Vocabulary Notes:

1. scarcity [`skeəsəti] / [`skersəti] – недостача; нестача; дефіцит;

2. to exceed [ık`si:d] – перевищувати; перевершувати; виходити за межі;

3. effectively [ı`fektıvli] – фактично; по суті; практично;

4. optimizing [`Optımaızıŋ] – оптимізація; пошук оптимального рішення;

5. economizing [ı`kOnəmaızıŋ] – економія;

6. “dismal science” [`dızməl `saıən^ts] – “похмура (гнітюча) наука”;

7. since [sın^ts] – оскільки; так як;

8. to predict [prı`dıkt] – передбачувати; провіщати; передрікати;

9. to outstrip [ֽaut`strıp] – обганяти; випереджати; перевищувати (у чомусь);

10. body (of) [`bOdi] / [`bα:di] – система (напр. законів); група (чогось);

11. to seek [si:k] – прагнути (чогось); добиватися (чогось); намагатися, робити спроби;

12. consumption [kən`sAmp∫^ən] – споживання;

13. wages [`weıGız] – заробітна плата;

14. earnings [`ə:nıŋz] – заробіток; дохід, прибуток; виручка; надходження;

15. gov­ernment spending [`gAv<sup>ə</sup>nmənt `spendıŋ] / [`gAv<sup>ə</sup>rnmənt `spendıŋ] – державні витрати;

16. regulation [ֽregju`leı∫^ən] – правило; регламент; постанова; регулювання; упорядкування;

17. overview (of) [`əuvəvju:] / [`ouv^ərvju:] – загальне уявлення (про щось);

18. to affect [ə`fekt] – впливати; діяти (на);

19. quality of life [`kwOləti] / [`kwα:ləti] – якість життя;

20. earner [`ə:nə] – особа, що отримує заробітну плату; годувальник;

21. spender – той, хто витрачає кошти;

22. to make a living – заробляти на життя;

23. to hire [`haıə] / [`haı^ər] – наймати; надавати роботу; запрошувати на роботу;

24. to employ – наймати; давати роботу;

25. trend – напрям; загальна спрямованість; тенденція;

26. convenience [kən`vi:niən^ts] – зручність; вигода; користь;

27. individual household – індивідуальне домашнє господарство; (окрема) сімейна одиниця;

28. allocation [ֽælə`keı∫^ən] – розміщення; розподіл; призначення;

29. the big picture – загальна картина; загальне уявлення;

30. determination [dıֽtə:mı`neı∫^ən] – визначення; встановлення;

31. aggregate income [`ægrıgət `ınkAm] – загальна сума доходів; сукупний дохід;

32. av­erage price [`ævərıG] – середня ціна;

33. to observe [əb`zə:v] – спостерігати; стежити; вести наукові спостереження;

34. to mea­sure [`meჳə] / [`meჳ^ər] – міряти; вимірювати; оцінювати, визначати (характер тощо);

35. crucial [`kru:∫^əl] – вирішальний; критичний.

Task 10. Correct the following statements.

1. Human wants hardly exceed available resources.

2. Scarcity forces people to share their scarce resources with each other.

3. Optimizing is making the quickest possible choice from what is available.

4. Optimizing and economizing denote different economic phenomena.

5. Economics dates back to the Middle Ages.

6. Thomas Malthus is known for his fundamental work The Wealth of Nations.

7. Economics has nothing to do with social phenomena.

8. Economics was called the “optimistic science.”

9. Understanding economics concerns only economists and business owners.

10. Economic forces hardly affect our everyday lives.

11. The more you know about economics, the gloomier you become.

12. Professionals who study economics are called decision-makers.

13. Economists do not work for non-profit organizations.

14. Microeconomics studies the economy as a whole.

15. The only task of economists is to observe and measure economic activity.

Task 11. a) Match the terms in column A with their definitions in column B:

A

B

scarcity economist economizing microeconomics macroeconomics

the study of large economic systems, such as those of whole countries or areas of the world; the features or state of such a system; a situation in which the supply of something is not enough for the people who want or need it; the branch of economics that studies individual markets or the decisions and choices made by individual businesses, families, etc. about spending or earning money, for example the choice to charge a particular price for goods; using something such as money or other resources carefully, so that you waste as little as possible; a person who studies or writes about economics; a person whose job involves studying particular economies and predicting their future progress;

b) Translate into Ukrainian.

1. All economic questions arise from the fundamental fact of scarcity. 2. Economizing on food is the only choice we have. 3. Economists generally agree on basic principles and models about the world that is. 4. Microeconomics examines the interaction of producers, buyers, and sellers in markets. 5. The city is affected by the macroeconomics of the region.

