... whole 1. 2 What is Economics?■ECONOMICS ■is the study of how society decides:–What–For whom–Howto produce 1. 3The price of oil05 10 15 20 25 303540US$ per barrelTripled in 19 7 3-7 4, ... Chapter 1 Economics and the EconomyDavid Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 6th Edition, McGraw-Hill, 20 00Power Point presentation by Peter Smith 1. 10Market orientationCubaChinaHungarySwedenUKUSAHong ... buying power, importers have less 1. 5The distribution of world population and GNP, 19 980% 10 % 20 %30%40%50%60%70%80%90% 10 0%Population GNPLIC MIC HIC 1. 6Scarcity forces choices to be...