Parkin - What Is Economy

PART 1 INTRODUCTION WHAT IS ECONOMICS? CHAPTER 1 Choice, Change, Challenge, and Opportunity You argon studying economics, the science of cream, at a time of enormous change, challenge, and opportunity. Economics studies the choices that we make as we dole out with the hard fact of life: We cant switch everything we want. The engine of change is information technology, which has created the Internet and transformed our lives at both work and play. This transformation will continue simply in 2001 it was challenged by the onset of recession in litigate and the terrorist attacks of September 11. The events of September 11 have brought long-lasting changes to the policy-making and security landscape. They also changed the economic landscape. Suddenly, people faced choices they had non previously imagined. Some people avoided air travel, a choice that sent shock waves through travel agencies, airports, airlines, airplane builders, hotels and restaurants, casinos, and idea parks. Airports installed more closed-circuit television and security equipment, and the U.S. government staged more missiles and warplanes, choices that increased the output of electronics and weapons producers. x The effects of recession, opposed those of terrorism, are temporary.

But a recession can be wakeless and it was not clear as 2002 began, just how deep the recession would be. But all recessions are followed by rude(a) waves of expansion and prosperity. So as 2002 began the question was not whether the providence would again expand, but when would the expansion begin? Youve just glimpsed any(prenominal) of the economic issues in todays world. Your course in economics will help you to understand the powerful forces that are shaping this world. This chapter takes the first step. It describes the questions that economists try to answer, the way they think intimately choices, and the methods they use. An appendix provides a guide to the graphical methods that are wide used in economics. After studying this... If you want to keep up a full essay, order it on our website: Ordercustompaper.com

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