1. “The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.” (Thomas Sowell)

2. “Economists are pessimists: they’ve predicted 8 of the last 3 depressions.” (Barry Asmus)

3. “Economics is extremely useful as a form of employment for economists.” (John Kenneth)

4. “The economy depends about as much on economists as the weather does on weather forecasters.”

5. “Economy is how to spend money without enjoying it.”

6. “Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.” (Will Smith)

7. “The gap in our economy is between what we have and what we think we ought to have – and that is a moral problem, not an economic one.” (Paul Heyne)

8. “Economy is the method by which we prepare today to afford the improvements of tomorrow.” (Calvin Coolidge)

9. “Economics has never been a science – and it is even less now than a few years ago.” (Paul A. Samuelson)

10. “Economics is a subject that does not greatly respect one’s wishes.” (Nikita Khrushchev)

11. “People want economy and they will pay any price to get it.” (Lee Iacocca)

12. “Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.” (Lionel Charles Robbins)

13. “In economics, the majority is always wrong.” (John Kenneth Galbraith)

14. “Henry Ford was right. A prosperous economy requires that workers be able to buy the products that they produce. This is as true in a global economy as a national one.” (John J. Sweeney)

15. “It’s called political economy because it is has nothing to do with either politics or economy.” (Stephen Leacock)

16. “I am not an economist. I am an honest man!” (Paul McCracken) 

Lesson 2

Task 1. a) Differentiate between the following words.

Which word?

Economic vs. Economical

These two adjectives are often confused. Economical refers to the cost of things. Something is economical if it provides good value for the amount of money you spend on it: It was more economical to hire the vehicles than to buy them. In its most common sense, economic only appears before nouns and its meaning is connected with the word economy and the subject of economics. It is connected with trade, industry and development of wealth of a country, an area or a society and is used mainly when describing their financial situation: We observe the region’s gradual economic recovery. The government initiated unpopular economic reforms. Less commonly, economic is used to mean “making enough profit” or as a synonym of economical to describe something that costs less money or uses less time, materials or effort. In these senses the word can appear before or after the noun.

b) Explain the usage of the above adjectives in the following sentences.

1. Economic means “concerning economics”. 2. Economical is commonly used to mean “thrifty, avoiding waste”. 3. He’s rebuilding a solid economic base for the country’s future. 4. Small cars should be inexpensive to buy and economical to run. 5. The government’s economic policy is aimed at developing entrepreneurial culture. 6. It’s more economical to go by bus. 7. Many organizations must become larger if they are to remain economic. 8. The book gives some valuable ideas for economical housekeeping. 9. Though unpopular among citizens, Poland’s radical economic reforms achieved their goal. 10. Economical use of time may make you more productive. 11. The pace of economic growth is picking up. 12. She is a very economical cook. 13. Critics say that the new system may be more economic but will lead to a decline in programme quality. 14. Experts try to predict economic and social consequences of the forthcoming elections. 15. Economy goods are available in very large quantities at economical costs. 16. They gave up a large house for economic reasons. 17. If you don’t like to spend money unnecessarily, you may simply be economical, which means that you manage your finances wisely and avoid any unnecessary expenses. 18. Exports account for two-thirds of our economic activity. 19. We are looking for the most economical production methods. 20. He blamed the drop in sales on the global economic crisis.

Task 2. a) The words below often occur after “ECONOMIC”.

literacy lag shopper ECONOMIC manager space miracle self-reliance migrant

b) Which of the above word-combinations means:

1. Економічне диво;

2. економічний простір;

3. економічна грамотність;

4. економічна відсталість; економічне відставання;

5. економічна самостійність; економічне самозабезпечення;

6. економічний покупець, раціональний покупець (такий, що звертає увагу на ціну, якість, розмаїття товарів і простоту прийняття рішень щодо покупки);

7. господарник, хазяйський (дбайливий) керівник (керівник, який здійснює політику економічно ефективного управління, тобто досягнення максимально високих результатів при мінімальних ресурсних затратах);

8. економічний мігрант (той, хто переїжджає з однієї країни чи місцевості до іншої, аби покращити власний рівень життя); “ковбасний емігрант” (термін, який у колишньому Радянському Союзі вживався щодо емігрантів, які залишали країну не з політичних міркувань, а радше будучи невдоволеними власним рівнем життя через тотальний дефіцит, зокрема й продуктів харчування)?

с) Make up sentences with the above word combinations.

Task 3. Study the etymology of the word “ECONOMY”.

Etymology:	ECONOMY
1) from Greek oikonomia (“household management”), based on oikos “house” + nemein “manage” via Latin →
2) → French 15th century économie (“management of material resources”)
Current senses of “economy” date from the 17th century.

Task 4. a) The words below often occur with “ECONOMY”.

class bubble tiger ECONOMY black goods false Western drive

b) Which of the above word-combinations means:

1. (used especially in newspapers) a country whose economy is growing very fast;

2. a period when you try to spend less money than usual; an organized effort to reduce costs and avoid wasting money;

3. a temporary situation when businesses grow very fast, the prices of shares and homes, etc. rise and employment increases;

4. business activity or work that is done without the knowledge of the government or other officials so that people can avoid paying tax on the money they earn;

5. goods that are cheaper than normal goods usually because you are buying larger quantities;

6. most powerful countries of the West;

7. something that seems to save money but will really make you spend more;

8. the cheapest seats on a plane; the cheapest class of air travel; the part of a plane where people with the cheapest tickets sit?

c) In the sentences below find the English equivalents of the following terms:

• псевдо економія;

• тіньова економіка;

• товари за зниженою ціною;

• економ-клас, туристичний клас;

• західна держава; західна економіка;

• спекулятивна економіка (“економічна булька”);

• кампанія за економію; боротьба за режим економії;

• економіка країн, які динамічно розвиваються; економіка країн-“тигрів” (таких як Сінгапур, Тайвань чи Південна Корея).

1. I always fly economy class.

2. They’re on an economy drive.

3. We were in a bubble economy.

4. Buying cheap tools is false economy.

5. Fares start from €597 for economy class.

6. Singapore’s tiger economy is still expanding steadily.

7. Economy goods are commonly sold through the Internet.

8. Experts believe the black economy is 40% the size of the official economy.

9. There are a lot of opinions about why the Western economy has flourished.

10. The central bank failed to put up interest rates and a bubble economy developed.

Task 5. a) Differentiate between the following word combinations.