Active words and word-combinations

Unit 1.

The Essence of Economics

 

Active words and word-combinations

accomplishment	- выполнение, достижение
commodity	- товар, предмет потребления
compete	- конкурировать
concern	- касаться, иметь отношение
consumption	- потребление, расход
define	- определять
demand	- спрос
determine	- определять, устанавливать
distribution	- распределение
efforts	- усилие, попытка
exchange	- обмен
intangible	-неосязаемый
mankind	- человечество
profit	- выгода
purchase	- покупка
stockpile	- запас, резерв
supply	- предложение, снабжение
tax	- налог
unemployment	- безработица
utility	- полезность, выгодность
value	- стоимость, ценность
wealth	- богатство
worth	- стоимость, достоинство

 

 

Read and translate the text.

Studying economics for the first time, it is necessary to knowwhat economics is about. Unfortunately, it is not possible to define the subject by a single word. Economics was defined as the study of mankind in theeveryday 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? Economicsis alsoconcerned with unemployment, inflation, international trade, the interaction of business and labour, andthe effectsof 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 likeunlimited and competing wants through the careful use of relatively scarce resources. Economists study what is or tends to be and how it came to be. They do not in any way pretend to tell what ought to be.

People mustmakeup theirown minds about that.

Economics is therefore concerned with activities relating to wealth, i.e. production, consumption, exchange and distribution.

For our own purpose, we shall define economics as the study of man in his attemptsto gain a living by utilizing his limited resources.

 

Fill in the blanks with prepositions or adverbs if necessary.

1. Unfortunately, it is not possible to define the subject... a single word. 2. Economics deals... production, distribution, exchange and consumption. 3. Economics is also concerned... unemployment, inflation, international trade, the interaction... business and labour, and the effects... government spending and taxes. 4. Economics does not stop... the description... economic activity... description alone leaves unanswered many important why and how questions. 5. It is the study... human efforts to satisfy what seems like unlimited and competing wants... the careful use... relatively scarce resources.

 

Complete the following sentences

1. Economics was defined.... 2. It answers such questions as.... 3. Economics is also concerned with.... 4. It does not stop with the description of economic activity because.... 5. Economics is a social science like.... 6. Economics is the study of....

 

Match each term in column A with its definition in column B.

Column A	Column В
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.

Answer the following questions.

1. What is necessary to know studying economics for the first time? 2. What does economics deal with? 3. What questions does economics answer? 4. Why does economics not stop with the description of economic activity? 5. What kind of science is economics? 6. What does economics study? 7. What do economists study? 8. What must people make up their own minds about? 9. How shall we define economics?

Read the text and fulfill the tasks after it.

Economics like any other social science has its own vocabulary. To understand economics, a review of somekey terms is necessary:needs,wants, and demands.

A need is a basic requirement for survival. People have basic needs such as food, clothing and shelter. People also have higher level needs, such as communication, love, acceptance, knowledge, hope and accomplishment.

A want is a means of expressing a need. Food, for example, is a basic need related to survival. To satisfy this need, a person may want a pizza, hamburger or other favourite food. That is there are any number of foods that will satisfy the basic need for food.

The point is that the range of things represented by the term «want» is much broader than those represented by the term «need».

Sometimes the difference between a want and a need is clear, at other times, it is not.

A basic need is reflected in a want for aparticular product. A want cannot be counted in the marketplace until it becomes a demand - the willingness and ability to purchase a desired object. Since an individual has limited resources, only some wants will end up asmeasurable demands.

Say whether these statements are true or false and if they are false say why.

1. Economics like any other social science has its own vocabulary. 2. A need is a basic requirement for survival. 3. People have basic needs and higher level needs. 4. A want is a means of expressing a need. 5. Food is a basic need related to survival. 6. Demand is a willingness and ability to purchase a desired object. 7. The difference between a want and a need is always clear.

Answer the following questions.

1. What is necessary to understand economics? 2. What are the key terms of economics? 3. What does the term need mean? 4. What are basic people's needs? 5. What is a means of expressing a need? 6. Is food a basic need related to survival? 7. Is the difference between a want and a need always clear? 8. What is demand?

 

 

Read the text and translate it.

The study of economics is concerned with economic products - goods and services that are useful, relatively scarce and transferable to others. The important thing is that economic products are scarce in an economic sense. That is one cannot get enough to satisfy individualwants and needs. The fact that economic products command a price shows that they have these characteristics.

The terms goods and services are used to describe many things people desire. Consumer goodsare intended for final use by individuals to satisfy their wants and needs. Manufactured goods used to produce other goods and services are calledcapital goods. An example of capital goods would be a computer in a school.

