Areas of Economics
There are three main approaches to economics: microeconomics, macroeconomics and development economics.
Microeconomics focuses on individual economic units. The economic behavior of either individual consumers or firms or industries is studied by microeconomics. The distribution of products and income among all these units is also analyzed by microeconomics. In this field of economics individuals are considered both suppliers of products and as consumers of goods. Firms are also studied both as suppliers of products and as consumers of labor and capital.
There was a long period in the ninetieth and early in the twentieth centuries when microeconomics questions dominated in economics. In the twentieth century economists’ interest in forces that affect income, employment and prices grew. They considered economy in all its relationships.
The term “macroeconomics” was first used in the 1930s. The world depression that began in 1929 required the study of such macroeconomic questions such as achievement of full employment and economic growth by means of proper government policies. This area of economics was developed by the British economist John Maynard Keynes.
The third main field of economics, that is, development economics, studies the factors of economic growth and how these factors are used by governments in order to achieve high living standards.
6. Ответьте на вопросы к тексту:
1. What does microeconomics study? 2. Whose economic behavior is studied by microeconomics? 3. How are individuals considered by microeconomics? 4. When did microeconomic approach dominate in economics? 5. When did economists’ interest in macroeconomics grow? 6. How is economy considered in macroeconomics? 7. What stimulated the development of macroeconomics? 8. What problems were analyzed in 1930s? 9. What is studied by development economics?
7. Образуйте новые слова, переведите их:
Pattern 1: to achieve – achievement
to develop; to invest; to require; to equip; to govern; to state; to harass
Pattern 2: to consume – consumer
to provide; to trade; to supply; to invest; to govern; to sell; to employ
Pattern 3: to employ – employee
to refuge; to elect; to devote; to train
8. Вставьте в предложения следующие слова:
*abundance *concept *consumer *firm *Industrial Revolution *population *precious metals *production process *profit *raw materials *satisfaction *scarcity |
1. The … began in the late 18th 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. 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 a 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 …
LESSON 3. SECTORS OF ECONOMY
Словообразование. Настоящее простое и настоящее продолженное время (сравнительный анализ). Порядковые числительные