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Published in the UK and the USA in 2011 by Icon Books Ltd, Omnibus Business Centre, 39–41 North Road, London N7 9DP email: info@iconbooks.com www.introducingbooks.com Sold in the UK, Europe and Asia by Faber & Faber Ltd, Bloomsbury House, 74–77 Great Russell Street, London WC1B 3DA or their agents Distributed in South Africa by Jonathan Ball, Office B4, The District, 41 Sir Lowry Road, Woodstock 7925 Distributed in Australia and New Zealand by Allen & Unwin Pty Ltd, PO Box 8500, 83 Alexander Street, Crows Nest, NSW 2065 Distributed to the trade in the USA by Publishers Group West 1700 4th St. Berkeley, CA, 94710 Distributed in Canada Publishers Group Canada, 76 Stafford Street, Unit 300 Toronto, Ontario M6J 2S1 ISBN: 978-184831-215-9 Text copyright © 2011 David Orrell Illustrations copyright © 2012 Icon Books Ltd The author has asserted his moral rights. Edited by Duncan Heath No part of this book may be reproduced in any form, or by any means, without prior permission in writing from the publisher. Printed by Clays Ltd, St Ives plc
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What is economics? Economics is the study of how goods and services are produced, distributed, and consumed by society. Because resources are usually assumed to be in short supply, the field was described by English economist Lionel Robbins in 1935 as "the science of scarcity". -- ... ········-·,, wy-····-fl' i : 1; The word "economics" was coined from the Greek words oikos (household) and nomos (law), While people have been calling themselves professional economists only since the 19th century, the field has roots that go back much further. Page 3

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Published in the UK and the USA

in 2011 by Icon Books Ltd, Omnibus Business Centre, 39–41 North Road, London N7 9DP

email: info@iconbooks.com www.introducingbooks.com

Sold in the UK, Europe and Asia by Faber & Faber Ltd,

Bloomsbury House, 74–77 Great Russell Street, London WC1B 3DA or their agents

Distributed in South Africa by Jonathan Ball, Office B4, The District,

41 Sir Lowry Road,

Woodstock 7925

Distributed in Australia and New Zealand by Allen & Unwin Pty Ltd, PO Box 8500, 83 Alexander Street, Crows Nest, NSW 2065

Distributed to the trade in the USA by Publishers Group West 1700 4th St. Berkeley, CA, 94710

Distributed in Canada Publishers Group Canada, 76 Stafford Street, Unit 300 Toronto, Ontario M6J 2S1

ISBN: 978-184831-215-9

Text copyright © 2011 David Orrell Illustrations copyright © 2012 Icon Books Ltd

The author has asserted his moral rights.

Edited by Duncan Heath

No part of this book may be reproduced in any form, or by any means, without prior permission in writing from the publisher.

Printed by Clays Ltd, St Ives plc

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