economics 3

Economics, three


Shopkeepers may have to choose whether to take a summer holiday or to use their savings to buy more goods. A nation may have to choose whether to use tax-payers’ money to build more roads or more submarines.

In economic terms, the children, the shopkeepers, and the nation all must economize in order to satisfy their most important needs and wants. This means they must try to use the resources they have to produce the things they most want.


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29. Describe the various socio-economic classes.

30. Is there a strong class-consciousness?

31. Are there competing or conflicting interests in the economy? Who or what are they?

32. What is the relationship between the economy and educational system?

33. Does the educational system in your country need to reform or shift its focus?

Do more students or young people need more education and, or training in certain fields—and less in others?


34. Which is better economic growth or sustainability?

35. Explain the concept of supply and demand. Give examples to illustration this.

36. Is inflation good or bad? Why or why not? What causes inflation?
How can inflation be controlled?

37. Have you experienced economic or business cycles? When where they and what do you remember? What happened?

38. Are business cycles of boom and bust (recession, depression), good or should they be flattened out? Or enhanced?

39. Describe the economy of the world in the future.

40. What will the economy of your country be like in the future?



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