Text 1. What Economics Is All About

Studying economics for the first time, it is necessary to know what economics is all about. Unfortunately, it is not possible to define the subject by a single word. Economics was defined as the study of mankind in the everyday business life. This means that economics deals with production, distribution, exchange and consumption. It answers such questions as: How do we produce all the things we need? How are prices determined? Economics is also concerned with unemployment, inflation, international trade, the interaction of business and labour, and the effects of government spending and taxes.

Economics does not stop with the description of economic activity because description alone leaves unanswered many important why and how questions.

Economics is a social science like history, geography, politics, psychology and sociology. It is the study of human efforts to satisfy what seems like unlimited and competing wants through the careful use of relatively scarce resources. Resources include the time and talent people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create useful products and services. Because of unlimited wants and limited resources to satisfy those wants, economic decisions must be made. This problem of scarcity (limited resources) must be addressed, which leads to economics and economic problems.

Although the behaviour of individuals is important, economics also addresses the collective behaviour of businesses and industries, governments and countries, and the globe as a whole. Microeconomics starts by thinking about how individuals make decisions. Macroeconomics considers aggregate outcomes. The two points of view are essential in understanding most economic phenomena.

 

Exercise 3. Give English equivalents.

Людство, виробництво, розподіл, споживання, обмін, дефіцитні ресурси, необмежені потреби, визначати ціну, безробіття, податки, урядові витрати, міжнародна торгівля, продукти та послуги, поведінка, приймати рішення, загальний результат.

 

Exercise 4. Answer the questions on text 1.

1. What does economics deal with? 2. What questions does economics answer? 3. What kind of science is economics? 4. What does economics study? 5. What is the difference between microeconomics and macroeconomics?

 

Exercise 5. Match terms on the left with the definitions on the right.

1. economics	a. something in short supply; not enough to meet demand.
2. production	b. activity of buying and using goods.
3. distribution	c. the creation of services or the changing of material into products.
4. exchange	d. the activity of selling goods and services in order to make a profit.
5. consumption	e. the production, distribution and sale of goods and services for a profit.
6. business	f. the movement of finished products from the manufacturing location to the marketplace.
7. trade	g. the social science that describes and analyzes how society chooses from among scarce resources to satisfy its wants.
8. scarce	h. the process of trading or bartering one unit or set of goods or services for another unit or set.

Exercise 6. Complete the sentences according to text 1.

1. Economics was defined as… . 2. Economics deals with … .      3. Economics is also concerned with … . 4. It is the study of … .           5. Resources include … . 6. Economics also addresses … .                    7. Microeconomics starts by … . 8. Macroeconomics considers … .

 

Exercise 7. Translate into English.

1. Економіку визначали як вивчення людства у повсякденному діловому житті. 2. Економіка не вичерпується описом економічної діяльності. 3. Економіка вивчає зусилля людини, спрямовані на задоволення своїх необмежених потреб за рахунок бережливого використання відносно недостатніх ресурсів. 4. Економіка також вивчає колективну поведінку підприємств та промисловості, урядів та країн, землі вцілому. 5. Мікро та макроекономіка важливі для розуміння більшості економічних явищ.

 

Exercise 8. Learn the following words and word combinations.

employment	– робота, зайнятість
income	– заробіток, доход, прибуток
attain	– досягати
well-being	– благополуччя, добробут
concern	– справа, інтерес, стурбованість
essential	– суттєво необхідний, основний
comprise	– містити, включати в себе
actually	– дійсно, справді
outcome	– результат, наслідок
welfare	– добробут
performance	– досягнення

 

Exercise 9 . Read, translate and give the gist of text 2.

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