1. Read the text and find the right definition to the following words
| 1) Microeconomics | a) describes how well a system generates desired output with a given set of inputs and available technology |
| 2) Production | b) refers to the economic cost of production: the value of the next best opportunity foregone |
| 3) Opportunity cost | с) is reached when no further change can make someone better off without making someone else worse off |
| 4) Economic efficiency | d) is the conversion of inputs into outputs. |
| 5) Pareto efficiency | е) is a fundamental method for analyzing the economy as a system |
2. Guess the meanings of these words. Which of them can be used as special economic terms?
Method, market, system, price, analyses, interactions, Opportunity cost, output, to distinguish, General-equilibrium theory, value, competition, relations, Economic efficiency.
3. Complete the sentences with the following words: prices, products, services, wages, consumers, employers, profits
1. Workers are paid ____ by ____ according to how skilled they are.
2. They spend their ____ on the ____ and ____ they need.
3. Firms producing these ____ will make more ____.
4. In a market economy ____ decide what is to be produced.
5. ____ will be willing to pay high ____ for products they particularly desire.
4. Read and translate the text
Microeconomics
Microeconomics, like macroeconomics, is a fundamental method for analyzing the economy as a system. It treats households and firms interacting through individual markets as irreducible elements of the economy, given scarcity and government regulation. A market might be for a product, say fresh corn, or the services of a factor of production, say bricklaying. The theory considers aggregates of quantity demanded by buyers and quantity supplied by sellers at each possible price per unit. It combines these together to describe how the market may reach equilibrium as to price and quantity or respond to market changes over time.
Such analysis includes the theory of supply and demand. It also examines market structures, such as perfect competition and monopoly for implications as to behavior and economic efficiency. Analysis of change in a single market often proceeds from the simplifying assumption that relations in other markets remain unchanged, that is, partial-equilibrium analysis. General-equilibrium theory allows for changes in different markets and aggregates across all markets, including their movements and interactions toward equilibrium.
Here economists distinguish between Production theory, Opportunity cost, Economic efficiency, and Production-possibility frontier.
In microeconomics, production is the conversion of inputs into outputs. It is an economic process that uses inputs to create a commodity for exchange or direct use. Production is a flow and thus a rate of output per period of time. Distinctions include such production alternatives as for consumption (food, haircuts, etc.) vs. investment goods (new tractors, buildings, roads, etc.), public goods (national defense, small-pox vaccinations, etc.) or private goods (new computers, bananas, etc.), and "guns" vs. "butter".
Opportunity cost refers to the economic cost of production: the value of the next best opportunity foregone. Choices must be made between desirable yet mutually exclusive actions. It has been described as expressing "the basic relationship between scarcity and choice". The opportunity cost of an activity is an element in ensuring that scarce resources are used efficiently, such that the cost is weighed against the value of that activity in deciding on more or less of it. Opportunity costs are not restricted to monetary or financial costs but could be measured by the real cost of output forgone, leisure, or anything else that provides the alternative benefit.
Inputs used in the production process include such primary factors of production as labour services, capital (durable produced goods used in production, such as an existing factory), and land (including natural resources). Other inputs may include intermediate goods used in production of final goods, such as the steel in a new car.
Economic efficiency describes how well a system generates desired output with a given set of inputs and available technology. Efficiency is improved if more output is generated without changing inputs, or in other words, the amount of "waste" is reduced. A widelyaccepted general standard is Pareto efficiency, which is reached when no further change can make someone better off without making someone else worse off.
5. Match the words and their definitions
| 1. market | a. a situation in which there is not enough of something |
| 2. scarcity | b. the act of buying and using products |
| 3. goods | c. the process of making or growing things to be sold |
| 4. consumption | d. the place where people buy and sell goods |
| 5. production | e. things that are produced in order to be sold |
6. Translate the following words and expressions into English
1. редкие ресурсы 6. оптимальные издержки
2. факторы производства 7. государственное регулирование
3. спрос и предложение 8. совершенная конкуренция
4.предел производственных возможностей 9. экономическая эффективность
5. равновесие 10. вмененные потери
7. Translate the following words and expressions into Russian
1. production theory 6. mutually exclusive actions
2. inputs and outputs 7. market changes
3. goods and services 8. real cost
4. monopoly 9. buyers and sellers
5. market structure 10. public goods
8. Choose the right variant of answer
1. A fundamental method for analyzing the economy as a system is …….
a) government regulation b) microeconomics c) production theory
2. Labour services, capital and land are called ……..
a) production process b) costs c) factors of production
3. The market may reach ……….. when price and quantity balance.
a) equilibrium b) balance c) equation
4. ………. is the conversion of inputs into outputs.
a) distribution b) consumption c) production
5. …….. include new buildings, trucks, roads, etc.
a) investment goods b) public goods c) private goods
9. Answer the following questions
1. What is microeconomics?
2. What does economic efficiency describe?
3. What is production?
4. How can a market reach equilibrium?
5. What do factors of production include?
10. Read the text and give the most suitable title for it
The science of economics studies business, production, trade, inflation, unemployment and the decisions that we, governments and companies take every day. While microeconomics studies how companies and households run their business, macroeconomics looks at the economy of a country as a whole. Economic resources include both material things such as raw materials, housing and others, as well as non-material things, for example, time. Every day we make many decisions and each is a trade-off between different resources. Economists collect data and on the basis of this data they create economic models. Economic models show relationships between different processes in the economy. Adam Smith, 'the father of modern economics', considered that a nation's wealth depended on its ability to produce goods. Economists test theories using empirical evidence. It is evidence that can be collected and measured. This theory deals with factors such as inflation, taxes, salaries and unemployment. Governments, companies and academics use econometrics to make correct decisions, find out relationships between variables, etc. Some variables are considered over a period of time. Such analysis is called time-series. According to the law of demand as the price for the good rises, the demand for it falls. Price elasticity, the price/demand relationship, helps to set prices at the correct level in the given market for a particular time. Some other factors apart from price affect demand, and that causes a shift in the demand curve.
