Ex.1. Complete the table. Mark the stress of the words.
| Verb | Noun | Adjective |
| · to produce | · · | · |
| · | · economy · | · · |
| · | · · | · distributional |
| · to consume | · · | · |
| · | · behaviour | · |
| · | · scarcity | · scarce |
| · | · allocation | · |
| · to compete | · · | · |
| · | · | · interactive |
| · | · | · satisfactory |
| · to purchase | · | · |
| · to utilize | · | · |
Ex. 2. Single out the main points of the text in Guide to Economics p.4-5, 6-7. Make use of the helpful phrases:
1. The text looks at (the problem of…);
2. The text deals with the issue of…;
3. It is clear from the text that…;
4. Among other things the text raises the issue of…;
5. One of the main points to be singled out is…;
6. Great importance is also attached to …;
7. In this connection, I`d like to say …;
8. I find the question of… very important because…;
9. We shouldn`t forget that…
Ex.3. Which of the following refers to 1) microeconomics and 2) macroeconomics?
a) individual economic units
b) behaviour of firms and industries
c) status of the economy as a whole
d) overall employment of a country`s population
e) overall income of a nation
f) household`s income
g) company`s profit
h) price on a particular product
i) inflation
j) employment in a market segment
k) country`s car industry
l) competition between car manufactures on a global scale
m) interaction of supply and demand in individual markets
n) GDP
Ex.4. Complete the sentences. Put the words in the correct form.
| Economics is a social science that studies and explains human………… | to behave | |
| The central economic problem is how to reconcile the conflict between people`s limitless desires and…………….of resources. | scarce | |
| Economics explains how scarce resources ………………… | to allocate | |
| The main social purpose of economy is to produce goods and services for the …………….of consumers. | to satisfy | |
| Consumers, producers and government ……………with each other. | interactive | |
| Firms ………….with each other for the factors of production. | competition | |
| The …………..of resources has to be efficient. | to utilize | |
| In economic terms, a good is a physical object that can …………………. | to purchase |
Ex.5. Complete the sentences with the appropriate notions.
1. The study of the choices people make in an effort to satisfy their wants and needs is called…………
2. A ……………………… is an action or activity done for others for a fee.
3. The people who make the goods and provide services that satisfy consumers` wants and needs are called ……………………
4. ……………………. are those goods or services that people consume beyond what is needed for survival.
5. Resources that can be used to produce goods and services are called……………………….
6. Capital goods that are used to produce consumer products are called…………………
Ex.6. Answer the questions.
- What are the three basic problems of daily living every group of people must solve?
- What does economics study?
- What is meant by goods? By services?
- Comment on the central economic problem for society?
- What does microeconomics deal with?
- What’s the field macroeconomics studies?
- How do positive/normative economists see their tasks?
- What do economists do in general?
Ex 7. Match the term with the appropriate explanation.
inputs, economics, output, goods, factors of production, services, economy
1. Resources used in the production process, such as labour and raw or semifinished materials.
2. Physical commodities produced by people for other people’s consumption.
3. The social science that studies the production, distribution and consumption of goods and services.
4. An organized system for the production, distribution and consumption of wealth (the needs of society).
5. The total value of all goods produced and services performed by a producer, an industry or a country.
6. A class of economic goods that consists of the work of human in the form of physical labour, knowledge, advice and other activities.
7. The basic things that are used by man, especially land, labour, capital and enterprise, to produce economic goods.
Ex 8. Match the term with the appropriate explanation.
macroeconomics, budget, business, microeconomics
1. The branch of economics that examines and explains the behavior of human beings and things in small units: e.g. a particular firm, household etc.
2. The branch of economics that examines and explains economic facts in the aggregate, i.e. in totals for the whole community or nation.
3. An account of probable future income (money coming in) and expenditure (money going out) during a stated period, usually a year, used as a guide in making financial arrangements.
4. A person, firm, company or other organization which makes or produces a product, buys and sells goods or provides some kind of service, use for the purpose of making a profit.
Ex.9. Fill in the blanks with the right word from the box:
| economics, economy, economic, economical, economists, economically, economize |
A)
1. Different …… may have opposite points of view on the problems …… studies.
2. In their daily living people have to make a lot of …… decisions.
3. The …… system of a country is usually called the national …….
4. In times of crisis most people have to live very …….
5. You should be …… with the money you earn.
6. In this university we study ……, it’s our core subject.
7. Keyens is know is one of the world’s famous …….
8. The management’s decision …… on the workers’ wages were not approved of by the staff.
B)
| produce, producer, production, productive, productive, productivity |
1. The company …… a new commodity every year.
2. The company’s newest …… is a special blue soap powder.
3. The …… of soap powders met last year to discuss prices.
4. That factory is not as …… now as it was 5 years ago.
5. The …… of that factory has gone down over the last 5 years.
6. The manager of the factory has decided that they must increase their …… of packets of soap powder.
Ex.10. Translate into English:
1. Состояние экономики очень тревожное.
2. Экономическая политика правительства часто подвергается справедливой критике.
3. Она очень экономная хозяйка, ни копейки зря не истратит.
4. Мировая экономика – это наука, которая изучает состояние экономики в разных странах мира.
5. Моя новая машина гораздо экономичнее старой.