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Understanding Economics and Its Principles

The document contains 5 exercises that discuss topics in economics including the real estate business appealing to women, what economics is based on, material needs and wants, and Alfred Marshall's definition of economics as the study of mankind in ordinary business.

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Noor Cahyo Wijayanto
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56 views1 page

Understanding Economics and Its Principles

The document contains 5 exercises that discuss topics in economics including the real estate business appealing to women, what economics is based on, material needs and wants, and Alfred Marshall's definition of economics as the study of mankind in ordinary business.

Uploaded by

Noor Cahyo Wijayanto
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Exercise 1

1. The topic sentence : ...


2. The topic sentence : The real estate business has always been appealing to women.
The main idea : ...
3. The main idea : d. Pete should be locked up.
4. The main idea : c. Growing older brings on many physical problems.

Exercise 2
1. Is economics an art? What is it?
No. Economics is a science.
2. What is economics based on?
Economics is based upon the facts of our everyday lives.
3. Who study our everyday lives?
The economists.
4. What do they study?
They study our everyday lives.
5. What do economists try to do?
They try to describe the facts of the economy in which we live.
6. What should their methods be?
Their methods should be objective and scientific.
7. What do we need in our lives?
We need food, clothes and shelter.
8. If we could get them without working, what would we probably do?
We probably would not work.
9. What might make our lives more enjoyable?
If we had them (food, clothes and shelter) and these other things (like radios, books
and toys for the children).
10. What is the science of economics exactly concerned with?
The science of economics is concerned with all our material needs and wants.

Exercise 3

1. How does Alfred Marshall define “Economics?


Economics is a study of mankind in the ordinary business of life.
2. What is the focal points of economic problems?
The use of scarce resources.
3. Why are machinery and buildings called factors of production?
Because its man made
4. What are the two types of commodities?
The two types of commodities are goods and services.
5. Please, give the examples?
Goods : cars or shoes.
Services : haircuts or education.

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