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ECONOMICS AND ECONOMY (KEY TERMS) RB, p. 9-13

ECONOMICS AND ECONOMY (KEY TERMS) RB, p. 9-13. PRINCIPLES OF ECONOMICS. THE CROATIAN ECONOMY. ECONOMICAL CAR. ECONOMIC CRISIS. A SUCCESSFUL BUSINESSMAN. FLY ECONOMY. A DISTINGUISHED ECONOMIST. A GROWING COMPANY. ECONOMY PACK. A BOOMING BUSINESS. ECONOMIZE ON WATER.

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ECONOMICS AND ECONOMY (KEY TERMS) RB, p. 9-13

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  1. ECONOMICS AND ECONOMY(KEY TERMS)RB, p. 9-13

  2. PRINCIPLES OF ECONOMICS THE CROATIAN ECONOMY ECONOMICAL CAR ECONOMIC CRISIS A SUCCESSFUL BUSINESSMAN FLY ECONOMY A DISTINGUISHED ECONOMIST A GROWING COMPANY ECONOMY PACK A BOOMING BUSINESS ECONOMIZE ON WATER THE FOOD BUSINESS →RB,p.9

  3. CAN YOU DEFINE ECONOMICS? a science description analysis production distribution consumption goods and services

  4. 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 ANALYZE ANALYST PRODUCE PRODUCER DISTRIBUTE DISTRIBUTOR CONSUME CONSUMER

  5. UNJUMBLE THE BASIC ECONOMIC PROBLEM human wants /Economics /tries to/ how society /allocates / its scarce resources /since/ are unlimited./understand/ Economics…

  6. system 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

  7. ECONOMICS OR ECONOMY? • Students with a background in ________ find jobs in banking, insurance, supply chain, and many entry level management positions.  • The U.S. __________maintainsa very high level of output per person.

  8. WHO DOES WHAT? A BUSINESSMANAN ECONOMIST makes money develops theories analyses financial statements predicts trends studies the society runs a business sets up a business

  9. Ifan economist decides to stay in an economy hotel does he economise?

  10. ANOTHER MEANING OF “ECONOMY” NOUN He achieved a small economy by walking to work instead of taking a bus. thecareful and efficient use of money, goods, time etc. so that nothing is wasted

  11. “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.

  12. Is it more economical to have a bath than a shower in times of economic crisis?

  13. ECONOMICAL…. …ECONOMIZES.

  14. ECONOMIZE (AmE)/ ECONOMISE (BrE) 47 Proven Ways To Economize At Home During RecessionandEconomic Hard Times* to reducetheamountof time, money, goodsetc. thatyou use http://frixya.com/general/47-proven-ways-to-economize-at-home-during-recessioneconomic-hard-times

  15. Can you go out of business if you never set up your own business?

  16. BUSINESS Some smallercompanieswentoutof businesslastyeardue to recession. Wedo business with Russia. He runsabusinessrestoring old cars.

  17. Can a bad company officer be good company to keep?

  18. Is the fashion industry (an example of light industry) racist?

  19. 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. RB, p. 10, 11

  20. PRACTISE

  21. ECONOMY, ECONOMIC, ECONOMICAL, ECONOMIZE? • True individual freedom cannot exist without ________ security and independence. • E_______ Man (Homo Economicus) makes logical, rational, self-interested decisions that weigh costs against benefits and maximize value and profit to himself. • When the _______ is stable, society develops. • An ________ car is a car designed for low cost operation.

  22. ECONOMY, ECONOMIC, ECONOMICAL, ECONOMIZE? • The onset of the ______ crisis took most people by surprise. • This study is about the first _______, eco-friendly process to transform algae oil into biodiesel fuel. • There are over 50 ways to ________ at home everyday.For example, last time I tried to be _________ I designed my own clothes. • The more business you have, the more you are able to accomplish, for you learn to _______ your time.

  23. ECONOMICS OR ECONOMY? • Huge job losses to hit Welsh _______ • The MIT ______ Department today is a vibrant collection of faculty and students. • Federal Reserve officials may signal that the U.S. _____ has started to recover. • Behavioral ____ studies how real people actually make choices. • ______ Car Hire Ltd offers low-cost car hire in Cyprus. • Thomas J. Sargent is a Professor of ______. • The website is designed for people who fly _____ class.

  24. WHY ECONOMICS? (RB, p. 12, 13) • DISCUSSION (Ex. I) • READING (Ex II) + VOCABULARY CHECK • COMPREHENSION QUESTIONS: • Why is economics important for people’s lives? Which examples are mentioned? • How are scarcity and/or abundance of resources connected with economics? • Why is economics the science of choice? • Which scientific techniques do economists use? • Why is subjectivity an obstacle to mastering economics? → VOCABULARY EXERCISES (Ex III, IV)

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