Task 8. Find international words in paragraph 1 and translate them.
Task 9. Choose the best endings to the following statements.
1. The first major book on economics Adam Smith's “The Wealth of Nations” was published in ....
a) 1876; b) 1776; c)1676.
2. Economics as an academic discipline is relatively ....
a) new; b) old; c) dull.
3. The guiding idea in economics is ....
a) production; b) planning; c)scarcity.
4. The economist's job is to evaluate the choices that exist for the use of... .
a) resources; b) food; c) machines.
5. One alternative definition of economics is that it is the study of....
a) needs; b) wealth; c) services.
6. The concept of welfare is concerned with the whole state of....
a) health; b) law; c) well-being.
Task 10. Make questions using 1—9 and answer them:
1) if economics is as old as the human race;
2) what branches of economics there are;
3) what economics is;
4) what the definition of Alfred Marshall is;
5) what the guiding idea is;
6) who feels deprived;
7) what people want;
8) how we could define economics;
9) about one of the primary concerns of economics.
Task 11. Using the information obtained from the paragraphs make an outline of the text.
Task 12. Complete the sentences using one of these verbs and verbal phrases in the present simple or the present continuous tenses: a) be, have, appear, mean, do, be going to have, be; b) involve, be going to take, go, mean, change, attempt, should/look, use. Mind the use of the active or passive voice.
a)
1. Economics ... the first art which man acquired.
2. We ... limited resources both in rich countries and poor countries.
3. By wealth the economist... all the real assets which make up our standard of living.
4. ... there any justification for protecting certain industries from foreign competition?
5. More and more economists ... on the payrolls of large corporations now.
6. They ... the skills they need to teach economists.
7. What economists ... ?
b)
8. It is the directors who determine the direction the business ...
9. It... planning to ensure that the business first survives and then flourishes.
10. What it... to be a manager?
11. Every business has to decide where it....
12. Speculators ... always to the future and ... to anticipate events.
13. Technological innovations and increased competition ... the face of British banking now.
14. Banks and other financial institutions ... computer technology now.
Вариант 2
Task 1. Read and translate the following words. Mind the stress: a) on the first syllable; b) on the second syllable; c) on two syllables.
a) concept, item, scarcity, scarce, vital, realize;
b) economy, ingredient, resource, society, deprived, assemble, compete, concern, increase;
c) connotation, economics.
Task 2. Match the words with the definitions below.
Concept, goods, scarcity, society, wealth, welfare, to compete, to distribute, to evaluate.
1. Movable property; merchandise.
2. Idea underlying a class of things; general notion.
3. To take part in a race, contest, examination.
4. To put (parts of a set of things) in different places; give or send out.
5. To find out, decide, the amount or value of.
6. Smallness of supply compared with demand.
7. System whereby people live together in organized communities.
8. Condition of having good health, comfortable living and working conditions, etc.
9. Great amount of property, money, etc.; richness.
Task 3. Translate the following words, mind the use of the words in bold:
economy, economics, economic, economical, economize.
1. A country's economy is the organization of its wealth-producing commerce and industry: Britain's economy is increasingly based on services.
The economies of many developing countries are based on cash crops.
1.1. Economy can also mean 'the deliberate saving of money through carefully-controlled spending': We use recycled paper for reasons of economy. The budget has been cut so we'll have to make economies.
1.2. We can refer to something as a false economy when an apparent saving of money in fact results in inefficiency and/or unforeseen extra costs: Buying second-hand equipment can be a false economy.
1.3. We refer to an economy of scale when there is a reduction in unit cost owing to an increase in the volume of production: The doubling of output can lead to economies of scale of up to 30%.
2. Economics is the scientific study of a society’s money, industry and trade: She studied economics at the London Business School.
Note that economics is a singular noun (like other subjects, Maths, Physics, Business Studies, etc.).
3. Economic means ‘related to the economy’: The 1970s and 1980s were a period of political and economic crisis. Economic growth leads to a per capita improvement in living standards.
3.1. Economic can also mean ‘cost-effective’: We have to keep wage costs low to make it economic for us to continue production.
