English

Ayu Pardede, M.A

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Meeting 2
Economics
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Reading
comprehension
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“
Economics is the social science that
studies economic activity to gain an
understanding of the processes that
govern the production, distribution,
and consumption of goods and
services in an exchange economy.
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“
Economics focuses on the behavior
and interactions of economic agents
and how economies work.
Consistent with this focus, primary
textbooks often distinguish between
macroeconomics and
microeconomics.
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“
Microeconomics examines
behavior of basic elements in the
the

economy, including individual

agents and markets, their
interactions and the outcomes of the
interactions. Individuals agents may
include, for example, households,
firms, buyers, and sellers.
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“
Macroeconomics analyzes the entire
economy and issues affecting it,
including unemployment of
resources, inflation, economic
growth, and the public policies
address these issues.
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“
Vocabulary
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Vocabularies
economic
govern
s productio
social
science n
distributio
study n
consumpti
on
economic goods
activity services
gain exchange
process economy
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Vocabularies

focus textbooks
behavior often
interactio distinguis
n h
agent between
macroeconomi
work
cs
microeconomi
consistent
cs
primary
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Vocabularies

examine outcome
basic example
househol
elements
d
include firm
individua
buyer
l
market seller
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Vocabularies

analyze inflation
entire growth
issue public
affect policy
unemployme
address
nt
resources
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Word and definition

1. economics
2. production
3. distribution
4. goods
5. services
6. outcome
7. seller
8. macroeconomics
9. microeconomics
10. inflation
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Word and definition

1. economics
a. work done by an organization or person that does 2. production
not involve producing goods
3. distribution
b. the study of whole (aggregate) economies or
4. goods
economic systems
c. a continual increase in the price of goods and
5. services
services 6. outcome
d. a person or business that sells something 7. seller
e. the process of making or growing something for 8. macroeconomic
sale or use s
f. the study of individual units, like a person or a 9. microeconomic
company s
g. items or products that can satisfy human wants 10. inflation
h. the act of delivering something to a store or
business
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Thanks!