2. Replace the underlined words by synonyms

1. the economy comprises millions of people;

2. losses were incurred;

3. to run businesses;

4. changes in the state of the economy affect all types of business;

5. profits declined;

6. losses amounted to over ₤ 100 million.

3. These pairs of words often cause problems. Choose the correct alternative for each:

   1. ECONOMIC/ECONOMICS

1. She studied ___ at university and is now an economist with a big international bank.

2. She analyses the general ___ problems faced by companies operating within traditional industries like shipbuilding.

   2. ECONOMY/ECONOMIES

1. Their government is trying to liberalize the ___ while keeping tight political control.

2. Overheads are getting out of control and we need to make major ___ right across the business.

   3. ECONOMIC/ECONOMICAL

1. Prices are rising and the number of jobs is falling. It’s not just a business problem, it’s general ___ problem.

2. This car uses less petrol than the other one so this one is the more ___.

4. Suggest Ukrainian equivalents:

• to supply essential items;

• intermediate system has developed;

• a government controls a share of the output;

• product which are favoured;

• each factory is set a production target to meet;

• to divert resources to wherever it wants.

5. A) Read and translate the text in a written form:

WHAT’S MICROECONOMICS AND MACROECONOMICS?

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 to 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 microeconomics and macroeconomics cuts across the large number of subject groupings cited above.

b) Answer the following questions:

1. What economists do you know?

2. What distinguishes a labour economist from an urban economist?

3. Do we need to classify branches of economics according to the area of economic life?

4. According to what aspects can branches of economics be classified?

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

6. A) Turn the following sentences into the Passive Voice using the italicized words as the grammatical subject. Use a by-phrase where necessary:

1. They guarded the secret well.

2. They extinguished the light immediately and then they slowly opened the door.

3. Mrs. Hastings is subletting the flat at eighty pounds. (by)

4. The caretaker showed them all over the house. (by)

5. “I am sure somebody is watching the house,” said Poirot.

b) Turn the following sentences into the Passive Voice where possible:

1. The misfortune changed Mrs. Gray’s appearance overnight.

2. His grandmother always wore her hair in a bun.

3. Everybody considers Nancy charming.

4. A soft smile sometimes softens his stern features.

5. Anna had dark hair and blue eyes.

c) Transform the sentences using Complex Object:

1. They approached the house. We saw them.

2. They were signing a contract. We watched them.

3. They began to discuss the terms of the contract. I heard it.

4. The appointment was made by the secretary. I knew it.

5. The students gave the definition of “macro-” and “microeconomics” perfectly well. She expected.