I. Suggest the Russian equivalents

twofold; to respond to changes in circumstances; to command widespread agreement among smb; a corresponding claim; disagreement in positive economics; to be proved correct or false; to devote a great deal of resources to providing smth; to clarify the menu of options

II. Replace the parts in italics by synonyms

the price of the goods will rise; favourable conditions will increase output; the new issues will arise; medical check-ups; to devote resources to smth; when the government places the tax on the goods; there would be considerable agreement

III. Find in the text the opposites to the following

subjective; lack of interest; treat as the same; involved; not to notice or see;

success; confuse; general; things with no claim to consideration

IV. Fill in the gaps with the words and expressions from the text

1. In studying economics it is important to __ two branches of the subject.

2. Positive economics deals with __ or scientific explanations of __ the economy.,

3. Normative economics offers prescriptions based on personal __.

4. Whatever our __ in the first instance we have to be concerned with how the world __ works.

5. __, positive economics is similar to the natural sciences.

6. There would be __ that the following __ of positive economics is correct: favourable weather conditions will increase __, reduce the price of wheat, and increase the consumption of wheat.

7. There are __ questions where disagreement remains.

8. New __ will arise and provide __ for further research.

9. __ and __ research can in principle resolve many of the outstanding issues in positive economics.

10. The government should __ health bills of the aged.

11. Many people might happen __ this subjective judgement.

12. Some people believe that all citizens alive today should be able to purchase roughly equal amounts of luxury goods after paying for __ of life, but other people might __.

13. It all depends on __ of the individual or the society that has to make this choice.

14. We can use positive economics __ the detailed implications of making the choice one way or the other.

15. Society might have to devote a great deal of resources to providing _.

16. Positive economics can be used __ the menu of options from which society must eventually make its normative choice.

V. Find in the text English equivalents for the following

каковы бы ни были политические убеждения; в этом отношении; обла­гать товары налогом; согласованность во взглядах, единогласие в принципах;

неразрешимые вопросы; исследования, проводимые в настоящее время;

квалифицированная и всеобъемлющая исследовательская работа; разделять взгляды; в широком значении, в общем понимании; приблизительно равные количества; привести разумные возражения; то, чему отдается предпочтение в обществе; пролить свет на...

VI. Explain in English

predicting; personal value judgement; proposition

VII. Answer the questions

1. What are two branches of economics?

2. What does the positive economics deal with?

3. What is the aim of normative economics?

4. What is the difference between positive and normative economics in regard to the role of research?

5. What are the global consequences of the government's failure to subsidize the medical bills of the elderly?

VIII. Translate using all the active possible

\. При изучении экономики необходимо различать (2 варианта) позитив­ную и нормативную экономические теории. Если в позитивной теории мы можем оставаться беспристрастными, независимо от наших политических убеждений, то нормативная теория основывается на личной системе ценно­стей. В этом отношении различие между двумя теориями очень наглядно.

2. Квалифицированная и всесторонняя исследовательская работа мо­жет в некоторой степени исправить положение (3 варианта) в области нерешенных вопросов, порождающих (2 варианта) разногласия среди экономистов. В широком понимании никакая рекомендация правитель­ству не может оказаться правильной или ложной, поскольку она основа­на на субъективных оценках.

3. Позитивная теория может предложить ряд возможных альтернатив, из которых индивид или общество в целом выбирают наиболее приоритетные.

MICROECONOMICS AND MACROECONOMICS (ТЕОРИЯ МИКРОЭКОНОМИКИ И МАКРОЭКОНОМИКИ)

Many economists specialize in a particular branch of the subject. For example, there are labour economists, energy economists, monetary economists, and international economists. What distinguishes these economists is the segment of economic life in which they are interested. Labour economics deals with problems of the labour market as viewed by firms, workers, and society as a whole. Urban economics deals with city problems: land use, transport, congestion, and housing. However, we need not classify branches of economics according to the area of economic life in which we ask the standard questions what, how and for whom. We can also classify branches of economics according to the approach or methodology that is used. The very broad division of approaches into microeconomic and macroeconomic cuts across the large number of subject groupings cited above.

Microeconomic analysis offers a detailed treatment of individual decisions about particular commodities.