4. If something is economical it does not require a great deal of money to operate: I have a small car because it’s more economical to run.
The word can also be used to refer to an efficient way of doing things: Holding business meetings at an airport can be an economical use of time.
5. The verb is to economize and means ‘to save money’: We need to economize in order to keep costs at an acceptable level. It is unwise in the long run to economize on quality.
Task 4. Make adjectives from the followings nouns.
Scarcity, concept, goods, resource, wealth.
Task 5. Make nouns from the following verbs.
To assemble, to concern, to evaluate, to increase, to realize.
Task 6. What are the opposites?
Wealth, excess, plentiful, to distribute, to decrease.
Task 7. Translate the text in writing and be ready to read it. Answer the questions to it and entitle it.
a) Why is economics a vital discipline?
b) Is economics a how-to-make money area of study?
1B. Economic as a vital discipline for business
A basic understanding of economics is essential if we are to be well informed citizens. Most of the specific problems of the day have important economic aspects, and as voters we can influence the decisions of our political leaders in coping with these problems. Should America adopt mandatory price and wage controls to restrain inflation? Should we pass a constitutional amendment requiring the Federal government to balance its budget? Should we attempt to break up the huge corporations which seem to dominate certain segments of our economy? What can be done to reduce unemployment? Are existing welfare programs effective and justifiable? Should we continue to subsidize farmers? Is there any justification for protecting certain industries from foreign competition? Should income be distributed more equally? Since the answers to such questions are determined in large measure by our elected officials, intelligence at the polls requires that we have a basic working knowledge of economics. Needless to say, a sound grasp of economics is more than helpful to politicians themselves!
Economics is also a vital discipline for somewhat more mundane and immediate reasons. Economics is of practical value in business. An understanding of the overall operation of the economic system puts the business executive in a better position to formulate policies. The executive who understands the causes and consequences of inflation is better equipped during inflationary periods to make more intelligent decisions than otherwise. Indeed, more and more economists are appearing on the payrolls of large corporations. Their job? To gather and interpret economic information upon which economics gives the individual as a worker and income receiver some insights as to how to become more secure in facing the effects of inflation and unemployment.
How can one "hedge" against the reduction in the purchasing power of the dollar which accompanies inflation? What occupations are most immune to unemployment?
In spite of its practical benefits, however, economics is an academic, not a vocational, subject. Unlike accounting, advertising, corporation finance, and marketing, economics is not primarily a how-to-make-money area of study. A knowledge of economics may be helpful in running a business or in managing one's personal finances, but this is not its primary objective. In economics, problems are usually examined from the social, not from the personal, point of view. The production, exchange, and consumption of goods and services are discussed from the view point of society as a whole, not from the standpoint of one's own bankbook.
Task 8. Read the text and decide which of the following statements are correct.
1. A basic understanding of economics is essential for citizens.
2. A sound grasp of economics isn't essential for politicians.
3. Economics is a vital discipline for business.
4. Economics is a vocational subject.
Task 9. Answer the following questions.
1. Can we influence the decisions of our political leaders by voting?
2. Does life require that we have a basic knowledge of economics?
3. Why is economics of practical value in business?
4. Why is economics an academic subject?
Task 10. Give the main points of the text in 4 — 7 sentences. Use the following clichés:
The text deals with... . The author points out that... . Attention is drawn to the fact that... . It is pointed out that... . It should be noted that.... The author comes to the conclusion that.... I find the text rather /very... .
Task 11. Write about different applications and the meaning of economics (7-10 sentences).
Task 12. Complete the sentences. Put the verbs into the correct form.
1. She ... a lot of different jobs in the firm. (do)
2. At the moment the director ... the problem and the secretary ... the telephone. (discuss, answer)
3. As our knowledge ... we ... more and more opportunities. (grow, exploit)
4. The growth of civilization ... largely the development of new wants. (be)
5. They ... at five o'clock most days but they ... late today. (finish, work)
6. Professional corporations ... more common now. (become)
7. We ... a meeting next week. (plan)
8. Most things we … free in nature. (want, not/ be)
Контрольная №2
Вариант 1