Contents 1
Passage 1 Economics—A Word with Many Different Meanings 1
Passage 2 Wants vs.Needs 5
Passage 3 Scarcity and Choices 7
Passage 4 Supply and Demand 11
Passage 5 Inflation 15
Passage 6 Who Needs Money? 17
Passage 7 Goods and Services 19
Passage 8 Interdependence 21
Passage 9 Stock Market 23
Passage 10 Summer Fun:The Economics of the Lemonade Stand 25
Passage 11 Money Doesn't Grow on Trees 27
Passage 12 Macroeconomic Goals 29
Passage 13 Economic Growth 31
Passage 14 The Circular Flow 33
Passage 15 The Declining Cost of Living in America 35
Passage 16 The Three Financial Statements 37
Passage 17 Bookkeeping and Accounting Basics 41
Passage 18 Debits vs.Credits 45
Passage 19 Will My Business Make Money? 49
Passage 20 Raising Money Through Equity Investments 53
Passage 21 Foreign Exchange Market：What Is It? 57
Passage 22 The Basics of Futures Trading 61
Passage 23 Benefits of Trade 65
Passage 24 Promissory Notes 69
Passage 25 A Definition of Entrepreneurship 73
Passage 26 Corporation Basics 75
Passage 27 Role of Central Banks in Foreign Exchange Market 79
Passage 28 Growing Trade,Shrinking World 83
Passage 29 Income Tax:Introduction 87
Passage 30 What Is Internal Auditing? 91
Key to Exercises 95