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Economics for Our Times
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YOU begin the study of economics you are probably wondering
what it is about and why you should study it, "Isn't it a dry and
uninteresting subject?" "Isn't it hard?" The final answer to those
questions will have to wait until you have completed the subject. But
at the beginning we can assure you that economics should not be dry
and uninteresting. Also it deals with matters about which you already
have some knowledge. This first chapter will point out some of these
matters and will attempt to arouse your interest in an important
subject whose content is made up of problems involved in the business
of earning a living.
Earning a Living. In a small city somewhere in the United
States lives the family of Thomas Brownell. It is composed of the
father, the mother, and two children, one son and one daughter. The
Brownells own their home, upon which there is a small mortgage.
They also possess an inexpensive automobile for family use. The
father owns and operates a garage and filling station, where he employs
two assistants. In the conduct of his business Mr. Brownell finds
that there are many problems that must be met. He must purchase
.gasoline, oil, and automobile parts, as well as the tools and machines
necessary for his work. These tools and machines are expensive and
he had to borrow money from the bank to pay for them. The bank
requires him to pay interest on his loan. He must pay wages to his
employees as well as social-security taxes, unemployment-
1st Edition
NONE
Economics for Our Times
Economics
English
MCGRAW-HILL BOOK COMPANY, INC
USA
1-561
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