Unit 1. What is economics?

Assignment 1. Remember the meaning of the following words and word-combinations:

to touch

amateur

to provide

consumer

employment

vital

to make for

extremely useful

expert

to predict

social science

to seek

production

distribution

consumption

wealth

to overlap

particularly

primarily

to be concerned with

relation

buyer

seller

to manage

primary objective

Instead

ultimately

point of view, viewpoint, standpoint

exchange

goods and services

society

definition

to entitle

Inquiry

касаться, иметь отношение (к чему-л.)

любитель, дилетант, любительский

давать, предоставлять; снабжать, обеспечивать

потребитель

занятость; занятие, служба, работа

жизненно важный; существенный

способствовать, содействовать

очень полезный

специалист

предсказывать

социология (общественная наука)

стремиться, добиваться

производство

распределение

потребление; расход

богатство

частично совпадать; частично покрывать; перекрывать

особенно

прежде всего

заниматься, интересоваться (чем-л.)

отношение

покупатель

продавец, торговец

руководить, управлять

основная (главная) цель

вместо этого

в конце концов

точка зрения

обмен

товары и услуги

общество

определение

называть, озаглавливать

исследование; расследование

nature

cause

сущность; характер

причина; основание, мотив

wealth

scientific

founder

development

to bring about

widespread

prosperity

to lag behind

poverty

to account for

to mean

subject

to cause

multiplication

art

occasion

to govern

universal

opulence

to extent to

rank

point

богатство; изобилие, благосостояние

научный

основатель

развитие

вызывать, приводить к чему-л.

широко распространенный

процветание; благосостояние

отставать

бедность

объяснять что-л.; отвечать за что-л.

значить, означать

тема; предмет разговора

заставлять

увеличение; мат. умножение

ремесло

обстоятельство; основание, причина

управлять, править; руководить

всеобщий; всемирный

изобилие; богатство

распространять(ся); оказывать внимание

категория, разряд, класс

главное, суть

Assignment 2. Practice the pronunciation of the following words:

economics, economist, to touch, amateur, financial decisions, vital, extremely, employment, expert, social science, to analyze, production, distribution, consumption, wealth, area, to overlap, particularly, primarily, concerned, buyer, knowledge, personal finances, primary objective, instead, ultimately, society, to entitle, inquiry, nature, cause, subject, logical, scientific, industrial, European, to observe, prosperity, poverty, since, immemorial, to cause, wealthy, multiplication, occasion, well-governed society, universal, opulence.

Assignment 3. Read and translate the text using a dictionary.

TEXT

Economics touches everything we do. We are all amateur economists at work or at home. Economics provides an answer to many questions. Economics helps consumers and workers to make better buying and employment decisions. An understanding of economics makes for better financial decisions. Economics is also vital to business.

And, at the same time, one can hear: “Economics is extremely useful as a form of employment for economists. An economist is an expert who will know tomorrow why the things he predicted yesterday didn`t happen. Ask five economists, and you`ll get five different answers”.

Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth. The areas of investigation in economics overlap with other social sciences, particularly political science, but economics is primarily concerned with relations between buyer and seller.

Knowledge of economics will help you to run a business or manage your personal finances. But that is not its primary objective. Instead, economics ultimately examines problems and decisions from the social, rather than the personal, point of view. The production, exchange, and consumption of goods and services are discussed from the viewpoint of society`s best interest, not strictly from the standpoint of one`s own pocketbook.

What is economics? We might take our definition from the father of modern economics, Adam Smith. He entitled his famous book “An Inquiry into the Nature and Causes of the Wealth of Nations”. That is not a bad description of the subject matter of economics, but many modern economists have tried to find a more logical or scientific definition.

Smith was, in many ways, the founder of modern economics. He wrote at a time when the industrial revolution was just beginning to transform European society. He observed that, in his own society, economic development could bring about a widespread prosperity, and yet other countries, and even some districts of an advanced country such as Britain, could lag behind in poverty. It was never difficult to account for poverty – poverty had been the condition of most people since the time immemorial – but what could account for this prosperity? This was the question Smith put to himself, and in his time it was the central question of economics.

