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Ten Principles of Economics

Mankiw, N.Gregory. Principles of Economics.

Hartcourt Brace & Company.
(Terjemahan oleh Haris Munandar & Emil Salim. 2000. Penerbit Erlangga. Jakarta)

Prof. Dr. Yunastiti P, MP

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 Economy. . .
. . . The word economy comes from a Greek word
for “one who manages a household.”
………….mengelola suatu rumah tangga

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 • A household and an economy
face many decisions:

Rumah tangga harus

mengalokasikan semua
sumber daya langka, yang
dimiliki anggota rumah
tangga
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 • A household and an economy
face many decisions:

– Who will work?.... siapa yang mengerjakan?

– What goods and how many of them should be
produced?...... barang apa dan bagaimana
memproduksinya?
– What resources should be used in production? ...
bagaimana sumber daya harus digunakan?
– At what price should the goods be sold? ……
berapa harga jual dari barang yang diproduksi?
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 • Society and Scarce Resources:
– The management of society’s resources is
important because resources are scarce
……manajemen sumber daya menjadi penting
karena langka.
– Scarcity. . . means that society has limited
resources and therefore cannot produce all the
goods and services people wish to have ……..langka
adalah terbatas dan tidak dapat diproduksi
sebanyak yang diinginkan.

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 Economics is
the study of how society manages its scarce
resources………

………mempelajari bagaimana mengelola sumber

daya yang langka

Ekonomi :
Mempelajari bagaimana mengelola sumber daya yang langka
Langka adalah terbatas dan tidak dapat diproduksi sebanyak
yang diinginkan
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 Ten Principles of Economics

• How people make decisions

• How people interact
• How the economy as a whole works

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 Ten Principles of Economics
How people make decisions
1. People face tradeoffs. ……menghadapi tradeoff
2. The cost of something is what you give up to
get it ……perlu biaya untuk memperolehnya.
3. Rational people think at the margin …….berpikir
secara bertahap.
4. People respond to incentives …………..bereaksi
terhadap insentif.

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 Ten Principles of Economics

5. Perdagangan membuat keadaan lebih baik

6. Pasar mengorganisasi aktivitas ekonomi dengan baik
7. Pemerintah dapat memperbaiki outcome pasar

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 Ten Principles of Economics

8. Standar hidup tergantung pada

kemampuan negara untuk berproduksi
9. Harga akan meningkat bila pemerintah
terlalu banyak mencetak uang
10.Dalam jangka pendek menjumpai trade
off antara inflasi dan pengangguran

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 How people make decisions

Prinsip 1: Menghadapi Tradeoffs

Dalam memperoleh sesuatu harus mengorbankan
yang lain.
A student who must decide how to allocate her most
valuable resource—her time.
She can spend all her time studying economics, spend all of it
studying psychology, or divide it between the two fields.
For every hour she studies one subject, she gives up an
hour she could have used studying the other.
And for every hour she spends studying, she gives up an
hour that she could have spent napping, bike riding, watching
TV, or working at her part-time job for some extra spending money.
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 How people make decisions

Prinsip 1: Menghadapi Tradeoffs

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 How people make decisions

Prinsip 1: Menghadapi Tradeoffs

When people are grouped into societies, they face different
kinds of trade-offs.
– The classic trade-off is between “guns and butter.” The
more a society spends on national defense (guns) to
protect its shores from foreign aggressors, the less it
can spend on consumer goods (butter) to raise
the standard of living at home.

