Vocabulary focus

Ex.1. Find the English equivalents in the text.

Економічнадіяльність;дефіцит;обмеженіресурси;управліннягосподарством;вивчатискладнітаблицітаграфіки;недостатньотоварів;виробляти більше; сучасне визначення економіки; бажання споживати певні товари та послуги; ризики та винагороди бізнесу; задовольняти необмежені людські потреби та бажання; розподіл дефіцитних ресурсів; широкий асортимент товарів та послуг; попит на різну продукцію; основні питання, що впливають на нас.

Ex.2. Give Ukrainian equivalents of the following words and phrases.

To allocate scarce resources between competing uses; government expenditures; demand from consumers; rational human behaviour in the endeavour to fulfil needs and wants; the first comprehensive defence of the free market; an economic incentive to produce less or different types of goods; production, distribution, and consumption of goods and services; to produce the right amount and variety of goods and services; inflation; unemployment; gross domestic product; taxation; the best alternative foregone; minimizing costs; available resources; unlimited human needs and wants; force people to make choices; to satisfy wants, needs, and desires; to consume certain goods and services.

Ex.3. Give three forms of the following verbs. Find the sentences with these verbs in the text.

Find, come, begin, be, do, take, make, arise, keep, leave, give, choose, have, teach, say, go, grow.

Ex.4. Match the words on the left with the definitions on the right.

1	scarcity	a	the study of the way in which money and goods are produced and used
2	consumer	b	a continuing increase in prices, or the rate at which prices increase
3	economics	c	a subject or problem that is often discussed or argued about, especially a social or political matter that affects the interests of a lot of people
4	demand	d	a situation in which there is not enough of something
5	distribution	e	the number of people in a particular country or area who cannot get a job
6	inflation	f	a balance between two opposing things that you are willing to accept in order to achieve something
7	unemployment	g	someone who buys and uses products and services
8	issue	h	all the people who live together in one house
9	costs	i	an advantage, improvement, or help that you get from something
10	GDP	j	the need or desire that people have for particular goods and services
11	trade-off	k	the money that you must regularly spend in order to run a business, a home, a car, etc
12	surplus	l	the act of sharing things among a large group of people in a planned way
13	benefit	m	the total value of all goods and services produced in a country in one year, except for income received from abroad
14	income	n	an amount of something that is more than what is needed or used
15	household	o	the money that you earn from your work or that you receive from investments, the government, etc

Ex.5. Make up verb + noun collocations (there may be several variants).

to satisfy	scarce resources
to make	economics
to allocate	answers
to provide	wants and needs
to produce	tools
to determine	products
to find	decisions
to study	demand for goods
to design	goods and services
to purchase	rational judgements

Ex.6. Choose an appropriate word or phrase to complete the following sentences.

Economic profit, factors of production, fee, goods and services, Nations, needs and wants, option or options, products and services, resources, unlimited wants.

1. Economics is the study of what constitutes rational human behaviour in the endeavour to fulfil _________.

2. Modern economics began in 1776, with the publication of Adam Smith's Wealth of _________.

3. Modern definition of economics interprets it as the social science, which analyzes the production, distribution, and consumption of _________.

4. A service is an action or activity done for others for a _________.

5. _________are basic elements used to produce goods and services.

6. The entrepreneur is an individual who takes an idea and attempts to make an _________from it by combining all other factors of production.

7. Scarcity exists because people’s wants and needs are greater than the _________available to satisfy them.

8. The cost of any choice is the _________that a person gives up.

9. Economics is the study of how people choose to allocate scarce resources to satisfy their _________.

10. The demand from consumers and available resources will normally determine what _________to produce.

Ex.7. Fill in the gaps with appropriate prepositions or adverbs.

1. Browsing different information resources, you will find various answers ______ that question.

2. Economics is the study ______ what constitutes rational human behaviour.

3. Modern economics began ______ 1776.

4. Central ______ the Adam Smith’s Wealth of Nations was the concept ______ the “invisible hand”.

5. If there are surplus goods, there will be an economic incentive to produce ______ or different types of goods.

6. Modern definition ______ economics interprets it as a social science.

7. A service is an action or activity done ______ others ______ a fee.

8. The need ______ making choices arises ______ the problem of scarcity.

9. Scarcity means that people want ______ than is available.

10. The cost ______ choice is the option or options that a person gives up.

11. Most ______ economics is based ______ the simple idea that people make choices.

12. Economics has a very important task ______ minimizing costs ______ producing different goods and services.

13. Very significant decisions must be made _____three basic economic questions.

14. The demand _____ consumers and available resources will normally determine

what products and services to produce.

