

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 Why Study Economics?

Economics will help you understand the
world in which you live.

Economics will make you a more astute
participant in the economy.


Economics will give you a better
understanding of the potential and limits
8 of economic policy.

curve-
shifting economics

Greek-letter
economics

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Course Objectives

To learn the basic ideas, concepts, and
analytical methods of economics

To acquire the ability of making observations
of economic behavior and phenomena in the
real world
/
To gain economic intuition
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During my 20 year career as a student, the
course that excited me most was the two-
semester sequence on the principles of
economics that I took during my freshman
year in college. It is no exaggeration to
say that it changed my life.

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A New Way of Thinking

Economics is a subject in which a little

knowledge goes a long way.

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A New Way of Thinking

(unexpected reasons)

(unintended consequences)

(irrelevant factors)

(surprising mechanisms)
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How People Make Decisions
1.
People face tradeoffs.
2.
The cost of something is what you give up to get it.
3.
Rational people think at the margin.
4.
People respond to incentives.
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How People Interact
5.
Trade can make everyone better off.
6.
Markets are usually a good way to
organize economic activity.
7.
Governments can sometimes improve
market outcomes.
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How the Economy as a Whole Works
8.
The standard of living depends on a countrys
production.
9.
Prices rise when the government prints too
much money.
10.
Society faces a short-run tradeoff between
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inflation and unemployment.


:

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vs.
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NBA

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or
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 1

1996
$1000
$600

A. $6500
$5700
B. $6000
$5500

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 1

= $600
A. $6500
$5700
= $800
($6500 5700)

B.$6000
$5500
$500
$600 31
 1

:
$1000

AB

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100

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1-2

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4.

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:
http://academic.cengage.com/economics/mankiw

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