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 How people make decisions

Prinsip 1: Menghadapi Tradeoffs

When people are grouped into societies, they face different
kinds of trade-offs.
– Also important in modern society is the trade-off between a
clean environment and a high level of income.
Laws that require firms to reduce pollution raise the cost of
producing goods and services. Because of the higher costs,
these firms end up earning smaller profits, paying lower wages,
charging higher prices, or some combination of these three.
Thus, while pollution regulations yield the benefit of a cleaner
environment and the improved health that comes with it, they
have the cost of reducing the incomes of the firms’ owners,
workers, and customers

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 How people make decisions

Prinsip 1: Menghadapi Tradeoffs

When people are grouped into societies, they face different
kinds of trade-offs.
– Another trade-off society faces is between efficiency and
equality. Efficiency means that society is getting the maximum
benefits from its scarce resources. Equality means that those
benefits are distributed uniformly among society’s
members. In other words, efficiency refers to the size of the
economic pie, and equality refers to how the pie is divided into
individual slices.
Efisiensi : memperoleh terbanyak dari sumber daya yang
terbatas.
Equality : manfaat dari sumber daya didistribusikan secara fair

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 How people make decisions

Prinsip 1: Menghadapi Tradeoffs

Kebijakan pemerintah: menyamakan distribusi kesejahteraan ekonomi

Asuransi pengangguran, mencoba membantu anggota masyarakat yang paling
membutuhkan.
Pajak penghasilan individu, meminta yang kaya untuk berkontribusi lebih dari
yang lain untuk mendukung pemerintah.
Kebijakan ini mengurangi efisiensi: ketika pemerintah mendistribusikan kembali
pendapatan dari si kaya ke si miskin, itu mengurangi hadiah untuk kerja keras;
sebagai akibatnya, orang tidak bisa bekerja dan menghasilkan lebih sedikit 16
barang dan jasa.
 How people make decisions

Prinsip 2: Ongkos dari sesuatu adalah apa yang

dikorbankan utuk memperolehnya

– Whether to go to college or to work?

– Whether to study or go out on a date?
– Whether to go to class or sleep in?

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 How people make decisions

Dalam menghitung biaya (cost) :

hitung biaya langsung dan biaya oportunitas

opportunity cost :
biaya yang harus dikorbankan untuk memperoleh
sesuatu yang lain

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 How people make decisions

Consider the decision to go to college.

• Biaya langsung
money you spend on tuition, books, room, and
board.
• Biaya oportunitas
When you spend a year listening to lectures, reading
textbooks, and writing papers, you cannot spend that
time working at a job.
 opportunity cost go to college ?

Biaya sekolah = biaya langsung + biaya oportunitas

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 How people make decisions
Prinsip 3: berpikir secara bertahap atau
berpikir rasional yaitu pada margin

• Rational people : people who systematically and

purposefully do the best they can to achieve their
objectives.
As you study economics :
– Firms that decide how many workers to hire and how
much of their product to manufacture and sell to
maximize profits.
– Individuals who decide how much time to spend
working and what goods and services to buy with the
resulting income to achieve the highest possible level of
satisfaction. 20
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 How people make decisions
Prinsip 3: berpikir secara bertahap atau
berpikir rasional yaitu pada margin

• Economists use the term marginal changes :

small incremental adjustments to a plan of
action….menyesuaikan secara bertahap dalam
merencanakan action.
• Rational people often make decisions by comparing
marginal benefits and marginal costs… tambahan
manfaat dan tambahan biaya
• A rational decision maker takes an action if and only if
the marginal benefit of the action exceeds the marginal
cost….. tambahan manfaat melebihi tambahan biaya

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 How people make decisions
Prinsip 3: berpikir secara bertahap atau
berpikir rasional yaitu pada margin

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• Misalkan menerbangkan pesawat 200 kursi melintasi
Amerika Serikat menelan biaya $ 100.000, biaya rata-rata
setiap kursi adalah $ 100.000 / 200, yaitu $ 500.
• Seseorang mungkin tergoda untuk menyimpulkan bahwa
maskapai penerbangan tidak boleh menjual tiket dengan
harga kurang dari $ 500.
• Faktanya, maskapai penerbangan yang rasional sering
dapat menemukan cara untuk meningkatkan
keuntungannya dengan berpikir di margin.