Task 12. Match the words in column A with their synonyms in column B.

A	B
effectively	limited;
to outstrip	to attempt, to try;
dismal	indeed; in fact;
finite	economizing;
earnings	to employ;
to seek	to govern;
allocation	income;
to force	gloomy;
to hire	distribution;
optimizing	to exceed;

Task 13. In the text “Economics” (Task 9) find the words opposite in meaning:

1. Excess, surplus;	3. unavailable;	5. to cooperate;
2. poverty;	4. employment;	6. ample.

Task 14. Fill in the blanks with the most appropriate terms from the box.

scarcity

capital

satisfy

limited

face

There will always be a difference between what peo­ple want and the resources available to (1)_____ those wants. Human wants are unlimited, but the resources (land, labour, (2)_____, and time) required to satisfy them are limited. Once that limit is reached, nothing else can be produced. Thus, if human wants are unlimited, but resources to satisfy those wants are (3)_____, then people in every society (4)_____ the same problem: the problem of (5)_____.

Task 15. a) Fill in the blanks with corresponding noun or verb forms. Use your dictionary if necessary.

NOUN	VERB
-----------	to publish
excess	-----------
-----------	to grow
analysis	-----------
-----------	to consume
achievement	-----------
-----------	to inflate
prediction	-----------
-----------	to regulate
provision	-----------

b) Use the correct noun or verb forms in the sentences. Change the grammatical form of the words if necessary.

1. publish

1. It’s a well-known weekly financial _____.

2. Their company _____ a wide selection of books.

2. excess

1. You will need to fill in a form for any claim that _____ £500.

2. We cover costs up to €800 and then you pay the _____.

3. grow

1. The company’s turnover _____ from $1.56 billion to $1.58 billion.

2. Sales showed 0.3 per cent _____ in the first quarter.

4. analysis

1. She is head of economic _____ at a top investment bank.

2. We need to _____ what went wrong.

5. consume

1. There is an index that measures how content we are with the goods and services we _____.

2. _____ of soft drinks has grown by about 4 per cent this year.

6. achievement

1. To keep within the budget was a great _____.

2. The company _____ its target of a 15% increase in sales this year.

7. inflate

1. Oil prices were _____ by the threat of war.

2. Wages increases must be in line with _____.

8. prediction

1. Not many people agree with the government’s _____ that the economy will improve.

2. Many analysts are _____ a rise in interest rates.

9. regulate

1. The government has promised stricter _____ of the stock market.

2. The activities of credit companies are _____ by law.

10. provision

1. Your website should _____ the information that customers need.

2. This contract includes a _____ for salary increases over time.

Task 16. a) Revise the following word-building pattern.

VERB	+ABLE	ADJECTIVE
accept	→	acceptable
adapt	→	adaptable
check	→	checkable
control	→	controllable
drink	→	drinkable
enjoy	→	enjoyable
read	→	readable
wash	→	washable

b) Which of the verbs from Task 15 can follow the above word-building pattern?

VERB	+ ABLE	ADJECTIVE
to publish	→	-----------
to exceed	→	-----------
to grow	→	-----------
to analyze	→	-----------
to consume	→	-----------
to achieve	→	-----------
to inflate	→	-----------
to predict	→	-----------
to regulate	→	-----------
to provide	→	-----------

c) Read and translate the following sentences.

1. Profits of $20m look achievable.

2. These phenomena are quite analyzable.

3. Revenues have become less predictable.

4. The cost of consumable materials has grown significantly.

5. Sea pirates of the 21^st century chase cargo ships in high-speed inflatable motor boats.

6. Many US businesses are regulable because of the interstate commerce clause of the United States’ Constitution.

Task 17. a) Use the words below to make up verbs according to the following word-building pattern.

OUT + Verb1 → Verb2

E.g.

out + to strip (позбавляти, відбирати) → to outstrip (обганяти, випереджати)

1. to go; 2. to act; 3. to wit; 4. to bid; 5. to top;

6. to run; 7. to sell; 8. to live; 9. to race; 10. to play;

11. to rank; 12. to wait; 13. to rival; 14. to trade; 15. to yield;

16. to work; 17. to score; 18. to speak; 19. to spend; 20. to watch;

21. to market; 22. to bargain; 23. to number; 24. to perform; 25. to produce.

b) Which of the above derivatives means:

1. переграти, обіграти;

2. перечекати (когось);

3. перехитрити; обманути;

4. чисельно перевищувати;

5. пережити (кого-небудь / що-небудь);

6. проводити більше, ніж хто-небудь ще;

