- •Text 1. History of economic thought
- •1Complete each sentence with a word or phrase from the box.
- •2 Now read the text again and decide whether these statements are true or false.
- •Exercises
- •1 Choose the correct answer a, b or c from the list below.
- •3. Discuss these questions with your partner.
- •Exercises
- •1.Complete each sentence with a word or phrase from the box.
- •Exercises
- •1.Match the words and phrases with the definitions.
- •2.Now read the text again and answer these questions in your own words in the space provided below.
- •3.Now listen and tick which transactions in the list are mentioned.
- •Exercises
- •1. Choose the correct answer a, b or c from the list opposite.
- •2. Now read the text again and choose the sentence which best summarises each paragraph.
- •3.Discuss this question with your partner.
- •Exercices
- •1.Match the words and phrases with the definitions.
- •2. Now read the text again and decide whether these statements are true or false. If the statement is false, correct it.
- •3.Discuss this question with your partner.
- •4. Try to complete this paragraph about autarchies by using words from the box.
- •Exercises
- •1.Match the words with the definitions.
- •2.Now read the text again and match each paragraph with the correct heading.
- •Exercises
- •Match the words and phrases with the definitions.
- •3. Discuss these questions with your partner.
- •Exercises
- •1. Answer the questions.
- •2. Choose the necessary word and put in the sentence.
- •Exercises
- •1.Choose the correct answer a, b or c from the list opposite.
- •2. Now complete each sentence with words. Then listen and check your answers.
- •4. Discuss the following with your partner.
- •Exercises
- •1.Now read the text again and answer these questions in your own words in the space provided below.
- •2 Choose the correct answer.
- •In the real economy:
- •Exercises
- •I. Match the words with the definitions.
- •II.Now read the text again and complete the sentences below in your own words in the space provided.
- •III. Discuss these questions with your partner.
- •Dialogue
- •Exercises
- •1.Choose the necessary word and put it in the sentence.
- •Answer the questions.
- •Make transformations according to the model.
- •Exercises
- •Answer the questions.
- •2. Choose the necessary word and put it in the sentence.
- •Exercises
- •1. Change the sentences according to the model.
- •Make up the conditional sentences.
- •3. Answer the questions.
- •Exercises
- •Dialogue
- •Exercises
- •Exercises
- •1.Complete each sentence with a word or phrase from the box.
- •3 Now listen and complete the summary with words or numbers.
- •5. Give a two-minute talk on price. First make notes below on the following.
- •6. Imagine that you’ve got a good idea for an Internet commerce site (an Internet site which is also a business).Tell your friend what your idea is.
- •Dialogue
- •Change the sentences according to the model.
- •2. Change the sentences according to the model.
- •3. Answer the questions.
- •4. Make sentences interrogative and negative.
- •5. Choose the necessary modal verb and put it in the sentence.
- •1. Complete each sentence with a word.
- •Exercises
- •Dialogue
- •Exercises
- •Change the sentences according to the model.
- •3. Answer the questions.
- •Exercises
- •Dialogue
- •Exercises
- •I. Transform the sentences according to the model.
- •III. Answer the questions.
- •I. Answer the questions.
- •II. Select the necessary word in the sentence.
- •Dialogue
- •Exercises.
- •Exercises
- •I. Answer the questions.
- •Dialogue
- •Exercises
- •III. Answer the questions.
- •Exercises
- •1. Answers the questions.
- •2. Choose the necessary word and put.
- •3. Put the verbs in brackets into the proper present tense
- •Dialogue
- •Exercises
- •Transform the sentences according to the model.
- •Exercises
- •Exercises
- •II. Read the text again and choose the best answer or answers for each question.
- •Informal letter
- •Iy Work in groups of three or four. Imagine you and your friends are running the country.Things are not going well! Here are some of your problems.
- •Dialogue
- •Exercises
- •Give affirmative and negative answers to the questions.
Exercises
1.Match the words with the definitions.
1. budget A the people who control a country and make laws
2. business B information
3 convenience C company that sells goods or services
4data D easiness
5 demand E the amount of money you have for something
6government F how much people want something
7 inflation G the number of people without work
8 resources H something such as money, workers or minerals belonging to an pecializing, country, etc which can be used to function properly
9 trade-off I rising prices
10 unemployment J giving away something in exchange for something
2.Now read the text again and match each paragraph with the correct heading.
PARAGRAPH 1.......................
PARAGRAPH 2.......................
PARAGRAPH 3.......................
PARAGRAPH 4.......................
PARAGRAPHS.......................
A How economists work
B Making deals every day
C Various ideas about economics
D Two areas of economics
E Two types of economist
Text 3. Macroeconomics
In the 1930s one of the world’s strongest economies suffered a devastating collapse. It was the American economy, and the disaster was the Great Depression. The effects of the Great Depression were felt all around the world, and it brought about a change in economic thinking. Economists began to pecial that looking at the behaviour of individual consumers and suppliers in the economy was not enough. Economists and governments had to understand how the whole economy worked. In other words, they had to have an understanding of macroeconomics.
Microeconomics looks at how the details of the economy work. Macroeconomics takes a few steps back and looks at the whole picture. While microeconomics looks at supply and demand for a single product or industry, macroeconomics follows supply and demand patterns for the whole economy. Whereas microeconomics is about economic events at home, macroeconomics looks at how the domestic economy interacts with the economies of other countries.
However, macroeconomics isn’t only about knowing what’s happening in the economy. After the shock of the Great Depression, governments peciali that an economy needs to be managed. Most governments aim to have steady economic growth, to control inflation and to avoid recessions. Just managing an individual business is a hard enough task. How do you manage a whole economy? Governments have certain mechanisms which help them to do this.
The first of these mechanisms is fiscal policy. Fiscal policy refers to the tax system and to government spending. By increasing or decreasing the amount of tax people must pay, the government can affect how much money people have available to spend (пdisposable income). This, in turn, has an effect on demand in the market. By increasing or decreasing their own spending, governments can have a huge effect on the growth of the economy.
The second mechanism is monetary policy. With its monetary policy, a government sets interest rates and also controls the amount of money that circulates in the economy. The interest rate the government sets influences the rate that commercial banks set when they lend money to customers. Interest rates have a big impact on the economy. For example, they can affect people’s decisions about saving or spending money.
The third mechanism is administrative approach. This is a range of things that governments do to increase the supply of goods and services to the economy but without increasing prices. There are a number of ways governments try to do this. For example, improvements in education and training can make the workforce more productive. Investment in technology can make industry more efficient. Governments can also change employment and business laws to make the market more competitive.
With a combination of these methods, governments try to steer or guide the economy on a steady and predictable path. They aim for gradual economic growth and to avoid disasters like the Great Depression.