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Economics Defined:• Economics is the science
and use of goods and services
that deals with the
The Dismal ScienceThomas Malthus (1766-1834)
Thomas Malthus (1766-1834)
• Okay - Economics doesn’t have the
best reputation - then again neither
If all the economists in the world
were laid end to end, it wouldn't be
a bad thing.
If all the economists were laid end to
end, they'd never reach a conclusion.
George Bernard Shaw
If economists could manage to
get themselves thought of as
humble, competent people on a
level with dentists, that would
John Maynard Keynes
• It is often said that if you put ten
economists in one room to solve a
problem you come out with eleven
Meet Adam Smith and Karl
(More on them later)
• How can this be?
UNIT TWO: MICROECONOMICS
IT’S REALLY ALL ABOUT SUPPLY AND DEMAND
• Opportunity cost
• Needs vs. Wants
• Decision Making
First the basics
• Then a closer look at Supply and Demand
Pretty simple really - they either go up or down.