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第1页共6页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共6页Pavane’sEconomicsNotes[4thFeb2009]Economicsisthestudyofhowweuseourlimitedmeanstosatisfyourunlimitedwants.LIMITEDMEANS----Allpeoplehavelimitedtime,skillsandmoneysotheyhavetomakechoicestohowtousethemtothebestadvantageforthem.CHOICE----Sincewecan’thaveeverythingwewantaswehavelimitedmeanswehavetomakedecisions.(Decisionsbetweenalternatives)OPPORTUNITYCOST----Thenextbestalternativeforgonewhenadecisionismade.[5thFeb2009]OpportunitycostUnlimitedwantsChoiceScarcityLimitedmeansTheeconomicsproblemisscarcity.Thismeansthatwehavelimitedmeansbutunlimitedwants.Becauseofthiswehavetomakeachoice.Everychoicehasanopportunitycost.NEEDS----Thosethingswerequireinordertosustainlife.e.g.food,clothingandshelterWANTS----Thingswedesiretomakeourlifemoreenjoyable.e.g.cellphone,stereo,SPA第2页共6页第1页共6页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第2页共6页Wantschangeaswegetolderbecauseourtasteschangeandnewthingsareintroducedastechnologyimproves.Unlimitedwants[17thFeb2009]VALUES----Corebeliefsorprinciplesthatinfluenceyourdecisions.>>Honesty>>Integrity>>Fair-trading>>ConsiderationofothersINFLUENTSONVALUES:Culture,Environment,Education,Upbringing(Family)Internet,FinanceDEMAND----Demandistheamountofagoodorservicethatapersoniswillingandabletopurchaseateachprice.THELAWOFDEMAND:----Asthepriceofagoodorservicerises,thequantitydemandedfallsorasthepricefallsthequantitydemandedincreases,ceterisparibus.CETERISPARIBUS----Allotherfactorsremainconstant.LimitedMeansScarcityChoiceOpportunitycost第3页共6页第2页共6页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第3页共6页[17thFeb2009]Hugh’sweeklyQuantityDemandedschedulePrice[$]Quantitydemanded0.50301.00201.50122.007>>TTitleisclearstartingwhatthegraphshowsandthetimeperiod.>>AEvenandappropriatescaleonyouraxis.>>LLabelaxeswithitemandunite.>>PPlotyourpointsandjointhemusingaruler.[22ndFeb2009]DETERMINANTSOFDEMANDInfluents,otherthanprice,thatwillinfluenttheamountconsumers’purchase.>>Income>>Taste/Fashion>>Priceofsubstitutes>>PriceofComplementarygoods>>SeasonsSUBSTITUTEGoodsthatcanbeusedtoinsteadofothergoods.e.g.butterandmargarine:Ifthepriceofbutterincreases,morepeoplewillbuymargarineasitisrelatingcheaper.COMPLIMENTSGoodsthatareusedtogether.e.g.DVDsandDVDplayers:WhenpriceofDVDplayersdecreasethereisanincreaseindemandforDVDs.第4页共6页第3页共6页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第4页共6页CHANGEINDEMAND----Changeindemandiscausebyachangeindeterminantsandwillresultinamovementoftheentiredemandcurve.e.g.DecreaseinDemand:thedemandhasdecreaseateachprice.[4thMar2009]DEMANDSCHEDULE----Atableshowingthequantityofagoodorservicethatconsumeriswillingandabletopurchaseatvariousprices,inagiventimeperiod,ceterisparibus.[16thMar2009]INFERIORGOODS----Theyarepoorerqualitygoodsthatyouwillbuylessasyourincomerises.e.g.cheapcutsofmeatinsteadofsteakNORMALGOODS----Goodsthatyouwillbutmoreasyourincomerises.NECESSITIES----Thingsneededtosustainlife.Necessitiesareusuallynormalgoodssoyouwillbuymoreasyourincomerises.LUXURIES----Itemsnotneededbutmakeyourlifemoreenjoyable.Householdsonlowincomesspendasmallproportionoftheirincomeonluxuries.Asahousehold’sincomerisestheyspendagreaterproportionoftheirincomeonluxuries.HOUSEHOLD----Apersonorgroupofindividuals(families,flatmates)...