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5 Translate into English.

1 Люди мають як матеріальні, так і соціальні потреби.

2 Загальна кількість матеріальних потреб набагато перевищує можливість їх задоволення.

3 Економічні знання допомагає студентам, бізнесменам та робітникам.

4 Економіка вивчає поведінку окремих осіб та інституцій, які задіяні у виробництві, обміні та використанні товарів та послуг.

5 Мікроекономіка має справу з конкретними економічними підрозділами.

Iy it is interesting to know

1 Read the text about Adam Smith, the Father of modern Economics.

The world would not be the same without Adam Smith and his works. In 1776 he published his An Inquiry into the Nature and Causes of the Wealth of Nations. This book has influenced prominent thinkers and governments more than any other economics book ever written. It not only explained how markets worked, but it showed that natural law could be applied to the social and economic world as much as to the physical world.

Smith was born in Kirkcaldy, Scotland, in 1723. He was brilliant and highly gifted, but also absentminded. There are lots of stories about his absentmindedness. Once while walking in his garden, dressed only in a nightshirt, he walked 15 miles before he realized what he had done. When signing official letters, he could copy the signature of another person instead of writing his own name. He enjoyed society and conversation, and was a member of many social clubs.

After studying classics at Oxford, Smith returned to the University of Glasgow to take up moral philosophy – a subject that combined theology, ethics, law, and politics. He stayed in Glasgow from 1751 to 1764. His first book, The Theory of Modern Sentiments (1759) was a big success. It focused on human motivation and sympathy. Thanks to the book’s success Smith was appointed as a tutor to the duke of Buccleuch. This position was paid more than at university and gave Smith time to travel and begin work on his next work Wealth of Nations. The book covered a long list of ideas and concepts. The author presented a model arguing that natural law and the “invisible hand” could guide the economy better than government control. Wealth of Nations was not only read for the educated classes on the British Isles and the Continent, but it had a big influence on politics and economic policies. Britain began practice free trade. Some people even said that Smith’s ideas for free trade influenced the revolutionaries of the French Revolution.

2 Choose the right answer.

1 In his books Adam Smith said that economy works best if it is governed

a)by state b) by economists c) by laws of nature

2 Smith’s Wealth of Nations influenced

a)natural laws b)progressive people c) workers

3 Smith’s Wealth of Nations presented an example of

a)new economy b )new revolution c) new government

  1. Moral philosophy included

a)religion b)arts c)technology

5 In everyday life Adam Smith was not

  1. social b) practical c) talented

Y PRACTISE GRAMMAR

TYPES OF QUESTIONS