economics and economy (key terms) rb, p. 9-13. principles of economics the croatian economy...
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PRINCIPLES OF ECONOMICSTHE CROATIAN
ECONOMYECONOMICAL CAR
ECONOMIC
CRISIS
A DISTINGUISHED ECONOMIST
A SUCCESSFUL BUSINESSMAN
A BOOMING BUSINESS
A GROWING COMPANY
→RB,p.9
FLY ECONOMY
THE FOOD BUSINESS
ECONOMIZE ON WATER
ECONOMY
PACK
CAN YOU DEFINE ECONOMICS?
a science
description
analysis
production
distribution
consumption
goods and services
ECONOMICS (noun)
a social science concerned chiefly with description and analysis of the production,
distribution, and consumption of
goods and services
PROCESS VERB PERSON
ANALYSIS
PRODUCTION
DISTRIBUTION
CONSUMPTION
PRODUCE PRODUCER
DISTRIBUTE DISTRIBUTOR
CONSUME CONSUMER
ANALYZE ANALYST
UNJUMBLE THE BASIC ECONOMIC PROBLEM
human wants /Economics /tries to/ how society /allocates / its scarce resources /since / are unlimited. /understand/
Economics…
ECONOMY (noun)
An organized for the production, distribution and consumption of wealth.
THE ECONOMIC SYSTEM
a centrally-planned economy
a market economy
the Croatian economy
system
ECONOMICS OR ECONOMY?
Students with a background in ________ find
jobs in banking, insurance, supply chain, and
many entry level management positions.
The U.S. __________maintains a very high
level of output per person.
WHO DOES WHAT?
A BUSINESSMAN AN ECONOMIST
makes money
develops theories
analyses financial statements
predicts trends
studies the society
runs a business
sets up a business
ANOTHER MEANING OF “ECONOMY”
NOUN
He achieved a small economy by walking to
work instead of taking a bus.
the careful and efficient use of money,
goods, time etc. so that nothing
is wasted
“ECONOMY” AS ADJECTIVE
• An economy hotel, class is cheaper than other
things of the same type.
• An economy size box of cat food contains more
than a normal product and is cheaper compared
to the normal size product.
ECONOMIZE (AmE)/ ECONOMISE (BrE)
47 Proven Ways To Economize At Home During Recession and Economic Hard
Times*
to reduce the amount of time, money, goods etc. that you use
*http://frixya.com/general/47-proven-ways-to-economize-at-home-during-recessioneconomic-hard-times
BUSINESS
Some smaller companies went out of business last year due to recession.
We do business with Russia.
He runs a business restoring old cars.
Studiram ekonomiju jer želim postati ekonomist. Zato proučavam situaciju u hrvatskom i svjetskom gospodarstvu. Ekonomska kriza me posebno zanima. To je bitno ekonomsko pitanje.
Želim zaraditi pa sam osnovao firmu. Poslujem s Rusijom.
Zbog krize nastojim štedjeti na benzinu, a letim ekonomskom klasom.
R, p. 10, 11
WHY ECONOMICS? (RB, p. 12, 13)
DISCUSSION (Ex. I) READING (Ex II) + VOCABULARY CHECK COMPREHENSION QUESTIONS:1. Why is economics important for people’s lives? Which
examples are mentioned? 2. How are scarcity and/or abundance of resources
connected with economics?3. Why is economics the science of choice?4. Which scientific techniques do economists use?5. Why is subjectivity an obstacle to mastering
economics?
→ VOCABULARY EXERCISES (Ex III, IV)
ECONOMY, ECONOMIC, ECONOMICAL, ECONOMIZE?
1. True individual freedom cannot exist without
________ security and independence.
2. E_______ Man (Homo Economicus) makes logical,
rational, self-interested decisions that weigh costs
against benefits and maximize value and profit to
himself.
3. When the _______ is stable, society develops.
4. An ________ car is a car designed for low cost
operation.
ECONOMY, ECONOMIC, ECONOMICAL, ECONOMIZE?
5. The onset of the ______ crisis took most people
by surprise.
6. This study is about the first _______, eco-friendly
process to transform algae oil into biodiesel fuel.
7. There are over 50 ways to ________ at home
every day. For example, last time I tried to be
_________ I designed my own clothes.”
8. The more business you have, the more you are able to accomplish, for you learn to _______ your time.
ECONOMICS OR ECONOMY?
1. Huge job losses to hit Welsh _______
2. The MIT ______ Department today is a vibrant collection of faculty and students.
3. Federal Reserve officials may signal that the U.S. _____ has started to recover.
4. Behavioral ____ studies how real people actually make choices.
5. ______ Car Hire Ltd offers low-cost car hire in Cyprus.
6. Thomas J. Sargent is a Professor of ______.
7. The website is designed for people who fly _____ class.