7. не спати цілу ніч; не спати довше (за когось); стежити;

8. перевищити у виробництві; перевищити у продуктивності; (2 words)

9. говорити краще, більш виразно, гучніше (за когось); висловлюватися; заявляти (що-небудь);

10. вести в рахунку (у грі); вигравати; перевищувати в ціні / цінності; продавати більше, ніж хто-небудь;

11. мати більш високий ранг, чин; бути вище (когось / чогось); випереджати, перевищувати; (2 words)

12. випереджати; перевищувати; обігнати, перевищити у швидкості, обся-гу або мірі; переганяти; випереджати; залишати позаду себе; (4 words)

13. перевершити когось у виконанні певної діяльності; переважати, перевищувати; виконувати краще (кого-небудь); працювати краще та швидше (за когось); (3 words)

14. перевищити (обійти) конкурентів (продати більшу кількість товару, отримати більші прибутки, здобути більшої відомості на ринку і т.п., ніж конкуренти); продаватися краще, ніж інший товар; продава-ти більше (ніж конкуренти); випередити в обсягах збуту; (3 words)

15. укладати торговельні угоди на більш вигідних умовах, ніж конкуренти; перебивати купівлю (торговельну угоду); пропонувати вищу ціну (ніж інші учасники аукціону); перебивати ціну; (2 words)?

Task 18. Match the terms in column A with their synonyms in column B.

A	B
to outwit to outtop to outlive to outrace to outplay to outwait to outshine to outmarket	to outwatch; to outscore; to outclass; to outtrade; to outpace; to outrank; to outlast; to outfox;

Task 19. Translate into Ukrainian.

1. In the mid-eighteenth century the production of food far outwent the rise in population. 2. Their performance was brilliant. Some would even say they have outacted themselves. 3. He will share his tactics to outwit and outmarket your competitors. 4. The German group outbid several others for a controlling share in the publisher. 5. No building is allowed to outtop the cathedral. 6. Costs outran her income. 7. Laptop computers may in the future outsell desktops. 8. The machine has outlived its usefulness (= is no longer useful). 9. Demand for trained clergy is outracing the supply. 10. We were absolutely and totally outplayed. 11. Surveys show the firm is outranking the others in food quality. 12. He sat back and decided to outwait his opponent. 13. I have seen the Canadian and American Rockies, the Andes, the Alps and the Highlands of Scotland, but for simple beauty, Cape Breton outrivals them all. 14. Don’t let them outtrade you. 15. Plantations outyield managed natural forest. 16. We need to outwork them. 17. Our students outscored their peers in the recent Math contest. 18. I heard how outspoken I was going to be, so I’m trying to outspeak. 19. The firm’s partners, employees and family members also outspent all other firms in individual contributions, donating $1. 20. They outwatched the night, ever hopeful of a rescue. 21. Information technology lets even tiny businesses outmarket the giants. 22. “Whom we cannot persuade we would overpower – which is War; and whom we cannot overpower, we would outbargain – which is Business.” (William Estabrook Chancellor). 23. Although corporations are outnumbered by about four to one by sole proprietorships, they dominate American business. 24. In recent years the Austrian economy has outperformed most other industrial economies. 25. Electricity generation growth is particularly high in China and India, with both countries expected to out-produce some of the largest developed economies by 2015.

Task 20. Transform the following sentences using the words in brackets. Change grammatical forms if necessary.

E.g. We lost the race to our competitors. – Our competitors outraced us.

1. In its economic development Ukraine is still lagging behind major Western economies. (to outpace)

2. He plays tennis better than any of us. (to outclass)

3. The national team let through 2 goals and lost the game to Germany. (to outscore / to outplay)

4. In the U.S. there are four times as many sole proprietorships as corporations. (to outnumber)

5. We failed to buy that lot at the auction because our rivals agreed to pay more. (to outbid)

6. Last year our company’s sales exceeded those of its major rivals. (to outsell)

7. They have consistently shown better performance than their larger competitors. (to outperform)

8. She was the best among her teammates at running and swimming. (to outdo)

9. John was clever enough to cheat his rivals. (to outfox)

10. Once a favourite device in many homes, video cassette recorder is not used any more. (to outlive)

Task 21. Think and answer.

1. What happens to prices when demand is outstripping supply?

2. Do you think it is justifiable to outfox rivals in business?

3. Why are corporations outnumbered by business organizations of other types? Does it mean that SMBs outperform corporations?

