... whole 1. 2What is Economics?■ECONOMICS ■is the study of how society decides:–What–For whom–Howto produce 1. 3The price of oil05 10 15 2025303540US$ per barrelTripled in 19 73-74, ... 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 ... Chapter 1 Economics and the EconomyDavid Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 6th Edition, McGraw-Hill, 2000Power Point presentation by Peter Smith 1. 10Market orientationCubaChinaHungarySwedenUKUSAHong...