Unit_One_What_Is_Economics2二.pptVIP

Unit One What Is Economics Outline Of The Text 1.definition of economics (passage 1-3) 2.economics and science 3.economics and society 3.1 economics and the living and working in society 3.2 different societies, different economic systems Do you know the words ? 1.Definition Of Economics 1.1 what does economics concern ? Economics concerns the earning and spending of wealth, making use of scarce resources to produce goods and services in order to satisfy unlimited wants Science of scarcity: economics is the science of how individuals and societies deal with the fact that wants (or ends) are greater than the limited resources (or means) available to satisfy those wants. 1.2 The four questions 1.3 the definition of economics 1.31 Economics is the study of mankind in the ordinary business of life, it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being ---Alfred Marshall(1842-1924) Alfred Marshall (July 26 1842–July 13 1924), born in Bermondsey, London, England, became one of the most influential economists of his time. His book, Principles of Economics (1890), brings the ideas of supply and demand, of marginal utility and of the costs of production ...  1.32 A study of decision making ;decisions which involve choosing between alternatives in the related activities of earning ,spending ,producing and consuming ,all with the object of achieving material well-being . 1.33 Milton Friedman (1912), “Price Theory”: Economics is the science of how a particular society solves its economic problems. An economic problem exists whenever scarce means are used to satisfy alternative ends. American economist. He won a 1976 Nobel Prize for his theories of monetary control and governmental nonintervention in the economy. Economics is the art of managing the resources of a people and of its government. Adam Smith (1723-90) Economics is the practical science