7/25/2019 What is economics all about

1/3

Goods&

services

Production

Distribution

Consumption

Natural

CapitalHuma

n

Fa llings ales

Week 2 Group 1 - Unit 1 what is economic allabout?

1. Economics: Kinh t hc

Social science=>

- How the market process works tosatisfy peoples needs

- How scarce resources may beallocate to maximize satisfaction

- How and for whom societyproduces

2. Economics resources

Natural resources Ngun t!i nguy"n thi"n nhi"n

Human resources Ngun nh#n l$c

%apital resources Ngun &'n

3. Economic/business cycles:Chu k kinh t

Recession: Suy thoi

Great Depression:i suythoi/i khng hong

(e&ere worldwide economicdepression that took placeduring the )*+,s

Lo/!ottom "oint: y

E#pansionandReco$ery: M rng v hi phc

"ea%:.nh

P a g e % & '

RECESSI

!

7/25/2019 What is economics all about

2/3

Week 2 Group 1 - Unit 1 what is economic allabout?

- /mployment0 consumer spending 1 production hit highest le&el

- ) threat2 inflation

Economic in&icator:ch s! kinh t"

- G'" t#ng sn l$%ng &u!c gia2 total &alue of all the goods and ser&ices produced ina nation in a single year

' "ersonal income- (hu nh)p c nh*n

- (toc% mar%et a$era)e2 3ndexes that show how companies trade during a standardtrading session in stock market4

+,c ch s! kinh t" cho -i"t hot .ng giao 0ch ca c1ng ty trong 2 phi3n giao 0chch4ng khon5

- *nemployment rate- ( l6 th7t nghi6p

+. Goo&s an& (er$ices: ,-n) ha &ch $0

- 3f buy a banana at the store => you keep the banana and take it home with you =>GD

- 3f your car is broken => you hire someone to fix it => (ER4E

P a g e ( & '

7/25/2019 What is economics all about

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Week 2 Group 1 - Unit 1 what is economic allabout?

+. (carcity : Khan him

5imited supply of goods and ser&ices

8ng h9a khi &uy gi v: -;ng kh1ng< s! l$%ng c=u l>n h?n s! l$%ng cung +@eAan BSupply5C

(heo .0nh nghDa ny thE .i .a s! hng h9a Fung &uanh ta l khan hi"AC

+. pportunity cost: chi ph5 c6 h7i

6he trade-off faced by people0 businesses0 and go&ernments when making economicchoices4

eCgG Hou have I optionsG iJhone an KphoneCHou choose to -uy KphoneC Lphone is your opportunity cost

P a g e ' & '