QUIZ

1. QUIZ • Please define “what is microeconomics?” • Please define “what is scarcity?” • Please state three (3) basic questions of microeconomic!

2. INTRODUCTION MikroEkonomi

3. PROBLEM • Microeconomics deals with limits • Limited budgets • Limited time • Limited ability to produce • How do we make the most of limits? • How do we allocate scarce resources?

4.  FIGURE 2.1 The Three Basic Questions Every society has some system or process that transforms its scarce resources into useful goods and services. In doing so, it must decide what gets produced, how it is produced, and to whom it is distributed. The primary resources that must be allocated are land, labor, and capital.

5. THEORIES & MODEL • Economics is concerned with explanation of observed phenomena • Theories are used to explain observed phenomena in terms of a set of basic rules and assumptions. • The Theory of the Firm • The Theory of Consumer Behavior

6. THEORIES & MODEL • Theories are used to make predictions • Economic models are created from theories • Models are mathematical representations used to make quantitative predictions • Variable A measure that can change from time to time or from observation to observation

7. Input Markets and Output Markets: The Circular Flow  FIGURE 3.1 The Circular Flow of Economic Activity Diagrams like this one show the circular flow of economic activity, hence the name circular flow diagram. Here goods and services flow clockwise: Labor services supplied by households flow to firms, and goods and services produced by firms flow to households. Payment (usually money) flows in the opposite (counterclockwise) direction: Payment for goods and services flows from households to firms, and payment for labor services flows from firms to households. Note: Color Guide—In Figure 3.1 households are depicted in blue and firms are depicted in red. From now on all diagrams relating to the behavior of households will be blue or shades of blue and all diagrams relating to the behavior of firms will be red or shades of red.

8. THEORIES & MODEL • Validating a Theory • The validity of a theory is determined by the quality of its prediction, given the assumptions. • Theories must be tested and refined • Theories are invariably imperfect – but gives much insight into observed phenomena

9. THEORIES & MODEL • Positive economics An approach to economics that seeks to understand behavior and the operation of systems without making judgments. It describes what exists and how it works. • normative economics An approach to economics that analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action. Also called policy economics.

10. PERKEMBANGAN TEORI EKONOMI TENTANG NILAI EKONOMI • TeoriEkonomiMikroSebagaiTeoriEkonomiKlasik • Adam Smith (1723-1790) menerbitkanbukunya yang berjudulAn Inquiri into the Nature and Causes of the Wealth of Nations, yang kemudiandikenalsebagaiWealth of Nations (1776). • Adam Smith sangatpercayabahwamekanismepasarakanmenjadialatalokasisumberdaya yang efisien, jikaikutcampurdalamperekonomian. • Teoriklasikjugadikenalsebagaiilmuekonomi yang sangatmenekansisipenawarannya (supply side economics).

11. PERKEMBANGAN TEORI EKONOMI TENTANG NILAI EKONOMI • Revolusi Keynes: Lahirnya Teori Ekonomi Makro • Kelemahanteoriklasikadalahlemahnyaasumsitentangpasar yang dianggapterlaluidealis (utopian) danterlaluditekankannyamasalahekonomipadasisipenawaran. • Pertama, mulaidiperhatikannyadimensi global atauagregat (makro) dalamanalisisilmuekonomi. • Kedua, dimasukannyaperananpemerintahdalamanalisisilmuekonomi. • Ketiga, terjadi perubahan/penyempurnaan metodologi dalam analisis ekonomi.

12. BATAS KEMUNGKINAN PRODUKSI • Production possibility frontier (ppf) A graph that shows all the combinations of goods and services that can be produced if all of society’s resources are used efficiently

13. Scarcity, Choice, and Opportunity Cost The Production Possibility Frontier All points below and to the left of the curve (the shaded area) represent combinations of capital and consumer goods that are possible for the society given the resources available and existing technology. Points above and to the right of the curve, such as point G, represent combinations that cannot be reached. If an economy were to end up at point A on the graph, it would be producing no consumer goods at all; all resources would be used for the production of capital. If an economy were to end up at point B, it would produce only consumer goods.

14. Scarcity, Choice, and Opportunity Cost The Production Possibility Frontier Although an economy may be operating with full employment of its land, labor, and capital resources, it may still be operating inside its ppf, at a point such as D. The economy could be using those resources inefficiently. Periods of unemployment also correspond to points inside the ppf, such as point D. Moving onto the frontier from a point such as D means achieving full employment of resources.

15. Scarcity, Choice, and Opportunity Cost The Production Possibility Frontier  FIGURE 2.5 Production Possibility Frontier The ppf illustrates a number of economic concepts. One of the most important is opportunity cost. The opportunity cost of producing more capital goods is fewer consumer goods. Moving from E to F, the number of capital goods increases from 550 to 800, but the number of consumer goods decreases from 1,300 to 1,100.

16. MAKSIMISASI FUNGSI DENGAN SATU VARIABEL • Bentukpersamaanmatematisiniditunjukkandengannotasifungsional: Y = f(X) • Hubunganfungsionalmerupakanhubunganantaravariabelekonomitertentu yang dapatdinyatakansecaramatematis.

17. MAKSIMISASI FUNGSI DENGAN SATU VARIABEL • Tata hubunganfungsionalantara (X) dan (Y) mempunyaibeberapabentuk. Duabentuk yang paling banyakdijumpaiadalah: • (Y) adalahfungsi linear dari (X), persamaaniniditunjukkansebagaiberikut: Y = a + bX • (Y) adalahfungsikuadratdari (X), persamaannyasebagaiberikut: Y = a + bX + cX2

18. REFERENCES • Sanrego, Yulizar D, (2006), Bahan Ajar Mata KuliahEkonomiMikro, Bogor: STEI Tazkia, TidakDipublikasi. • Case, Karl E., Ray C. Fair & Sharon M. Oster, (2013), Principles of Economics, Pearson Education Limited.