For example, we might study why individual households prefer cars to bicycles and how producers decide whether to produce cars or bicycles. We can then aggregate the behaviour of all households and all firms to discuss total car purchases and total car production. Within a market economy we can discuss the market for cars. Comparing this with the market for bicycles, we may be able to explain the relative output of these two goods. The sophisticated branch of microeconomics known as general equilibrium theory extends this approach to its logical conclusion. It studies simultaneously every market for every commodity. From this it is hoped that we can understand the complete pattern of consumption, production, and exchange in the whole economy at a point in time.

If you think this sounds very complicated you are correct. It is. For many purposes, the analysis becomes so complicated that we tend to lose track of the phenomena in which we were interested. The interesting task for economics, a task that retains an element of art in economic science, is to devise judicious simplifications, which keep the analysis manageable without distorting reality too much. It is here that microeconomists and macroeconomists proceed down different avenues.

Microeconomists tend to offer a detailed treatment of one aspect of economic behaviour, but ignore interactions with the rest of the economy in order to preserve the simplicity of the analysis. A microeconomic analysis of miners' wages would emphasize the characteristics of miners and the ability of mine owners to pay. It would largely neglect the chain of indirect effects to which a rise in miners' wages might give rise. For example, car workers might use the precedent of the miners' pay increase to secure higher wages in the car industry, thus being able to afford larger houses, which burned more coal in heating systems. When microeconomic analysis ignores such indirectly induced effects it is said to be partial analysis.

In some instances, indirect effects may not be too important and it will make sense for economists to devote their effort to very detailed analyses of particular industries or activities. In other circumstances, the indirect effects are too important to be swept under the carpet and an alternative simplification must be found.

Macroeconomics emphasizes the interactions in the economy as a whole. It deliberately simplifies the individual building blocks of the analysis in order to retain a manageable analysis of the complete interaction of the economy.

For example, macroeconomists typically do not worry about the breakdown of consumer goods into cars, bicycles, televisions, and calculators. They prefer to treat them all as a single bundle called " consumer goods" because they arc more interested in studying the interaction between households' purchases of consumer goods and firms' decisions about purchases of machinery and buildings.

VOCABULARY NOTES

a labour economist – специалист по экономике труда

an energy economist – специалист по экономике (электро) энергии

a monetary economist – специалист по монетарной экономике

an international economist – специалист по мировой экономике

congestion – перенаселенность

to cut across – не соответствовать

a detailed treatment – детальный, подробный анализ

an individual household – отдельное домашнее хозяйство

to aggregate, v – собирать в одно целое

aggregate, n – совокупность

in the aggregate – в совокупности

aggregate, adj – совокупный

the relative output – относительный объем производства

general equilibrium theory – теория общего равновесия

to study simultaneously – одновременно изучать

the complete pattern – полная структура, система, схема

to lose track of the phenomena – потерять след явлений

to devise judicious simplifications – выработать разумные упрощения

to keep the analysis manageable – позволять проводить анализ

to distort reality – искажать реальность

to preserve the simplicity of the analysis – сохранить простоту анализа

to neglect the chain of indirect effects – пренебрегать косвенным воздей­ствием, совокупностью (цепочкой) косвенных результатов, эффектов

to secure higher wages – получить более высокую заработную плату

indirectly induced effects – воздействие, вызванное косвенными причинами

partial analysis – частичный (неполный) анализ

to sweep under the carpet – прятать, маскировать {доел. замести под ковер)

to simplify deliberately – намеренно упрощать

to retain a manageable analysis – сохранить возможность анализа (вы­полнимый, поддающийся выполнению анализ)

the breakdown of consumer goods – классификация (подразделение) то­варов потребления

a single bundle – отдельная единица, величина (доел. набор)

Assignments

I. Suggest the Russian equivalents

cuts across the large number of subject groupings cited above; the sophisticated branch of microeconomics; the complete pattern of consumption, production, and exchange; to devise judicious simplifications; keep the analysis manageable; to retain a manageable analysis; indirectly induced effects

II. Replace the parts in italics by synonyms

pulling out of shape, pay not enough attention; pay no attention; think out, plan;

keep safe, brought about, showing good sense; keep; make less complicated; as a rule, characteristically, be sensible

