Economics is no different. Supply, demand, elasticity, comparative advantage, consumer surplus,deadweight loss--these terms are part of the economist ’s language. In the coming chapters, youwill encounter many new terms and some familiar words that economists use in specialized ways.(1)At first, this new language may seem needlessly arcane. But, as you will see, its value lies in itsability to provide you a new and useful way of thinking about the world in which you live.
Economists try to address their subject with a scientist ’s objectivity. They approach the studyof the economy in much the same way as a physicist approaches the study of matter and abiologist approaches the study of life: (2)They devise theories, collect data, and then analyze thesedata in an attempt to verify or refute their theories.
To beginners, it can seem odd to claim that economics is a science. After all, economists donot work with test tubes or telescopes. (3)The essence of science, however, is the scientificmethods--the dispassionate development and testing of theories about how the world works.
This method of inquiry is as applicable to studying a nation ’s economy as it is to studying thearth’s gravity or a species ’ evolution. (4)As Albert Einstein once put it, “The whole ofnothing more than the refinement of everyday thinking. ” (225words)
A few years ago, as my children descended like piranhas on their presents under the Christmastree, the only attitude I could see was greed. Where was the appreciation of time and effort?
A thank-you note should contain three things: an acknowledgement of the gift (Love the tie withthe picture of a hose on it); a recognition of the time and effort spent to select it (You must haveshopped all over the state to find such a unique item!); a p
I have reluctantly given my kids the green light to send e-mail thank-you notes; thoughhand-lettered ones (at least to me) still seem friendlier. But pretty much any thank -you makes thegift giver feel special ― just as, we hope, the recipient feels. It ’
A.purposely intended not to show gratitude for her kindness and consideration
B.had never expressed appreciation of the gifts he received in previous years.
C.had no idea how thoughtful she was in choosing a gift for him