11. Match the words
| 1. entrepreneurship | a) макроэкономика |
| 2. wildlife and timber resources | b) живая природа и древесина |
| 3. goods and services | c) предпринимательство |
| 4. output | d) товары и услуги |
| 5. macroeconomics | e) размещать |
| 6. economic system | f) факторы производства |
| 7. to consume | g) экономическая система |
| 8. to produce | h) производить |
| 9. factors of productions | i) выпуск продукции |
| 10. to allocate | j) потреблять |
12. Use the verbs in the brackets in the proper tense. Pay attention to the sequence of tenses
1. The lecturer said market (to stop) long before being a geographic site (место) where goods (to buy and to sell). He (to characterize) markets as arrangements (зд. структуры) through which goods (to sell) to those people who (to need) them.
2. It was written in the book that some forms of money (to use) by man from early times.
3. In 1968, the British Parliament (to pass) the Trade Descriptions A: t imposing limitations on information that a firm (can) (to give) to the public In its advertisements (реклама). Before the A: the firms (to have) a larger freedom in advertising activity.
4. The Prime Minister said the monthly pension (to grow) two times by the end of the year.
13. These words are often used in job advertisements. Companies look for people who are:
- Self-starters, proactive, self-motivated, or self-driven: good at working on their own.
- Methodical, systematic and organized: can work in a planned, orderly way.
- Computer-literate: good with computers.
- Numerate: good with numbers.
- Motivated: very keen to do well in their job.
- Talented: naturally very good at what they do. Team players: people who work well with other people.
14. Complete these extracts from job advertisements using above-mentioned words
1. You’ll need to be ___, as you’ll be working on financial budgets.
2. As part of our sales team, you’ll be working independently, so you have to be self-___ and self-___.
3. We’re looking for someone who can work on ten projects at once. You must be ____ , ___, and ___.
4. We need ____journalists who are very good at their job and extremely ___to find out as much as they can.
5. You’ll be researching developments on the Internet, so you have to be __-__. You must be ____, able to work on your own initiative, and a __-__ . But as part of a team of researchers, you need to be a good ___-___ too.
15. Writing CV
Never use the words 'biography' or 'auto-biography' when describing your career. The right words are CURRICULUM VITAE or RESUME or DATA SHEET (in American variant).
CV may be of two types: chronological and functional.
Chronological CV is more formal. You can start it from the very beginning of your career or from the present position backwards.
Chronological CV consists of 4 parts: personal data, education, professional experience, references.
Functional CV gives specific categories of your experience.
Look through two samples of CV and say which of them functional or chronological.
a) CURRICULUM VITAE
| NAME | Pierre Charreau |
| D.O.B. | 1.8.65 |
| ADDRESS | 5 Rue des Moines, Strasbourg, 67000, France |
| EDUCATION | 1984–7. Ecole Superieure de Commerce De Reims (one of the leading business schools in Paris) 1988. EDP International: Work experience in market research. Conducted field surveys in Netherlands and France. |
| PROFESSIONAL | 1989 – 1991. Demont S.A. |
| ACTIVITY |
Financial Controller responsible for: - organising bank credits for civil engineering work - visiting Latin American and Asian subsidiaries - designing data processing, accounting, cost control and reporting systems. - hiring and training local staff for subsidiaries. 1991 – present. Phoenix Properties. Investment Officer responsible for: - checking feasibility studies and predicting returns on investments - solving legal problems related to investments - negotiating contracts with property developers - setting up joint ventures with foreign partners |
| REFERENCES | Available on request |
b) CURRICULUM VITAE
| NAME | HEIDI KUNKEL |
| OBJECTIVE | A sales position leading to higher management where my administrative, technical and interpersonal skills will be used to maximise sales and promote good customer relations. |
| EDUCATION | B.A. in Communications (1988): Ohio State University Courses in psychology, sociology and interpersonal communication. Areas of effectiveness |
| SALES/ CUSTOMER RELATIONS | During my 4 years at Corelli Enterprises (Columbus,Ohio), I promoted better relations with corporate accounts and recruited new clients over a wider territory. Dealt with customer complaints. Responsible for inventory and followup of all orders. |
| PLANNING/ ORGANISATION | Was responsible for the reorganisation of the sales department's administrative functions. Initiated time and motion studies which led to $ 150,000 saving in labor cost. |
| LANGUAGES REFERENCES | Spanish (fluent), French (average) Available on request. |
16. Write out your own CV in English. If possible, talk about yourselfwith a partner. Use this language:
I was born in………..
I went to school in ………
After leaving school I went to ……… and studied at………
I did a course in ………
Then………
My first post/task was in ………
When describing activities undertaken the following verbs are useful: I was responsible for initiating/planning/negotiating/achieving/implementing/reviewing
When stressing abilities, the following words and expressions are useful:
creative proficient comprehensive/first-hand
knowledge of……
accurate well-organized (have) a proven track record in……
efficient perfectionist well versed in ……
energetic motivated perform well under pressure
systematic methodical willing to take the initiative
At the moment ……
My work involves……
I think I am ……