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 • Misalnya ada 10 kursi kosong, dan ada penumpang yang
menunggu di gerbang akan membayar $ 300 untuk duduk.
Haruskah maskapai menjual tiketnya?
• Tentu saja seharusnya begitu.
• Jika pesawat memiliki kursi kosong, biaya penambahan satu
penumpang lebih kecil.
• Meskipun biaya rata-rata terbang penumpang adalah $ 500,
biaya marjinal hanyalah biaya kantong kacang dan kaleng
soda yang akan dikonsumsi oleh penumpang tambahan.
• Selama penumpang siaga membayar lebih dari biaya
marjinal, menjual tiket itu menguntungkan.

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 How people make decisions
Prinsip 3: berpikir secara bertahap atau
berpikir rasional yaitu pada margin

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• Pengambilan keputusan marjinal dapat membantu menjelaskan beberapa
fenomena ekonomi yang membingungkan.
• Mengapa air begitu murah, sedangkan berlian sangat mahal?
• Manusia membutuhkan air untuk bertahan hidup, sedangkan berlian tidak
diperlukan; tetapi untuk beberapa alasan, orang bersedia membayar lebih
untuk berlian dibanding secangkir air.
• Alasannya adalah bahwa kesediaan seseorang untuk membayar barang apa
pun didasarkan pada manfaat marjinal yang akan dihasilkan oleh unit
tambahan dari barang tersebut.
Manfaat marjinal, pada gilirannya, tergantung pada berapa banyak unit yang
sudah dimiliki seseorang.
• Air sangat penting, tetapi manfaat marjinal dari secangkir ekstra kecil karena
air berlimpah.
• Sebaliknya, tidak ada yang membutuhkan berlian untuk bertahan hidup,
tetapi karena berlian sangat langka, orang menganggap manfaat marjinal dari
berlian ekstra menjadi besar. 26
 How people make decisions

Prinsip 4: Merespon insentif

• Incentive : something that induces a person to act.
• For example :
when the price of an apple rises (Price = P ↑) :
– people decide to eat fewer apples
– at the same time, apple orchards (petani) decide to hire
more workers and harvest more apples.
In other words :
a higher price in a market provides an incentive for
buyers to consume less and an incentive for sellers to
produce more.
As we will see :
the influence of prices on the behavior of consumers and
producers is crucial for how a market economy allocates
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 How people make decisions

Prinsip 4: Merespon insentif

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• Pembuat kebijakan publik seharusnya tidak pernah
melupakan insentif.
• Banyak kebijakan mengubah biaya atau manfaat yang
dihadapi orang dan, oleh karena itu, mengubah perilaku
mereka.
• Pajak bensin, misalnya, mendorong orang untuk
mengendarai mobil yang lebih kecil dan lebih hemat bahan
bakar. Itulah salah satu alasan orang mengendarai mobil
yang lebih kecil di Eropa, di mana pajak bensin tinggi,
daripada di Amerika Serikat, di mana pajak bensin rendah.
• Pajak bensin juga mendorong orang ke tempat parkir,
menggunakan transportasi umum, dan tinggal lebih dekat ke
tempat mereka bekerja.
• Jika pajaknya lebih besar, lebih banyak orang akan
mengendarai mobil hybrid, dan jika itu cukup besar, mereka
akan beralih ke mobil listrik. 29
 How people make decisions

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 Perdagangan membuat keadaan lebih baik
• Japanese are American’s competitors in the world
economy, because American and Japanese firms
produce many of the same goods.
– Ford and Toyota compete for the same customers in the
market for automobiles.
– Apple and Sony compete for the same customers in the
market for digital music players.

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 • Trade between the United States and Japan is not
like a sports contest in which one side wins and the
other side loses. In fact, the opposite is true: Trade
between two countries can make each country better
off.
• Perdagangan membuat orang atau negara
berspesialisasi: memproduksi barang dengan ongkos
yang lebih murah.