4. What can happen if the growth of population outgoes amounts of agricultural production?

5. Can you give examples of home appliances which outlived their usefulness?

6. Have you ever tried to outwit your competitors? What tactics did you employ?

7. Have you ever been absolutely and totally outplayed?

8. In what fields of activity can you outshine your peers (group mates, colleagues etc.)?

9. Is it always necessary to speak louder to outspeak others?

10. Insolvency is a situation, when your expenses outrun your income, isn’t it?

Task 22. Some words can be used both as a noun and as a verb. Complete the table with the appropriate words from the text “Economics” (Task 9).

№	ІМЕННИК	ДІЄСЛОВО	ПЕРЕКЛАД
1.	дата, число; період; строк; амер. розм. побачення; той, з ким призначено зустріч; (ділова) зустріч;	датувати; ставити дату; застаріти, стати старо-модним; амер. розм. ходити на зустрічі, зустрічатися;	-----------
2.	виріб, вироби; продукт, продукція; сільсько-господарські продукти; амер. овочі, зелень; випуск (продукції), обсяг випуску; результат, підсумок;	виробляти, випускати; створювати, генерувати; породжувати, синтезувати; викликати, слугувати причиною;	-----------
3.	турбота, хвилювання; інтерес; участь; справа, відношення; концерн, підприємство;	стосуватися, відноситися; цікавитися, займатися (чимось); турбуватися, тривожитися;	-----------
4.	служба; обслуговування; сервіс; послуга; військ. рід військ; сервіз;	обслуговувати; проводити огляд і поточний ремонт (автомобіля тощо); заправляти (автомобіль);	-----------
5.	випуск (продукції); видання (друкованої продукції); но-мер (періодичного видання); проблема; справа; тема;	випускати, видавати; пускати в обіг;	-----------
6.	базар, ринок; ринок (збуту); збут; попит; торгівля; ринкова ціна; амер. продовольчий магазин;	привозити, доставляти (товар) на ринок; купувати на ринку; торгувати, продавати на ринку; продавати, збувати, знаходити ринок збуту;	-----------
7.	обличчя, лице; фізіономія; вираз обличчя; зовнішній вигляд; гримаса; зухвалість, нахабство; вид спереду, фасад; поверхня циферблат; лице, лицьовий бік (тканини тощо);	зустрічати сміливо; не лякатися, дивитися прямо у вічі; бути поверненим (у певний бік); облицьовувати, обкладати (каменем);	-----------
8.	податок; мито; збір; амер. членські внески (у профспілці, якомусь товаристві); плата по рахунку, ціна;	оподатковувати; юр. та-ксувати, визначати розмір збитків, штрафу, судових витрат; надзвичайно на-пружувати, втомлювати, піддавати випробовуван-ню; засуджувати, звинувачувати;	-----------
9.	праця; робота, завдання; робітничий клас, робоча сила; працівники, робітники;	трудитися, працювати (зазвичай важко); докладати зусиль, боротися (за щось); добиватися (чогось);	-----------
10.	рівень; ступінь; пласка, горизонтальна поверхня; рівнина;	рівняти, вирівнювати; знищити, зрівняти із землею; розм. бути відвертим (з кимось);	-----------
11.	ціна; цінність; жертва, ціна;	призначати ціну; оцінювати; вказувати ціну; дізнаватися про ціну, прицінюватися;	-----------
12.	міра; одиниця виміру; мірка, розмір; міра, еталон; грань, межа, ступінь; міроприємство, захід;	вимірювати, міряти; від-раховувати; мати розмір; оцінювати, визначати; порівнювати; мірятися силами; співвідносити, приводити у відповідність;	-----------

Task 23. a) “Odd man out.” In each line cross out a word that in its meaning differs from the others. Explain your choice.

1. Regulation – production – consumption;

2. population – society – prediction;

3. regulation – taxation – publication;

4. goal – achieve – escape;

5. goods – inflation – services;

6. growth – unemployment – inflation;

7. research – predict – analyze;

8. quality of life – individual households – business methods;

9. convenience – achieve – goal;

10. economic activity – trend – income.

b) Put the following words in the logical order.

e.g. 1) research (досліджувати) → 2) discover (віднайти) → 3) measure (виміряти) → 4) describe (описати, охарактеризувати) → 5) predict (передбачити).

describe; observe; analyze; predict; find;

production exceed prices growth consumption

income; taxation; quality of life; large corporations; government spending.

Task 24. In each sentence there is one word, which is wrong. Find and correct the mistakes.