The other type of economic product is a work that is performed for someone. Services can include haircuts, repairs tohome appliances and forms of entertainment like rock performances. They also include the work performed by doctors, lawyers and teachers. The difference between goods and services is that the services are something that cannot be touched or felt like goods.

Many other things — sunshine, rainfall, fresh air — are known asfreeproducts because they are so plentiful. No one could possibly own them, nor would most people be willing to pay anything for them. In fact, some are so important, that life would be impossible without them. Even so, free products are not scarce enough to be major concern in the study of economics.

Unit 2.

Factors of Production

 

Give the corresponding nouns to the following verbs.

to produce, to distribute, to grow, to populate, to enjoy, to satisfy, to vary, to immigrate, to require, to educate, to construct, to distinguish, to, manufacture, to determine, to create, to equip,to combine.

Match the synonyms.

to produce, to distribute, scarce, to influence, to manufacture, to impact, revenue, production, to deal out, to provide, deficient, manufacturing, to satisfy, wages, to supply, salary, to meet, income.

Find equivalents.

 

1. to satisfy needs and wants	умственная деятельность
wages	драматический удар, столкновение
dramatic impact	заработная плата
primary factor of production	удовлетворять потребности и желания
mental activity	природные ресурсы
gifts of nature	ограниченные запасы
natural resources	выращивать урожай
human efforts	полезные ископаемые
fertile fields	первичные факторы производства
mineral deposits	дары природы
to grow crops	человеческие усилия
limited supply	плодородные поля

 

Match the antonyms.

natural, fertile fields, unlimited resources, indefinitely, limited resources, inside, artificial, production, immigration, inability, to destroy, unemployment, definitely, ability, to create, employment, to satisfy, emigration, consumption, income, deserts, outside, scarcity, to dissatisfy, abundance, expenses.

Unit 3

Economic Systems

 

Traditional Economy

In a society with a traditional economy nearly all economic activity is the result of ritual and custom. Habit and custom also prescribe mostsocial behavior. Individuals are not free to make decisions based on what they want or would like to have. Instead, their roles are defined. They know what goods and services will be produced, how to produce them, and how such goods and services will be distributed.

An example of traditional economy is the societyof polar Eskimo of the last century. For generations, parents taught their children how to survive in a harsh climate, make tools, fish and hunt. Their children, in turn, taught these skills to the next generation. The main advantage of the traditional economy is that everyone has a role in it. This helps keep economic life stable and community life continuous. The main disadvantage of the traditional economy is that it tendsto discourage new ideas and even punishes people for breaking rules or doing things differently. So ittendsto bestagnant or fails to grow over time.

Find equivalents.

1. to make decisions	основные виды
2. to have smth in common	рыночная экономика
3. economic system	делать инструменты
4. traditional economy	основные минусы
5. command economy	иметь что-то общее
6. market economy	традиционная экономика
7. social behaviour	основное преимущество
8. major kinds	экономическая система
9. for generations	общественное поведение
10. main advantage	командная экономика
11. main disadvantage	принимать решения
12. to make tools	в течений нескольких поколений

Match the synonyms.

decision, approximately, produce, shelter, to make, type, habitation, as, the community, major, concerning,

to produce, the society, main, nearly, about, kind, since, product, solution.

Match the antonyms.

scarcity, last, advanced, to produce, to discourage, next, stagnant, stable, to encourage, to distribute, disadvantage, to accumulate, uncommon, advantage, to consume, unstable, common, abundance.

Match the synonyms.

a buyer, to desire, to make profits, to take care (of), to supply, to conduct transactions, interest, considerable, a purchaser, to allow, benefit, to get profits, variety, to manufacture, to arrange a deal, to provide (with), significant, to look after, tendency, lack, intervention, to permit, diversity, to produce, interference, trend, to wish, absence.

Match the antonyms.

to sell, advantage, high prices, to spend money, to decline, flexible, to go out of business, to save money, disadvantage, low prices, worst, to buy, credible, variety, best, uniformity, inflexible, to stay out of the way, incredible, available, to meddle with other people's business, unavailable, to stay in business, to level off.

Unit 4

Business Organization

 

Find equivalents.

1. to be liable for smth	бюрократия
2. a partnership	неограниченная ответственность
3. to dissolve the business	основное преимущество
4. profit-seeking enterprise	достичь успехов
5. sole proprietorship	скудные ресурсы
6. retail business	сбережения
7. the main link	распускать организацию
8. red tape	платить налоги
9. unlimited liability	розничное предприятие
10. to compete	быть ответственным за что-либо
11. scarce resources	прибыльное предприятие
12. the main advantage	единоличное владение
13. to achieve success	конкурировать
14. savings	основная связь
15. to pay taxes	товарищество, участие, компания

Match the antonyms.

profitable, separately, advantage, producer, to give permission, limited, to start a business, unprofitable, jointly, to go out of business, to agree, illegal, to succeed in business, to be out of business, consumer, to disagree, unlimited, legal, disadvantage, to prohibit.

