Unit 3 Microeconomics Slide Tiếng anh chuyên ngành 1

The Unit 3 reading has 3 main ideas: First, Microeconomics is a branch of economics and it is the study of individuals' behavior in making decision on the allocation of scarce resourc

11./’flek·sə b li·tiˈseʃ·ən / ɪt/

 sự giáo dục

20./ə kju mjəle tˈseʃ·ən / ː.tʃəs/  ɪt/

 determine(v)

 determinatinon

 xác định

 sự xác định

The Unit 3 reading has 3 main ideas:

 First, Microeconomics is a branch of economics and it is the study of

individuals' behavior in making

decision on the allocation of scarce resources In detail, it studies the way to allocate limited resources, the way to make the best tradeoff for workers, consumers and firms

Next, there are 3 main sides of microeconomics:

 The first one is the idea of making optimal trade-offs

within the modern markets Consumers, with the limited incomes and their preferences, maximize the well-being

by trading off the purchase of good's quantity and their consumption Workers are also stuck between a rock

and a hard place as they must make decision on when and whether to enter the workplace, choice of

employment and hours of work Corporations with the available resources , have to decide what to produce and how many.

 The second one is the role of prices, which can be

explained throughout the fact that all of the trade-offs are based on the prices faced by individuals.

 Last is how Microeconomics explains the process that prices are determined due to the interactions among

economic agents.

Finally, economics is very important, so we must try to learn it ^^

II: Question

1 What’s microeconomics?

 Microeconomics is a branch of

economics and it is the study of

individuals’ behavior in making

decision on the allocation of scarce resources.

2 What do limit include ?

 The limited incomes

 The limited time (number of hours

3.Who makes decisions on the

allocation of scarce resource ?

 In a planned economy, It’s made mostly by government

 In modern market economies, It’s made by consumers, workers and firms

4.What does the term “ Trade-offs” mean ?

 Trade-offs is an exchange that

occurs as a compromise.

5.Why do consumers have to trade –off?

 Because they face limited incomes

6.What do consumers trade-off ?

 They faced trade-off between:

 Saving and spending( how much of their incomes to save)

 Buying now and buying future( trading off current consumption for future consumption )

 Buying this produce and buying another.

7 What can you learn from the

consumer theory?

 It describes how consumers, based

on their preferences, maximize their well-being by trading off the

purchase of more of some goods

with the purchase of less of others.

8 Why do workers have to trade –off?

 Because they face limited time

9 What do workers trade-off ?

They faced trade-off between :

 Working now ( and earning an immediate income) and continuing studying( and the hope of earning higher future income)

 Leisure and labor

 This job and another.

10 Why do firms trade-off ?

 Because they face limited budgets and technical know-how (financial resource).

11 What do firms trade-off ?

 They faced trade-off between:

 Producing this products and producing another

 Hiring additional workers and buying new machines.

12 What does the theory of the firm indicate?

 It describes how these trade-offs can be best made

13.What are three important themes of Microeconomics ?

 The idea of making optimal offs, the role of prices and the

trade-process prices are determined

 IV: Open questions.

Thank for you listening!!

^ ^