III. Complete each sentence with a word or phrase from the box.

• Abundance — Precious metals

• Concept — Production process

• Consumer — Profit

• Firm — Raw materials

• Industrial revolution — Satisfaction

• Population — Scarcity

1. The ……………………began in the late 18^th century when machines started to replace human workers.

2. Sand and limestone are the ……………………………. needed to make glass.

3. The …………………………..to make a car involves many people and machines.

4. The extra money a company makes is called………………….. .

5. People want ………………..from the products they buy.

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6. …………………………… is when there is very little of something.

7. …………………………… is when there is lots of something.

8. Gold and silver are examples of ………………………………….

9. Another word for idea is …………………………………. .

10. The …………………………. is the number of people a country has.

11. A business or company is sometimes called a ………………………. .

12. When we buy things or use services we are a …………………….

IV. Now read the text again and decide whether these statements are true or false.

1. Aristotle did not use the word «economics», but he did write about economic ideas.

2. Early economists thought that a nation without gold was poor.

3. People in medieval times didn’t understand anything about economics.

4. In classical economics, the value of something was measured in gold.

5. Economists later found a problem with the classical model.

6. In neoclassical economics, supply and demand control price.

V. Say what you have learned about:

• Merchants, people who made …

• Father of modern economics

• Supply and demand

• Appearance of paper money

• Social classes

• Neoclassical economics

Grammar exercises

VI. Change these word combinations using possessive case (§ 2), translate them. Practice the use of nouns in possessive case: the invention of the scientist, the research work of the post-graduate, the discovery of the inventor, the ability of the man, the abilities of the men, the training of the student, the examination of the doctor.

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VII. Supply the correct forms of the verbs (§11). Translate the sentences.

1. They (to start) making the preparatory investigation two years ago.

2. Why … you (to increase) the cost of training?

3. Since last year the allowance (to pay) at the new rates.

4. The question of goods delivery (to settle) already.

5. She (to prove) to be an efficient economist.

6. After long discussion sellers and buyers (to agree) to sign a new contract.

At leisure

1. Read the article without a dictionary, try to retell it. Word origin budget: Just a little bag

French merchants of the Middle Ages carried their money around in a bougette, or «little bag», a word that descended from the Latin bulge, «a leather bag». The English word «bulge» comes from the same source. Belly is a very distant relative too, al though that’s not so obvi ous, but they all have the idea of «swelling» in them. When a storekeeper made up his budget in those days he opened his bag to find out his resources and counted the cash.

2. Translate the proverbs, think of Russian equivalents, give a situation using them.

• Better late than never.

• The cat would eat fish and would not wet her feet.

3. A glimpse of Great Britain Language is not fixed forever

Some books, maybe even some teachers, give the impression that language is fixed, that there is one right way to say something. But language isn’t like that. Even relatively simple things like saying ‘hello’ to your friends. Language always changes — less than ten years ago nobody talked about texting, sending an SMS, spam emails blogs, search engines, and many other terms that we all use nowadays. These words are necessary now because of technology — that has changed.

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But language also changes because people enjoy being inventive with language. We would get bored saying the same things in the same way forever.

Unit 3

Pre-text exercises

1. Find the transcription of new words in a dictionary, try to read them fluently:

Society, employer, salary, subsistence, enough, division, characteristic, drawback, survive, environmental, disaster, drought, disease.

2. Word- building Compile and translate: proper a. + -ty → accommodate υ. + -tion → hunt n. + -er → tradition n. + -al → survive υ. + -al → environ υ. + -ment → practical a. + -ly → equal a. + -ly → know υ. + -ledge → protect υ. + -tion →