ECONOMICS AND ECONOMY

(KEY TERMS)

RB, p. 9-13

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

If an economist decides to stay in an economy hotel does he

economise?

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.

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

ECONOMICAL….

…ECONOMIZES.

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

Can you go out of business if you

never set up your own business?

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.

Can a bad company officer be good company to keep?

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

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)

PRACTISE

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.