Economics

ECF5953 Assignment 1
Semester 2 2014

Name: Wenwei Liu
Student ID: 25895605
Unit Name: Economics

Content

Introduction………………………………………………………………….3
Economics…………………………………………………………………...4
Economics and Future Career…………………………………………….…4
Economics Used in Daily Lives……………………………………………..5
  House Market……………………….…..…………………………….……………5
  Price and Attributions ………………………………………………………5
House Purchasing and Rent…………………………………………………5
      Investment Opportunity….……………..……………………………………6
    Recent Increase of CNY Value……………………………………………………6
Conclusion……….…………..………………………………………………7
Reference List…………..……………………………………………………8


Introduction
Economics, which is a newborn term in recent centuries but frequently mentioned in daily lives, has its crucial position in modern society.   Many phenomena can be well explained by economics knowledge, not only international trade offs, but also matters related to citizens’ basic necessaries, including individual career, housing, food supply, children education, etc.   Callahan (2002) also stated that the economics provides people a deeper understanding of their own situation as acting humans.   Hence, there is no doubt that economics is not a knowledge that far away from each people, instead of closely linking with human’s daily lives.   This paper presents the definition of economics and also gives the perspectives about how that used in people’s everyday lives.  
 

Economics
Generally speaking, economics is a social science that studies how society manages its limited resources and obtain most social profit form that (Shi, 2014).   It focuses on how to distribute sources in market, which is definitely not just the matter about money and finance.   Many economist, for instances, Callahan (2002) and Schumacher (1973), pointed out that human and human behaviors are the main objectives in economics study area.   Economics explains that how all elements in the society interact together and what direction that those elements...