15. Goods are produced ______ those consumers who demand the goods, and have the ability to pay ______ the goods demanded.

Ex.8. Combine two parts logically to make complete sentences.

1	Economics may appear to be the study of complicated	a	the production, distribution, and consumption of goods and services.
2	Economics is the study of what constitutes rational human	b	allocating scarce resources between competing uses.
3	Modern economics began in 1776, with the	c	limited resources as to best satisfy their wants, needs, and desires.
4	Modern definition of economics interprets it as the social science, which analyzes	d	an economic profit from it by combining all other factors of production.
5	Economics studies human behaviour and explains how individuals and groups make decisions with	e	the benefits of options of different goods and choosing the one with the highest benefit.
6	Economics is called the study of scarcity because economic activity	f	scarce resources to satisfy their unlimited wants.
7	The entrepreneur is an individual who takes an idea and attempts to make	g	publication of Adam Smith's Wealth of Nations.
8	The main problem in economics is the question of	h	tables and charts, statistics and numbers.
9	Most of economics is based on the simple idea that people make choices by comparing	i	behaviour in the endeavour to fulfil needs and wants.
10	Economics is the study of how people choose to allocate	j	would not exist if scarcity did not force people to make choices.

Ex.9. Look through the text again and replace the words/phrases in italics with similar ones.

1. The term “economics” comes from the Ancient Greek “oikonomia”, the word composed of “oikos” ("house") and “nomos” ( “custom” or “law”), thus, “rules of the house(hold)”.

2. Wants and needs refer to people’s wants to consume certain goods and services.

3. In economic terms, a good is a physical object that can be bought.

4. Economics often uses such categories as factors of production, which are basic elements used to manufacture goods and services.

5. Scarcity exists because people’s wants and needs are greater than the resources available to meet them.

6. The main problem in economics is the question of allocating limited resources between competing uses.

7. That’s why very significant decisions must be made about three basic economic questions: What to produce? For whom to produce? and How to produce?

8. For the purpose of answering this question we need to determine the needs of individual consumers as well as the economy in general.

9. Goods are thus produced for those consumers who demand the goods, and have the ability to pay for the goods demanded.

10. No aspect of life is untouched by economics – despite the fact that it can be hard to convey its central importance in human lives.

Ex.10. Translate into English.

1. Економіка - це наука, що вивчає закони і категорії суспільного виробництва, розподілу, обміну і споживання, методи і форми організації та управління виробництвом.

2. Вивчення кожної науки починається з визначення її предмета, цілей, і методів.

3. Вперше поняття "економіка" ввів грецький мислитель Арістотель (III ст. до н. е.).

4. Арістотель пояснив суть економіки як науки про домашнє господарство: грецьке "ойкос" означає дім, господарство, "номос" - вчення, закон.

5. Проте економіка як наука, як систематизоване знання про суть господарської діяльності виникла лише в ХVII-ХVIII ст., тобто в період капіталізму.

6. Щоб визначити предмет економіки, необхідно розкрити дві найважливіші категорії: "економіка" та "економічна теорія".

7. Слід зауважити, що теорія дає уявлення про дійсність як систему.

8. Економіка – це наука про виробничу діяльність та обмін її результатами між людьми.

9. Економіка вивчає рух економічного життя - тенденції в розвитку цін, виробництва, безробіття тощо.

10. Економічна наука допомагає виробити політику, за якої уряд може впливати на економічне життя.

11. Економіка - наука вибору, яка вивчає, як люди вибирають спосіб використання обмежених виробничих ресурсів (землі, праці, обладнання, технічних знань) для виготовлення різних товарів і розподілу їх між різними членами суспільства.

12. Економіка вивчає, яким чином людина організує виробництво і споживання.

13. Економіка вивчає гроші, капітал, його форми й багатство.

14. Економічна освіта кадрів – це процес овoлодіння економічними знаннями, уміннями і навичкамита підготовка фахівців з вищою економічною освітою.

15. Економічна освіта кадрів – це також підвищення рівня економічних знань керівних господарських та інженерно-технічних працівників.