III. Fill in the gaps with the words and expressions from the text

1. What distinguishes different economists is __ in which they are interested.

2. Urban economics deals with city problems: .land use, transport, __, and housing.

3. We can also classify branches of economics according to__ that is used.

4. The very broad division of approaches into microeconomic and macroeconomic __ the large number of subject groupings.

5. To discuss total car purchases and total car production we can __ the behaviour of all households and all firms.

6. The sophisticated branch of microeconomics known as __ studies __ every market for every commodity.

7. The task for economics is to devise __ simplifications, which keep the analysis __ without __.

8. Microeconomists tend to offer __ of one aspect of economic behaviour but __ with the rest of the economy in order to __ of the analysis, largely __ the chain of __.

9. When microeconomic analysis ignores such indirectly induced effects it is said to be __.

10. Macroeconomics __ the individual building blocks of the analysis in order to ____ a manageable analysis of __ of the economy.

11. Macroeconomists prefer to treat cars, bicycles, televisions, and calculators as a single __ called " consumer goods".

IV. Check your grammar

Define each of the words given below, using the pronouns who and which:

· an energy economist is...who...

· microeconomics is...which...

· international economics is...

· a monetary economist is...

· consumer goods arc...

· macroeconomics is...

· a worker is...

· a miner is...

· coal is...

Complete the following sentences using adjectives or/and adverbs:

e.g.: a relatively difficult branch (adverb and adjective) an expensive cassette player (adjective) to buy something cheaply (adverb)

1. This is a __ book to read. (comparative, easy)

2. __ car production is not always __to estimate __. (total, easy, general)

3. Even some __ tools of __ analysis are not __ known, (common, economic, general)

4. Some microeconomic analyses offer __detailed treatments of __ decisions, (extreme, individual)

5. If we compare the market for cars and bicycles __, we may be able to offer a __ explanation for their __ prices, (careful, good, relative)

6. __ she managed to pass her __ exams __. (fortunate, final, easy)

7. My tutor emphasized the __ importance of putting ideas in a __ order. (great, logical)

8. __analysis ignores __induced effects, (partial, indirect)

9. The __economist keeps his analysis __ without __ distorting reality. (sensible, manageable, undue)

10. She's an __ novelist — something __ and __ happens_in her stories. (excellent, unusual, exciting, constant)

V. Find in me text English equivalents for the following

перенаселенность; собирать в одно целое; теория общего равновесия;

искажать реальность; подробный анализ (рассмотрение); сохранить про­стоту анализа; косвенное (непрямое) воздействие (эффект); взаимодейст­вие внутри экономики

VI. Explain in English

consumption; exchange; partial analysis; simplification; indirect effect

VII. Answer the questions

1. What distinguishes an energy economist from an urban economist?

2. Are the same questions asked in each area of economic life?

3. What is needed before total car purchases and production can be discussed?

4. What does the general equilibrium theory examine?

5. What can be understood from such a study?

6. What happens when an analysis becomes too complicated?

7. What can keep an analysis manageable?

8. What do most microeconomists leave out of their analysis?

9. What does partial analysis ignore?

10. Why wouldn't most macroeconomists make a breakdown of consumer

goods?

VIII. Translate using all the active possible

1. Макроэкономика – это один из основных разделов экономической теории, который изучает поведение экономики как единого целого. Она анализирует взаимодействие факторов, влияющих на рост национального производства, а также такие процессы, как безработица, инфляция, и т п. Объектом макроэкономики является именно взаимодействие этих величин внутри экономики, при этом сами эти величины рассматрива­ются упрощенно, абстрактно.

2. Микроэкономика – это один из основных разделов экономической теории, изучающий поведение отдельных экономических единиц, их взаи­модействие на рынках, в результате которого формируются цены на произ­водимые товары и услуга и т. д. Микроэкономика стремится к детальному рассмотрению поведения какой-либо экономической единицы, при этом не уделяя достаточного внимания косвенному воздействию этого поведения на другие экономические единицы и на экономику в целом.

РRIСЕ AND DEMAND (ЦЕНА И СПРОС)

The following text will introduce you to the topic of the effect of price and Income on demand quantities.

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