What does it mean to study the nature and causes of the wealth of nations? In his great book, “An Inquiry into the Nature and Causes of the Wealth of Nations”, Adam Smith took this question as his first subject: what is it that causes production of goods and services to increase with time, so that nations become wealthy rather than poor? According to Smith, it is “the great multiplication of the productions of all the different arts, … which occasions in a well governed society”, it is “the universal opulence which extends itself to the lowest ranks of the people”. Smith`s objective was to learn more about the “multiplication of productions”. For him this was the point of economics.

Assignment 4. Find in the text English equivalents for the following Russian phrases:

дать ответ на многие вопросы; понимание экономики способствует лучшим финансовым решениям; в то же самое время; область (научного) исследования; заниматься, интересоваться чем-либо; вести дело (предприятие); руководить (управлять) личными финансами; основная цель; экономика рассматривает проблемы и решения с общественной, а не с личной точки зрения; производство, обмен и потребление товаров и услуг обсуждаются с точки зрения бóльшей выгоды (пользы) для общества; свой собственный кошелек; предмет исследования (суть) экономики (как науки); во многих отношениях; промышленная революция начала изменять Европейское общество; передовая страна как например Великобритания; бедность была состоянием большинства людей с незапамятных времен; государства (страны) становятся богатыми, а не бедными; по мнению Смита.

Assignment 5. Fill in the gaps with the words and expressions from the text:

1) Economics helps ___________ and workers to make better ___________ and ___________ ___________ .

2) Economics is a social science that ___________ to analyze and describe the ___________, ___________, and ___________ of ___________ .

3) Knowledge of ___________ will help you to ___________ a ___________ or ___________ your personal ___________ .

4) The production, ___________, and consumption of ___________ and ___________ are discussed from the ___________ of society`s best ___________, not strictly from the ___________ of one`s own ___________ .

5) That is not a bad description of the ___________ ___________ of economics, but many modern economists have tried to find a more logical or ___________ ___________ .

6) He observed that, in his own society, economic ___________ could ___________ ___________ a widespread ___________, and yet other countries could ___________ ___________ in ___________ .

7) It was never difficult to ___________ ___________ poverty – ___________ had been the ___________ of most people since the time immemorial.

8) In his great book Adam Smith took this question as his first ___________: what is it that ___________ ___________ of ___________ and ___________ to ___________ with time, so that ___________ become ___________ rather than ___________ ?

9) Smith`s ___________ was to learn more about the ___________ of ___________ .

Assignment 7. Complete the sentences in column A choosing the correct ending from column B:

A

1) An economist is an expert who will know tomorrow …

2) The areas of investigation in economics overlap with other social sciences …

3) Economics ultimately examines problems and decisions from the

B

a) rather than the personal point of

view.

b) An Inquiry into the Nature and Causes of the Wealth of Nations.

c) why the things he predicted yesterday didn`t happen.

social, …

4) The production, exchange and consumption of goods and services are discussed from the viewpoint of society`s best interest, …

d) particularly political science.

5) He entitled his famous book ...

6) He wrote at a time when the industrial revolution was just beginning …

7) He observed that, in his own society, economic development could bring about a widespread prosperity, and yet other countries, and even some districts of an advanced country, …

8) According to Smith, it is “the great multiplication of the productions of all the different arts,

…

e) “which occasions in a well-governed society”.

f) could lag behind in poverty.

g) not strictly from the standpoint of one`s own pocketbook.

h) to transform European society.

Assignment 7. Answer the questions on the text:

1) Whom does economics help?

2) What is economics primarily concerned with?

3) What does economics examine?

4) Who was the founder of modern economics?

5) How did Adam Smith entitle his famous book?

6) What did he observe in his own society?

7) Was it difficult to account for poverty?

8) What question did Smith put to himself, which was the central question of economics?

9) What was Smith`s objective?

Assignment 8. Say whether you agree or not with the following statements. In case you don`t agree say why.

1) An understanding of economics makes for better financial decisions.

2) An economist is an expert who will know tomorrow why the things he predicted yesterday happened.

3) Economics is primarily concerned with relations between buyer and seller.

4) The production, exchange, and consumption of goods and services are discussed from the standpoint of one`s own pocketbook.

5) He wrote at a time when the industrial revolution was just beginning to transform European society.

6) It was always difficult to account for poverty – poverty had been the condition of most people since the time immemorial.

Assignment 9. Give the summary of the text using the following word-combinations:

a) the article deals with …

b) it draws our attention to …

c) the text gives an important information …

d) it is necessary to mention …

Assignment 10. Translate the following text in written form using a dictionary.