Professional English. Introduction to Economics. Katowice

Professional English. Introduction to Economics. SPIS TREŚCI Wstęp ................................................................................................................. 7 Basic terms ........................................................................................................ 9 1. Economy vs. economics ......................................................................... 11 2. The functions of a modern economy ...................................................... 13 3. Factors of production .............................................................................. 15 4. Wage vs. salary ....................................................................................... 16 5. Micro- vs. macroeconomics ................................................................... 18 6. Needs, wants and choices in economics ................................................. 22 7. Learning hint .......................................................................................... 24 8. Revision I ............................................................................................... 28 Supply and demand – mutual dependence ...................................................... 31 1. Demand .................................................................................................. 33 2. Law of demand ....................................................................................... 35 3. Description of graphs ............................................................................. 36 4. Factors causing changes in demand ........................................................ 38 5. Elasticity of demand ............................................................................... 40 6. Supply ..................................................................................................... 42 7. The law of supply ................................................................................... 44 8. Types of goods ....................................................................................... 44 Spis treści6 9. Elasticity of supply ................................................................................. 46 10. Market equilibrium ............................................................................... 51 11. Revision II ............................................................................................ 54 “Money is what money does” .......................................................................... 59 1. The history of money .............................................................................. 61 2. Kinds of money ...................................................................................... 64 3. The characteristics of money .................................................................. 65 4. The functions of money .......................................................................... 66 5. Inflation .................................................................................................. 68 6. Different kinds of inflation ..................................................................... 76 7. The causes of inflation ............................................................................ 77 8. The effects of inflation ........................................................................... 79 9. Inflation – prevention ............................................................................. 81 10. Revision III ........................................................................................... 87 Bibliografia ................................................................................