1. Complete the definition.
Economy is… Economics is … An economist is….
a) a person who…………………………..…………
b) a science which…………………………………..
c) a system of……………………….………………
2. Form Degrees of comparison of the following adjectives and adverbs and translate them into Russian.
a) large, old, few, new; high, poor, low; b) good, bad, little, many;
c) important, reliable, effective, difficult, limited, developed, popular;
d) effectively, soon, successfully, quickly, often, slowly, much, well
3. Choose the correct word.
1. I am a student of (economy, economics) now.
2. At school I didn’t study the (economy, economics) of Great Britain.
3. I hope he’ll make a good (economist, economy).
4. There are many (economic, economical) problems in the world.
5. This car is very (economic, economical).
6. I try to spend money and time (economical, economically).
7. This car (economize, economizes) fuel.
4. Guess the meanings of these words. Which of them can be used as special economic terms?
Principle, luxury, discipline, activity, service, human, to practice, stable, production, distribution, dynamics.
5. Read the text and check your answers in the previous activity.
WHAT IS ECONOMICS
Let's face it: If there's one fundamental principle guiding life on earth, it's scarcity. There simply aren't enough beachfront houses, luxury cars, and seats at the theater for everyone who wants one! And on a more serious note, there's not enough food, clothing, and medical care for everyone who needs it.
The entire discipline of economics—and all economic activity—arises from a scarcity of goods and services in comparison to human wants and needs. If there is not enough of something for everyone who wants or needs it, society faces a serious problem: it has to make decision about some basic economic questions.
Throughout history there have always been people who obtained what they wanted or needed by force*. The barbarians who sacked Rome practiced this form of “economic activity,” and in modern times it is practiced by armed robbers. But a society* requires an orderly system* of producing and distributing the necessities and luxuries of life. Such a system is essential to a stable society. Economics is the study of systems of production and distribution—which are called economies – and of their fundamentals, dynamics, and results.
*by force - силой
*society- общество
*orderly system- упорядоченная система
6. Make up true sentences
| there is | enough | food | in my country |
| there isn’t | clothing | in my town | |
| there are | luxury houses | in my family | |
| there aren’t | jobs | ||
| clean water | |||
| engineers | |||
| money | |||
| gas and oil | |||
| schools | |||
| universities | |||
| hospitals | |||
| home appliances |
7. Fill in the blanks with the proper words
1. Things that we cannot live without are called…..
2. Things which give us pleasure and joy are called…….
3. When people do not have enough of something they suffer from ….
4. Everything that is made in a society is called … and …
5. …. is the process of making things.
6. …. is the process of dividing things among people.
8. Translate the following sentences into Russian using to be + infinitive
1. The aim of the theorist is to develop models of the economy.
2. This agreement is to be signed. 3. This bill is to be discussed.
4. The goals of new economic policy are to be determined.
5. This aim is to be achieved.
6. Many proposals are to be considered about new economy policy.
7. You are to write a new article till next week.
8. We are to sign this document immediately.
9. We are to take into consideration his offer.
10. You are not to sign this paper till tomorrow.
11. Am I to sign this document?
9. Study these words and their negative forms and fill in the gaps in the sentences. Then make up your own sentences in which the negative forms are used.
certain uncertain
(определенный, уверенный)
exact inexact
(точный, безошибочный)
predictable unpredictable
(предсказуемый)
precise imprecise
(точный, четкий, определенный)
1. You have to be very _________________ in this job, because a small mistake can make a big difference.
2. Are you _____________________ that you’ll get there in time?
3. We have done this experiment before. The results are rather ___________________.
4. Our train leaves at 10 o’clock ________________________.
10. Read the text and say why economics is an inexact
An inexact science
Economics is the study, description, and analysis of the ways in which a society produces and distributes. In economics, the term goods and services refers to everything that is produced in the economy—all products and services, including government “services,” such as national defense and the prison system.
Economics is one of the social (as opposed to natural or physical) sciences, as are psychology and anthropology. Social sciences examine and explain human interaction. Because of this, the findings and knowledge produced by a social science generally cannot be as exact or predictable as those of a physical science, such as physics or chemistry.
For instance, if you put water in a saucepan on a stove, you know with certainty that it will boil when it reaches 212° Fahrenheit. But if you are the governor of a state and you raise the state sales tax, you cannot be certain about the effect it will have. And you won’t be able to answer any of the following basic questions: How much money will the tax raise? In order to avoid the tax, will people take more of their business across the state line? Will they shop more often on the Internet, where there is no sales tax (yet)? Will companies in the state experience lower sales and generate lower corporate income taxes as a result?
Economics deals with these kinds of questions, but it seldom comes up with totally precise explanations or correct predictions. Why? Because human behavior in the economic realm is as complex and mysterious as it is in any other sphere of life.
Vocabulary
government правительство
prison тюрьма
national defense национальная безопасность
interaction взаимодействие
certainty определенность
sales tax налог на продажи
income tax налог на доходы
behaviour поведение
to avoid избегать
to raise поднимать
to experience испытывать
to deal with иметь дело с
11. Find in the text the following:
- two parts of the state system;
- two other social sciences;
- two physical sciences;
- two types of taxes.
12. Say if the following statements are true or false. Correct the false ones.
1. Social sciences study the natural world around us.
2. Physical sciences are more exact than social sciences.
3. Government “services,” such as national defense and the prison system are not studied by economics.
4. Human behaviour can be examined and predicted with much precision.
5. Water boils at 212° Fahrenheit.
6. The raise of sales tax always causes lower sales.
13. Read the text and choose the most suitable title for it.
What Is Economics and Who Cares?
It's Not Perfect, but It Helps!
Will That Be Large or Small?
The good news, however, is that economics can tell us the likely results of a sales tax. In addition, as a scientific discipline, economics provides extremely useful nalytical tools and frameworks for understanding human behavior in the areas of getting and spending money, which (let's face it) occupies the majority of most eople's waking hours.
Economics deals with fundamental, often life-or-death issues. That is why economics is important. Its challenge lies in its mysteries: We don't know when the next expansion or recession will come. We don't know if a federal tax cut will help the economy grow. We don't know which new technologies should be encouraged and which ones won't pan out (не преуспеют). And, tragically, we don't know how to overcome poverty, hunger, crime, and other evils rooted in economic reality. But economics is the branch of the social sciences most concerned with these matters, and it is the one that's well equipped to help us deal with them.
Economics provides a framework for understanding government policies, business developments, and consumer behavior here and abroad. It provides a rich context for making decisions in your business, professional, and financial life.
The economy is to business as the ocean is to fish. It is the environment in which business operates. The more you know about this environment, the better you will function as a manager, analyst, and decisionmaker.
Vocabulary
Likely – вероятно
to provide – обеспечивать
tools – инструменты
framework – структура
to occupy – занимать
majority – большинство
issue – пункт, проблема
challenge – сложная задача
expansion – расширение
recession – спад
to encourage – поощрять
to overcome – преодолевать
poverty – бедность
equipped – оборудованный