ECONOMY, ECONOMICS and TRADE

UNIT 1. ECONOMY & ECONOMICS

Lesson 1

Task 1. a) Use the word stem and flexions below for word formation.

-Y

-IST

-ISM

-IC

-ICS

Econom-

-IZING

-ICAL

-IZE

-ETRIC

-IZER

-ISTIC

-ETRICS

b) Which of the derived words are used to denote:

1. relating to economism;

2. something related to econometrics;

3. relating to the economy of a particular country or region;

4. careful about spending money; not expensive to make, buy, or use;

5. to use something very carefully, so that you waste as little as possible;

6. the system by which a country’s trade, industry and money are organized;

7. using something such as money or fuel very carefully, so that you waste as little as possible;

8. the application of mathematical and statistical techniques to economic problems and theories;

9. the branch of social science that deals with the production and distribution and consumption of goods and services and their management;

10. a device designed to make a machine or system more energy-efficient; a person who reduces expenditure; a person or thing that economizes;

11. a political theory that regards economics as the main factor in society, ignoring or reducing to simplistic economic terms other factors such as culture, nationality, etc.; the belief that the main aim of a political group, trade union, etc., is to improve the material living standards of its members;

12. an expert in economics, especially one who advises a government depart-ment, business or organisation; someone who studies and teaches economics?

Task 2. a) Pronounce the words below according to the given patterns.

Economy [ı`kOnəmi]	Economic [ֽi:kə`nOmık]	Econometric [ıֽkOnə`metrık]	Economistic [ıֽkOnə`mıstık]
economist	economics	econometrics
economize	economical
economizer
economism
economizing

b) Which of the above words means:

• економетрика;

• економістичний;

• економетричний;

• економія; заощадження;

• економайзер, підігрівіач;

• господарство, економіка;

• економити, заощаджувати;

• економіка, теорія економіки;

• економіст; ощадлива людина;

• економний, ощадливий; економічний;

• економічний, господарський; такий, що відноситься економічної галузі;

• економізм а) боротьба за економічні, а не політичні інтереси; б) стимулювання зростання продуктивності праці з допомогою премій та інших економічних смтимулів?

c) Translate into Ukrainian paying attention to the words in italics.

1. Economic growth is slowing down. 2. Economics is a relatively young science. 3. I’d rather economize on holidays than food. 4. The government promised to boost the flagging economy. 5. He always was economical when it came to buying presents. 6. Of course, the car is not the most economical form of transport. 7. It would be more economical to switch the machine off at night. 8. New opportunities will emerge as the economic climate improves. 9. In Tsarist Russia economism manifested itself as a political belief that the sole concern of the working classes should be with improving their living conditions and not with political reforms. 10. Economizing on food is the only choice we have. 11. The word “econometric” was first used in the article by R. Frish in 1926. 12. The parliament is considering economistic issues of today. 13. Econometrics is a branch of economics that uses mathematical methods in order to understand how economies operate. 14. Economizers are mechanical devices intended to reduce energy consumption. 15. Some economic predictions and views of Tomas Malthus, a 19^th-century economist, were used to develop the fascist doctrine.

Task 3. a) Study the definitions of the term “ECONOMICS”.

b) Which meaning of the word is revealed in the following sentences?

1. The new developments radically changed the economics of the newspaper industry.

2. One common definition of economics is “the study of how people make a living.”

3. Economics tries to answer difficult questions that affect our daily lives.

4. Understanding economics concerns every citizen in modern society.

5. Economics is sometimes referred to as the “dismal science.”

6. The simple economics of the case are easy to explain.

7. Dillon studied economics at Manchester University.

8. The economics of the project are very encouraging.

9. Economics are slowly killing the family farm.

10. What are the economics of such a project?

Task 4. Singular or plural?

economics IS	economics ARE
The science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind; the study of how a society organizes its money, trade and industry;	Economic matters, especially relevant financial considerations; economically significant aspects; the financial aspects of a business, a project, etc., especially the relationship between money spent and the benefits or profit produced.

Task 5. a) Study the following words.