Find equivalents

1. to depend on smth.	войти на рынок
2. in short	оказывать влияние на цену
3. to attract more customers	зависеть от чего-либо
4. to stand out from smth	выделяться из чего-либо
5. to prevail	чистая конкуренция
6. competitive market	отвечать условиям чистой конкуренции
7. pure competition	кратко
8. to have some influence over price	преобладать
9. to enter the market	рынок конкурирующих продавцов
10. to meet the condition of pure competition	привлекать больше покупателей

 

Match the synonyms.

a customer, significant, to prevail, to attract smb's attention, a supply, next, in accordance with smth, following, to draw smb's attention, to be ready to do smth, to predominate, to determine price, a buyer, to meet the conditions of pure competition, to fix a price, to be willing to do smth, according to smth, important, a stock, to agree to the conditions of pure competition.

Match the antonyms.

similarity, ordinary, easy, dependent, imaginary, to separate, difference, to attract smb, to accept, independent, difficult, buyer, unique, to reject, seller, to unite, real, to scare smb away/off.

Unit 6

DEMAND

Find equivalents.

the Law of Demand	соединяться
to be coupled with	случайно
to bring about	определять цену
by chance	способность и желание платить
5. to determine prices	вызывать, осуществлять
6. ability and willingness to pay	закон спроса
7. effective demand	другими словами
reduction in price	сокращения в цене
inversely	обратно, наоборот
changes in price	количественный спрос
in other words	эффективный спрос
the quantity demand	изменения в цене

Match the synonyms.

by chance, to double the price, an obstacle, to consider, efficient, a cut in price, to bring about, to happen, by accident, a relationship, to cause, effective, to raise the price a hundred per cent, a barrier, to think, to occur, a correlation, a reduction in price.

Match the antonyms.

ability, higher price, to cut, to supply, to demand, inelastic, to consume, to raise, least, to couple, small, large, inversely, to part, incapacity, to produce, most, elastic, directly, lower price.

5. Fill in the blanks with prepositions or adverbs if necessary:

1. Most... people think... demand as being the desire... a certain economic product. 2. In economics the relationship... demand and price is expressed... the Law... Demand. 3. It says that the demand... an economic product varies inversely... its price. 4. The demand... some products is such that consumers do care... changes... price when they buy a great many more units... product... a relatively small reduction... price. 5. The correlation... demand and price does not happen... chance. 6. A higher or lower price... salt probably will not bring... much change... the quantity bought because people can consume... so much salt.

Unit 7

SUPPLY

Find equivalents.

1. consumption of goods and services 2. at the same time 3. to be concerned with smith 4. depreciation 5. to prevail in the market 6. decision-making process 7. fixed cost 8. variable cost 9. total cost 10. marginal cost

интересоваться чем-то потребление товаров и услуг в то же время предельные издержки переменные издержки, затраты процесс принятия решений снижение стоимости общая стоимость, валовые издержки преобладать на рынке постоянные издержки, постоянные затраты

 

The law of supply states

a. buyers will purchase more at lower prices than at higher prices.

b. sellers will produce more at higher prices and less at lower prices.

c. quantities offered or sale do not depend on price.

d. consumers buy more at high prices and less at lower prices.

 

As output increases

a. total costs fall.

b. fixed costs increase.

c. overhead costs per unit fall.

d. total variable costs fall.

 

3. A producer is most likely to increase the quantity of a product supplied when

a. the consumer will pay a higher price for the product.

b. the quantity demanded decreases.

c. production costs increase.

d. there is government regulation.

 

A typical supply curve

a. slopes upwards from left to right.

b. slopes downwards from right to left.

c. is usually a straight line.

d. is always a curved line.

Unit 8

AGGREGATE SUPPLY AND DEMAND

The macroeconomy is

a. government's share of the nation's output.

b. goods and services that are produced but not sold in the marketplace.

c. everything produced in the nation.

d. none of these.

Unit 1.

The Essence of Economics

 

Active words and word-combinations

accomplishment	- выполнение, достижение
commodity	- товар, предмет потребления
compete	- конкурировать
concern	- касаться, иметь отношение
consumption	- потребление, расход
define	- определять
demand	- спрос
determine	- определять, устанавливать
distribution	- распределение
efforts	- усилие, попытка
exchange	- обмен
intangible	-неосязаемый
mankind	- человечество
profit	- выгода
purchase	- покупка
stockpile	- запас, резерв
supply	- предложение, снабжение
tax	- налог
unemployment	- безработица
utility	- полезность, выгодность
value	- стоимость, ценность
wealth	- богатство
worth	- стоимость, достоинство