1. The publication of Adam Smith’s “The Poverty of Nations” gave rise to economics as a science.

2. Every society faces the same problem: the problem of surplus.

3. Economiz­ing is making the best use of ample resources.

4. Scarcity forces people to cooperate with each other in using available resources.

5. Human wants do not simply exceed resources; they are finite.

6. Unlike other social sciences economics tries to find a body of laws of nature.

7. Seven big answers provide an overview of economics.

8. One uncommon definition of economics is “the study of how people make a living.”

9. Microeconomics is the branch of eco­nomics that studies the economy as a whole.

10. Economic phenomena cannot be observed and mea­sured in great detail.

Task 25. Answer the questions.

1. What world do we live in?

2. What does scarcity mean?

3. What does scarcity force people to?

4. What is optimizing?

5. What does economizing mean?

6. What is economics?

7. Has economics achieved its goals? Why?

8. How did Adam Smith contribute to the development of economics?

9. Why was economics once called the “dismal science”? Has it changed its image since then?

10. How does economics relate to other natural and social sciences?

11. What difficult questions does economics try to answer?

12. Why are these questions called big?

13. How does economics affect our life?

14. Can knowledge of economics improve your standard of living?

15. What is the main task of economists?

16. What do economists do?

17. Into what areas of study can economics be divided?

18. What is microeconomics concerned with?

19. What does macroeconomics study?

20. Can economic phenomena be observed and measured?

Task 26. a) Read the passage and choose the correct answer.

Whether or not they have ever studied economics, many people seem to be at least implicitly committed to the idea of homo economicus, or economic man. Economic men are seen as rational and broadly self-interested actors who have the ability to make judgments towards their subjectively defined ends.

If you look at economics textbooks, you will learn that homo economicus can think like Albert Einstein, store as much memory as IBM’s Big Blue, and exercise the willpower of Mahatma Gandhi.

But the people we know are not like that. They may have trouble with long division if they don’t have a calculator, sometimes forget their spouse’s birthday, and have a hangover on New Year’s Day. They are not homo economicus; they are homo sapiens.

(Richard Thaler)

1. It is implied in the text that many people …

1. reject the idea of homo economicus;

2. need to study economics to become homo economicus;

3. can adequately interpret the notion of homo economicus;

4. believe that members of the modern society are homo economicus;

2. Homo economicus is described in the textbooks as a … person.

1. gifted;

2. clever;

3. strong-willed;

4. all the above;

1. Most people around us are homo sapiens rather than homo economicus because they …

1. lack extraordinary abilities characteristic of homo economicus;

2. don’t seem to be committed to the idea of homo economicus;

3. don’t have sufficient educational background;

4. all the above;

2. Which idea do you think the author suggests?

1. homo sapiens cannot avoid economics;

2. it is in nature of a human being to think and act in economic terms;

3. only most distinguished representatives of human society can be called “economic men”;

4. though popular, the notion of homo economicus cannot find its total application in the modern world;

b) Think and answer.

34532. Is it development of economics that brought about the idea of homo economicus?

34533. Do you think homo economicus is the result of social evolution?

34534. What is the difference between homo economicus and homo sapiens? What do they have in common?

34535. What makes homo economicus perfect?

34536. Are you committed to the idea of homo economicus, or economic man?

34537. Are there many “economic men” among people surrounding you?

34538. Do you possess any traits characteristic of homo economicus?

34539. How does the passage you read prove that economics is a social science?

Task 27. Translate into English.

1. Нестача змушує людей конкурувати один з одним за дефіцитні ресурси шляхом вибору. 2. Економіка – це молода наука, яка ще далека від досягнення своєї мети. 3. “Батьком” економіки називають шотландського вченого Адама Сміта. 4. Через песимістичні економічні прогнози англійського вченого Томаса Мальтуса економіку свого часу назвали “похмурою наукою”. 5. Економіка подібно до природничих і соціальних наук намагається віднайти систему законів природи. 6. Економіка намагається дати відповіді на важкі питання, які впливають на наше щоденне життя. 7. Економічна наука дає відповідь на питання, що є, а не що має бути. 8. Сім великих питань становлять загальний обрис економіки. 9. Розуміти економіку має кожен громадянин. 10. Чим більше ти знаєш про економіку, тим кращі економічні рішення ти зможеш приймати. 11. Головним завданням економістів є розкриття законів, які керують економічною поведінкою. 12. Великі корпорації та банки наймають економістів для вивчення ринків та методів ведення бізнесу. 13. Мікро-економіка вивчає економічні рішення індивідуальних господарств і фірм. 14. Макроекономіка – це галузь економіки, яка вивчає економіку загалом. 15. Економічні феномени можуть бути детально досліджені та виміряні.

Task 28. Say what you know about …

1. The most fundamental economic problem.

2. The origins of economics.

3. Seven big questions that provide an overview of economics.

4. Homo economicus.

Task 29. Translate the following sayings. Choose one to comment on.