English for fun and thought

Interpreting cartoons: Study the cartoons and answer the questions:

 

A 1. Is the cartoon about …..?

                      - consumer decision making

                      - disposable income

                      - discretionary income

                      - scarce resources

   2. What is the cartoon’s hidden meaning?

                      - Consumers’ decisions take time and money.

                      - Disposable income of people is too small.

                      - People’s discretionary income can be saved.

                      - Income is a scarce resource.

 

 

B 1. Is a criminal making decision based on opportunity cost?

   2. Will the crime satisfy a criminal’s needs?

   3. What is opportunity cost of committing the crime?

   4. Will a criminal make a rational choice?

 

 

Understanding economics jokes:

1. A woman hears from her doctor that she has only half a year to live. The doctor advises her to marry an economist and to live in South Dakota. The woman asks: will this cure my illness? Answer of the doctor: No, but the half year will seem pretty long.

2. Q.: Why has astrology been invented? A.: So that economy could be an accurate science.

Perceiving quotes about economists and economy:

· Economics is the only field in which two people can get a Nobel Prize for saying exactly the opposite thing.

· Economics-everything we know in a language we don’t understand.

· “You know it's said that an economist is a man who, when he finds something works in practice, wonders if it works in theory.” – Walter Heller

 

Unit 5

 

THE MARKET PLACE AND THE LAW OF DEMAND