WHAT IS ECONOMICS?WHY ARE YOU STUDYING

ECONOMICS?

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► Videophile 

► Person who is very interested in watching videos and making recordings, and values high-quality results

► Screenager

► A young person or teenager who spends a lot of time in front of the computer screen. 

► Netizen

► Blend of 'internet' and 'citizen'. A person who spends an excessive amount of time on the Internet

► Infotainment

► Blend of 'information' and 'entertainment'. Online services connected to information and leisure activities.

Watch the videos and think about the reasons for your study.

► http://www.youtube.com/watch?v=XGhcJjIfwhY

► – Why you should study economics

► http://www.youtube.com/watch?v=MMJR_ewHs8o&feature=related

► – Why am I studying economics?

http://www.youtube.com/watch?v=1Bu7QmyfhJ8&feature=related

Watch the film and insert the missing words:Areas of interest to economists are:p_____________________the S__________ marketbusiness and __________ marketinternational __________d__________________t_____________ advanceEconomists look for solutions to problems arising from the movement of ___________ ,

___________ ,and ______________ . They use economic _______________ and _________________ techniques to research issues such as energy ________ , __________ , interest ________ , ___________ and

_____________ volumes and ______________ trends.Economists need to be able to collect __________ , to write up their _______________ and recommendations. Economics with its reliance on ___________ and ________________has been called the dismal

science. It studies how humanity creates ____________ and ________________ .

►Everyday decisions: the clothes you buy, the car you drive, the fact that you are taking this course > economic impact

►We already are economic “players”

► the study of economics helps you become an informed “player”

ECONOMICS

the study of how individuals and governments allocate scarce resources in

an attempt to satisfy unlimited wants

►People’s wants are unlimited

►The resources to satisfy these wants are limited

►People and governments are willing to exchange (trade off) to satisfy the wants

COMPLETE THE BLANKS WITH THE FOLLOWING WORDS:

► economic, economical, economics, to economise, economy

► ____________________ is the oldest in social sciences.► Strikes were damaging the country’s

___________________ .► It is usually more _________________ to buy large

quantities.► A decrease in the _____________ growth was

recorded last month.► Many countries tried to ________________ on fuel.

►RB: p.10,11