12 Use the verbs in the Present Indefinite Tense and translate the sentences:

(1) They simply (to mean) they cannot satisfy everyone's wants.

(2) When they say something (to be) scarce they mean that there (to be) not enough of it.

(3) Scarcity (to exist) in all countries, both rich and poor.

(4) Very many wants (to remain) unsatisfied.

(5) Our wants (not to be) unlimited.

(6) We (to see) that in some countries people are generally well off.

(7) It (to seem) very strange that economists say this.

13 Translate into English:

(1) Это дает нам возможность видеть, как живут люди в остальном мире.

(2) На этот вопрос можно ответить, если точно знать смысл этого термина.

(3) Что означает этот термин?

(4) С этим можно легко согласиться.

14 Choose the correct variant and translate the following:

one of the great {benefit/benefits), pictures from other {part/parts) of the world, (million/millions) of people, {people/peoples) want more goods and services, our ability to produce more different {good/goods), economic {resource/resources) are limited in supply, (people's/peoples) wants seem to be unlimited

15 Use articles where necessary and translate the following: benefits of ... television, benefits of ... radio, in some parts of... world, many countries of... world, ... Africa, ... North America, in ... north, to ... south of... South America

16 Choose correct prepositions and translate the following:

increase (in/on) the output (in/at) the rest of the world

(in/at) modern times to look (at/in) the way the word is used

problems (of/in) economics to use the word {in/of) this way

to be limited {in/of) supply (in/at) this way he settled the problem

17 Match the equivalents:

more goods более приемлимые цены

higher salary более низкие цены

lower prices более подходящие цены

fewer goods меньшая зарплата

worse goods более высокая зарплата

better prices больше товаров

smaller salary меньше товаров

18 Translate into English and make short sentences using these word combinations:проблемы мирового масштаба, характерная черта, любое общество, остальной мир, остальное общество, остальные люди

19 Answer these questions:

(1) Which paragraph was most difficult to translate?

(2)Which paragraph was the easiest?

(3)What does the word 'scarcity' mean in economics?

Text 3: Choice and opportunity cost

Since we cannot have everything we want, we are forced to make choices. With our limited income we cannot buy all the things we would like to have. When we make a choice, we select from the things we can afford those which give us the most satisfaction or pleasure.

When we make a choice, something has to be given up or forgone. The thing we decide to give up is the sacrifice we have to make in order to obtain the thing we have chosen.

What we give up is described as the opportunity cost of ob­taining the thing we have chosen. For example, suppose a mo­torist has enough money to buy some petrol or a meal in a res­taurant. He chooses to buy the petrol. The opportunity cost of the petrol is the meal that he has to forgo. Here is another example: