produced? 4 Definition Economics is the science of how to allocate /divide scarce resources between alternative users. Economics is the science of the production and distribution of wealth. 5.Two branches. Microeconomics:the interplay of supply and demand in competitive markets,deals with small units,including individual companies and small groups of consumers. Macroeconomics:national income and employment,inflation,GNP(Gross National Product),what determines the size of GNP. 6.Famous economists. e questions(if any)listed in the lecture outline Teaching Methods: Lecturing.presentation.discussion.teamwork and case study with the aid of multi-media Session 2.Additional reading:Per Part I 思政内容：个人职业规划与家庭财务规划如何与社会主义经济建设大局相结合，了解国家的长期经济 目标和重点发展领域，让个人的事业发展和家庭财务规划搭上国家发展的快车。 Lecture Outline tem inm How was the author's life as a grad student like?(para.2,page 19) What does the autho learn from the book What is"real wage (th ra page 19) times？(the same para.】 3 produced? 4. Definition. Economics is the science of how to allocate /divide scarce resources between alternative users. Economics is the science of the production and distribution of wealth. 5. Two branches. Microeconomics: the interplay of supply and demand in competitive markets, deals with small units, including individual companies and small groups of consumers. Macroeconomics: national income and employment, inflation, GNP (Gross National Product), what determines the size of GNP. 6. Famous economists. Home Assignments: Review the questions (if any) listed in the lecture outline. Teaching Methods: Lecturing, presentation, discussion, teamwork and case study with the aid of multi-media Session 2. Additional Reading: Personal Finance – Part I 思政内容：个人职业规划与家庭财务规划如何与社会主义经济建设大局相结合，了解国家的长期经济 目标和重点发展领域，让个人的事业发展和家庭财务规划搭上国家发展的快车。 Lecture Outline Why do people change their priorities as time elapses? (para.3, page 18) How does the author differ from other people in terms of spending money? (para. 4, page 18) How was the author’s life as a grad student like? (para. 2, page 19) What does the author learn from the book “Your Money or Your Life”? (para.4, page 19) What is “real wage”? (the same para.) What does it mean by paying for one’s house 3 times? (the same para.)