1.2 Introduction
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9. Respect 10. Fun
Economics
“Econ, Econ”
Econ
What is Economics?
• Work in groups of 4 or less • Make a list of 10 to 20 things you think Economics is (use your own words) • 5-10 minutes
Examples:
You must choose between buying jeans or buying shoes. Businesses must choose how many people to hire Governments must choose how much to spend on welfare.
Economics Defined
Economics-science concerned with the efficient use of limited resources to achieve maximum satisfaction of economic wants.
Keep in Mind…
Vocabulary – Team Review
• • • • • • Economics Science Scarcity Limited Resources Desire • • • • Individuals Firms Limited-Resources Shortage
Vocab - Translation
All Resources are Scarce!
Homework
• • • • • • • • Economics 经济 Science科学 Scarcity缺乏不足的 Limited限制的;有限的 Resources资源 Desire需求;欲望 Individuals独立的 Firms公司
What is Economics in General?
• Economics is the science of scarcity. • Scarcity is when our our wants are greater than our limited resources. • Since we are unable to have everything we desire or want, we must make choices on how we will use the resources we have (money, time, etc,.) • In economics we will study the choices of individuals, firms, and governments. Economics is the study of _________. choices
MACROeconomicsStudy of the large economy as a whole or in its basic subdivisions (National Economic Growth, Government Spending, Inflation, Unemployment, etc.)
Why is Economics Important?
1. To China? 2. To your future? 3. To the past?
• Team with Best Answer’s Gets a Treat!
Unit 1: Basic Economic Concepts
Length: 2 Weeks Chapters: 1
2014-2015
Characteristics of the Ideal Classroom
1. Fun and Meaningful Activities 2. Assignments done on time 3. Energy and Enthusiasm 4. Humor 6. Varied Instruction with Group work 7. Clear Expectation 8. Student Input Valued
“ In spite of the benefits, economics is
mainly an academic,…economics is
NOT primarily a how-to-make-money
area of study百度文库”
Micro vs. Macro
MICROeconomicsStudy of small economic units such as individuals, firms, and industries (competitive markets, labor markets, personal decision making, etc.)