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 How trade affects your family.
• When a member of your family looks for a job, he or she competes against
members of other families who are looking for jobs. Families also compete
against one another when they go shopping because each family wants to
buy the best goods at the lowest prices. In a sense, each family in the
economy is competing with all other families.
• Despite this competition, your family would not be better off isolating itself
from all other families. If it did, your family would need to grow its own food,
make its own clothes, and build its own home. Clearly, your family gains
much from its ability to trade with others. Trade allows each person
to specialize in the activities he or she does best, whether it
is farming, sewing, or home building.
• By trading with others, people can buy a greater variety of
goods and services at lower cost. 33
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 Pasar mengorganisasi aktivitas ekonomi dengan baik
• market economy : an economy that allocates resources
through the decentralized decisions of many firms and
households as they interact in markets for goods and
services.
• Firms decide whom to hire and what to make.
• Households decide which firms to work for and what to buy
with their incomes.
• These firms and households interact in the marketplace,
where prices and self-interest guide their decisions.
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 Tahun 1776 buku Adam Smith “An Inquiry into the Nature
and Causes of the Wealth of Nations”  rumah tangga dan
perusahaan berinteraksi di pasar, dibimbing oleh “invisible
hand”  membawa hasil pasar yang diinginkan

“Invisible hand”  P
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 P : konsumen menentukan jumlah yang
dibeli ; produsen menentukan jumlah
yang ditawarkan  P mencerminkan
nilai barang dari masyarakat dan
ongkos untuk memproduksinya

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 Pemerintah dapat memperbaiki outcome pasar

• Market failure :
a situation in which a market left on its own fails to allocate
resources efficiently….. Kegagalan pasar : bila pasar gagal
mengalokasikan sumber daya secara efisien  harga yang
terbentuk merugikan penjual atau konsumen atau pihak lain
yang tidak ikut terkibat dalam pasar.
• Kegagalan pasar karena ada eksternalitas dan market power.
• Pemerintah dapat mengontrol kegiatan pasar apabila ada
kegagalan pasar. 37
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 • Eksternalitas = externality :
the impact of one person’s actions on the wellbeing of a
bystander… dampak yang diterima orang lain dari
tindakan seseorang
• Market power : the ability of a single economic actor (or
small group of actors) to have a substantial influence on
market prices……kemampuan pelaku ekonomi tunggal
atau kelompok kecil untuk mempengaruhi harga pasar 
perusahaan dapat menetapkan harga produk nya di atas
ongkos produksinya
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The classic example of an externality is pollution.

Market power: which refers to the ability of a single person (or

small group) to unduly influence market prices. For example, if
everyone in town needs water.
For example, if everyone in town needs water but there is only one
well, the owner of the well is not subject to the rigorous competition
with which the invisible hand normally keeps self-interest in check

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 Standar hidup suatu negara tergantung pada
kemampuan negara untuk berproduksi
Standar hidup tergantung pada produktivitas (yaitu
sejumlah output yang diproduksi per satu jam pekerja).

Semakin tinggi produktivitas 

semakin tinggi produksi  semakin
tinggi standar hidup

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41
The United Kingdom is an
advanced economy

Mexico is a middle-income
country

Mali is a poor country

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 Harga akan meningkat bila
pemerintah terlalu banyak
mencetak uang
Banyak uang yang dicetak  permintaan
barang naik; penawaran tidak bisa dengan
cepat menutup kenaikan permintaan 
harga-harga naik (inflasi)  nilai uang
turun

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 Dalam jangka pendek menjumpai trade off antara
inflasi dan pengangguran
Inflation  Unemployment

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 Jumlah uang meningkat  permintaan barang meningkat 
perusahaan meningkatkan harga (inflasi naik); meningkatkan
produksi dengan menambah tenaga kerja (pengangguran turun)

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 Jumlah uang meningkat  permintaan barang meningkat 
perusahaan meningkatkan harga (inflasi naik); meningkatkan
produksi dengan menambah tenaga kerja (pengangguran turun)

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 This short-run trade-off plays a key role in the analysis of the
business cycle—the irregular and largely
unpredictable fluctuations in economic activity, as
measured by the production of goods and services or the
number of people employed.

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 business cycle—the
irregular and largely
unpredictable fluctuations
in

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 • Ekspansi atau ledakan :
periode dalam siklus bisnis dari
lembah naik ke puncak, dimana
pada periode itu output dan
kesempatan kerja meningkat.

• Kontraksi, resesi, atau

penurunan : periode dari
puncak turun ke lembah,
dimana selama periode itu
output dan kesempatan kerja
menurun.

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 QUESTIONS FOR REVIEW

1. Give three examples of important trade-offs that you

face in your life….3 contoh trade-off
2. What is the opportunity cost of seeing a movie?
3. Water is necessary for life. Is the marginal benefit of a
glass of water large or small?
4. Why should policymakers think about incentives?
5. Why isn’t trade among countries like a game with
some winners and some losers?

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 PROBLEMS AND APPLICATIONS
• You were planning to spend Saturday working at
your part-time job, but a friend asks you to go
skiing. What is the true cost of going skiing? Now
suppose you had been planning to spend the day
studying at the library. What is the cost of going
skiing in this case? Explain.
Sabtu : bekerja dan skiing. Biaya pergi skiing ?
Andai : perpustakaan dan skiing. Biaya pergi skiing ?

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 PROBLEMS AND APPLICATIONS
• Your roommate is a better cook than you are, but you can
clean more quickly than your roommate can. If your
roommate did all the cooking and you did all the cleaning,
would your chores take you more or less time than if you
divided each task evenly? Give a similar example of how
specialization and trade can make two countries both
better off

teman anda pintar masak dibanding anda, anda mencuci lebih cepat
dibanding teman anda. Bila teman anda memasak dan anda mencuci,
apakah lebih baik atau lebih buruk dibanding bila mengerjakan sendiri-
sendiri. Berikan contoh serupa bagaimana spesialisasi dan perdagangan
dapat masing-masing negara yang berdagang menjadi lebih baik.
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 PROBLEMS AND APPLICATIONS
• Three managers of the Magic Potion Company are discussing a
possible increase in production. Each suggests a way to make this
decision.
Harry : We should examine whether our company’s
productivity—gallons of potion per worker—would
rise or fall.
Ron : We should examine whether our average cost—
cost per worker—would rise or fall.
Hermione: We should examine whether the extra revenue from
selling the additional potion would be greater or
smaller than the extra costs.
Who do you think is right? Why?
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 PROBLEMS AND APPLICATIONS

You win $100 in a basketball pool.

You have a choice between spending the
money now or putting it away for a year in a
bank account that pays 5 percent interest. What
is the opportunity cost of spending the $100
now?

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 PROBLEMS AND APPLICATIONS

You are trying to decide whether to take a vaca-

tion. Most of the costs of the vacation (airfare,
hotel, and forgone wages) are measured in
dollars, but the benefits of the vacation are
psychological. How can you compare the
benefits to the costs?

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 PROBLEMS AND APPLICATIONS

The company that you manage has invested

$5 million in developing a new product, but
the development is not quite finished. At a
recent meeting, your salespeople report that
the introduction of competing products has reduced the
expected sales of your new product
to $3 million. If it would cost $1 million to finish
development and make the product, should you
go ahead and do so? What is the most that you
should pay to complete development?
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 Tugas dikerjakan di kelas
Uraikan ke 7 prinsip ekonomi dibawah ini:

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 Tugas dikerjakan di kelas

• Give three examples of important trade-offs

that you face in your life….3 contoh trade-off
• Water is necessary for life. Is the marginal
benefit of a glass of water large or small?

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 Tugas dikerjakan di kelas

• teman anda pintar masak dibanding anda,

anda mencuci lebih cepat dibanding teman
anda. Bila teman anda memasak dan anda
mencuci, apakah lebih baik atau lebih buruk
dibanding bila mengerjakan sendiri-sendiri.
Berikan contoh serupa bagaimana spesialisasi
dan perdagangan dapat masing-masing
negara yang berdagang menjadi lebih baik

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